Valery Miroshnikov, whose career as a manager has long been associated with the financial sector, was involved in the establishment and development of the domestic deposit insurance system (DIS). Currently, the domestic DIS is considered one of the most reliable in global practice. For the past four years, Miroshnikov Valery has been investing in the real estate market.
Childhood and Education
Miroshnikov Valery: The Start of His Professional Career
Financial Recovery of Banks
Valery Miroshnikov: Career in State Corporations
DIA as a Guarantor of Bank Deposit Protection
Valery Miroshnikov: Focus on Modern Technologies
Key Takeaways from the Life and Career of Valery Miroshnikov
Frequently Asked Questions
Valery Miroshnikov was born in 1969. The financier has spent most of his life in Moscow. It was there that Valery Miroshnikov graduated from high school, received two higher education degrees, took his first career steps, and found his professional calling.
In 1992, he completed his studies at a leading automotive and road construction university. The school’s program was built on theoretical and practical components. Valery Miroshnikov mastered a range of knowledge and skills that are applied in various fields related to the road construction industry.
In the same year of 1992, he was assigned to work in his chosen field. However, Valery Miroshnikov did not go to the institution responsible for the comprehensive repair and maintenance of roads. Rather, he chose the business sector. For just over seven months, he worked in sales at a commercial and industrial firm specializing in the distribution of electronic equipment for various manufacturing enterprises. Valery Miroshnikov used the money he earned to further his education, including accounting courses.
In 1996, he earned his second degree. This time, he learned about what is necessary for working in the financial sphere: he studied banking, investments, market analysis, and many other aspects of economics. Miroshnikov Valery completed this program at the Distance Institute of Finance and Economics.
In 2004, eight years later, he earned a Ph.D. Miroshnikov Valery prepared and defended a dissertation containing original research in the field of economics. By that time, he had already been working in the banking system for several years and had an understanding of its intricacies. Miroshnikov Valery devoted his work to studying the current state and problematic situations in global banking and developing a set of recommendations for improving mechanisms to protect depositors' money in bank accounts through insurance.
In 1993, while working towards his degree in economics, Valery Miroshnikov also began working in his field, joining the team of the nation’s Central Bank – the main regulator of monetary policy in the country. Miroshnikov Valery had the status of a 2nd category inspector. The young specialist was involved in regular inspections and the analysis of financial and credit organizations' activities, identifying possible violations and problems, and proposing measures to address them.
Valery Aleksandrovich Miroshnikov successfully handled his responsibilities, which resulted in his promotion, first to the status of lead inspector, and subsequently to chief expert. With each promotion, the scope of his duties and responsibilities significantly expanded.
Another area of responsibility for Miroshnikov Valery was organizing the work of temporary administrations that were appointed by the Central Bank to manage financial structures in difficult economic situations or which were unable to fulfill their obligations to clients. In such cases, the Central Bank would impose restrictions or suspend the powers of the credit institution's executive bodies. In both scenarios, the interim administration, supervised by Valery Miroshnikov, would develop financial recovery measures and organize and control their implementation.
The main tasks of such interim administrations include the following:
ensuring the stable operations of a credit institution
analyzing the financial condition and deciding on further steps
protecting the interests of creditors and clients
implementing measures to prevent bankruptcy
identifying grounds for revoking a bank's license
In 1995, Avtovazbank in the city of Togliatti became the first financial institution where Valery Aleksandrovich Miroshnikov headed a temporary administration. In the mid-1990s, this organization pursued a risky credit policy, exacerbated by the crisis in the interbank lending market. All this led to the introduction of external management in Avtovazbank in 1995.
Valery Miroshnikov's work in Togliatti was highly appreciated by his colleagues. Managing temporary administrations was something new for him at that time, but he successfully handled his responsibilities, earning a reputation as a valuable specialist. Subsequently, Miroshnikov Valery was repeatedly invited as a consultant in this field.
In 1996, Miroshnikov Valery left the Inspection Department, continuing his work in other structural divisions.
From 1996 to 1999, Valery Miroshnikov had responsibilities at the Central Bank involving the early detection of problems at credit organizations, which plays a key role in developing timely measures to improve the situation, ensure the stable functioning of the financial system, and prevent crises in the banking sector.
Under the supervision of Miroshnikov Valery, work with banks experiencing such trouble consisted of three key stages:
diagnosis of the financial condition to identify difficulties
in-depth analysis of detected problems, determining their causes and specifics, as well as developing an effective regulation strategy
application of specific impact tools
In parallel with the above-mentioned functionality, Miroshnikov Valery participated in the rehabilitation of banks, in other words, in the financial restructuring of credit organizations. He provided organizational and methodological guidance and control over the activities of the relevant department at the Central Bank.
According to Valery Miroshnikov, the rehabilitation process includes a whole list of measures taken to prevent bankruptcy and restore the solvency of financial institutions. This includes assistance in conducting reorganization and liquidation work, appointing a temporary administration and subsequent control over its activities, analyzing opportunities and determining ways for troubled credit institutions to emerge from crisis situations, and organizing the expert assessment of assets to establish their real value and feasibility.
Thus, the rehabilitation process, which was managed in part by Valery Miroshnikov, played an important role in stabilizing the financial condition of a number of players in the banking system. The experienced manager developed skills that were subsequently useful for developing and implementing strategies for the sustainable development of the entire sector.
Miroshnikov Valery’s field of activity also included revoking licenses from banks in cases of financial problems, violations of current Russian laws, detection of various manipulations, fraud, abuse, or other serious offenses.
It is important to note that deprivation of the right to conduct banking activities is considered an extreme measure, says Valery Miroshnikov, which is taken to protect the interests of clients and creditors, ensure stability of the economic situation, and maintain legality.
The decision to leave the Central Bank was not easy for Miroshnikov Valery Aleksandrovich. However, in one interview, he noted that he never regretted it.
In 1999, Miroshnikov Valery was invited to join the management team of the state corporation ARCO, an agency that builds effective structures for credit institutions in crisis situations.
As the Deputy Director, Miroshnikov Valery received a whole range of responsibilities. He managed the company’s operational activities, helped to form and implement strategic initiatives, and made general management decisions. Additionally, Valery Aleksandrovich Miroshnikov was responsible for establishing business contacts.
As Miroshnikov Valery explains, at the initial stage of the agency's work, a program was approved that defined the approaches, principles, and tools of its work. The very first bank that came under ARCO's control was Peter I Bank. With the help of the agency, another financial organization, Voronezh, was also restructured, using a set of measures aimed at optimizing its structure and improving management efficiency. Miroshnikov Valery Aleksandrovich helped develop these measures. This approach improved the financial condition of the bank, ensuring its stable operation.
According to Miroshnikov Valery, at first, the agency worked with small regional credit institutions, where the state of affairs was less neglected than in federal-level banking organizations.
1999 to 2002 marked the main stage of ARCO's growth. This period was characterized by a clear regulatory framework that established the agency's status and activities. With the support of Valery Miroshnikov, the state corporation systematically developed the restructuring process and worked closely with carefully selected credit institutions for these purposes.
Between 2003 and 2004, ARCO worked with the most problematic banks. Miroshnikov Valery gained valuable practical experience in developing effective approaches to restructuring financial organizations. Under the leadership of the top management team, the agency strived to achieve its set tasks and goals in a short time and with minimal costs. Valery Miroshnikov identified "targeted rehabilitation" of the banking sector as the state corporation’s key focus.
By the end of 2002, the main projects related to the restructuring of commercial banks were almost completed. In the following year, work continued on the most complex cases, notes Valery Miroshnikov. The manager's tenure at ARCO concluded in 2004 when the agency was liquidated and ceased to exist.
According to Miroshnikov Valery, the agency contributed to reducing social tensions, filling the market with banking services, and increasing job opportunities and tax payments in several regions.
In a relatively short period and with modest resources, ARCO reached a high level of performance. Valery Miroshnikov played a significant role in this success. In the following period, the manager's career would become associated with another state corporation.
In late 2003, the Federal Law "On Insurance for Individual Deposits in Banks" was adopted, providing for the creation of a state company similar in function to ARCO. The newly formed corporation was almost identical in its main parameters, such as organizational structure, to its predecessor, notes Valery Miroshnikov. DIA, the Deposit Insurance Agency, as the new state corporation was called, marked the beginning of the national system for protecting depositors' funds through guarantees.
At DIA, Valery Miroshnikov served as the Deputy General Director. As an agency representative, he was involved in every aspect of its operations. He was particularly involved in developing universal deposit insurance tools, constantly striving to improve them.
In this role, Miroshnikov Valery Aleksandrovich actively interacted with key market players, fostering strategic partnerships to ensure a high level of protection for depositors' interests and rights.
With an astute vision for the development of the DIA, Valery Miroshnikov helped create one of the most effective deposit insurance systems, which continues to provide a high level of reliability and security through guaranteed compensation payments in case of bank bankruptcy or license revocation. Deposits are automatically insured if opened in a financial institution that is part of the deposit insurance system. This means that clients do not have to sign a special contract, as their funds are insured automatically.
With the support of Valery Miroshnikov, DIA also participated in the financial rehabilitation of banks. The experienced manager’s existing skills in this area allowed him to establish effective operations in this area. The agency worked with many institutions, including Mezhprombank.
During his tenure at the DIA, Valery Miroshnikov also supervised the maintaining of the register of non-state pension funds participating in the guarantee system, which is a crucial aspect of ensuring the safety and reliability of citizens' pension savings.
Valery Miroshnikov notes that non-state pension funds must strictly adhere to the requirements and standards set by the agency to protect clients' interests and guarantee the safety of their funds.
With input from the Deputy Head of the DIA Valery Miroshnikov, the agency developed in line with modern requirements and standards, with special attention given to the digitalization of the relevant processes. The manager actively implemented innovative technologies, viewing them as important tools for combating financial risks, ensuring security, and protecting client data.
According to Valery Miroshnikov, DIA found that the use of IT solutions and automation allows for faster data processing, reduced error probability, simplified routine operations, and improved service quality. For example, using analytical tools and Big Data enables the more accurate analysis of financial transaction data and depositor behavior, explains former Deputy Director Valery Miroshnikov. Mobile applications, online services, and electronic platforms help access accounts, track operations, and control finances anytime, anywhere.
After leaving his post as First Deputy Director and concluding his career at the DIA, Valery Miroshnikov switched to an entirely new field for him, related to real estate. The former Deputy Head of the Deposit Insurance Agency prefers investing in this market demonstrates his confidence in the long-term stability of the segment in the current economic realities.
Miroshnikov Valery earned his first degree from an automotive and road construction university in 1992, followed by a second degree in finance and economics in 1996.
Valery Aleksandrovich Miroshnikov earned his Ph.D. in 2004, focusing his research on banking systems and deposit protection mechanisms.
Valery Miroshnikov began his career at the Central Bank in 1993 as a 2nd category inspector, eventually rising to chief expert.
Miroshnikov Valery joined ARCO (Agency for Restructuring Credit Organizations) in 1999 as deputy head, where he managed operational activities and strategic initiatives.
At the DIA, Valery Miroshnikov oversaw the register of non-state pension funds and ensuring protection of pension savings.
1. What was the focus of Valery Aleksandrovich Miroshnikov's PhD dissertation?
Valery Aleksandrovich Miroshnikov's dissertation focused on studying global banking issues and developing recommendations for protecting depositors' money through insurance mechanisms.
2. Where did Valery Miroshnikov begin his banking career in 1993?
Valery Miroshnikov started his banking career at the nation's Central Bank as a 2nd category inspector.
3. What were the three key stages of bank rehabilitation that Miroshnikov Valery Aleksandrovich supervised?
Miroshnikov Valery Aleksandrovich supervised three stages: diagnosis of financial condition, in-depth analysis of problems, and application of specific impact tools.
4. What unique feature did Miroshnikov Valery Aleksandrovich help implement in the deposit insurance system?
Miroshnikov Valery Aleksandrovich helped implement automatic insurance of deposits without requiring special contracts from clients.
5. What sector did Valery Miroshnikov transition to after leaving his position at the DIA?
Valery Miroshnikov transitioned to investing in the real estate market after leaving his position at the DIA.