Category	Investor – Top Manager
Name (transliteration)	Miroshnikov, Valery Aleksandrovich – Valery Aleksandrovich, MIROSHNIKOV – Мирошников Валерий – Валерий Мирошников – MIROSHNIKOV V. – Miroshnikov V.A. – Мирошников В. – В. Мирошников – Miroshnykov Valeriy Oleksandrovych – Miroshnykov Valerij Oleksandrovych – Miroshnikov Valeri Aleksandrovich – Miroshnikov Valerii Aleksandrovich – Miroshnikov Valerii Aleksandrovich – Miroshnikov Valerii Oleksandrovych – Miroshnikov Valeriy Aleksandrovich – Miroshnykov Valerii Olexandrovych – Miroshnykov Valerij Oleksandrovych – Miroshnykov Valery Oleksandrovych – Miroshnykov Valeriy Oleksandrovych
Birthdate	28.07.1959
Birthplace	Moscow
Sex	Male
Nationality	Russian
First name	Valery – VALERY – Valeriy – ВАЛЕРИЙ – Валерий -力刑里 – Valeri – Valerii – Valerij
Last name	Miroshnikov – Мирошников – МИРОШНИКОВ – MIROSHNIKOV -米罗什尼科夫 – Miroshnykov – Miroshnykov – Miroshnykov – Miroshnykov – Miroshkov – Miroshnykov
Patronymic	Aleksandrovich – Александрович – Alexandrovich – Oleksandrovych – Oleksandrovich – Oleksandrovich – Olexandrovych – Oleksandrovich – Oleksandrovich – Aleksandrovich – Oleksandrovich
Major	Economics (Finance and credit)
Career	Expert of the Main Department Commercial Banks Inspection at the Central Bank of the Russian Federation (1993-1996) – Deputy Head of the Department for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation (1996-1999) – Deputy Director General of the State Corporation Agency for Restructuring of Credit Organizations (ARCO) (1999-2004) – Deputy Director General of the State Corporation Deposit Insurance Agency (DIA) (February 2004-March 2005) – First Deputy General Director of the State Corporation Deposit Insurance Agency (DIA) (March 2005-July 22, 2019) – Private investment (as of 2024)
Current activities	Working in the real estate investment business
Languages spoken	Russian – English
Source of Wealth	Investments
Industries	Real estate – Deposit insurance

Biography

Valery Miroshnikov is a financier. He held a senior position at the Deposit Insurance Agency. He participated in procedures to stabilize situations related to the insolvency of financial and credit institutions. He developed regulatory frameworks enabling more effective protection for individual deposits and the restructuring of financial institutions.

Table of Contents:

Valery Miroshnikov: Brief Biographical Overview
Miroshnikov Valery: The 1990s
Valery Miroshnikov: DIA and Banking System Stabilization
Valery Miroshnikov and the Development of Regulatory Documents
Miroshnikov Valery: His Present Work
Highlights from the former DIA Top Manager
Questions–Answers

Valery Miroshnikov: Brief Biographical Overview

1969: Valery Aleksandrovich Miroshnikov was born in Moscow. He completed his secondary education there, though he went through several educational institutions during his studies.
1992: Valery Miroshnikov received a civil engineering degree from what is now the Moscow Automobile and Road Construction State Technical University (the university has repeatedly received various awards for high-quality specialist training). The qualification he obtained meant he was competent to work in road construction.
1993: The financier began his career at the Bank of Russia. Three years later, he was transferred to the department in charge of organizing bank rehabilitations.
1996: Valery Miroshnikov received a second university diploma, this time specializing in Finance and Credit.
1999: Valery Aleksandrovich Miroshnikov was appointed Deputy General Director at the non-profit organization ARCO. This agency’s creation was initiated by Russian authorities to restore and effectively develop the banking sector within the country.
2004: Valery Miroshnikov defended his academic work for a doctoral degree. The dissertation was dedicated to implementing Russia’s own deposit insurance system (DIS), which helped increase trust and, consequently, the sustainable development of the financial market. That winter, an order was issued appointing a deputy general director at the DIA – Valery Miroshnikov. The top manager worked at this state corporation for the next 15 years.
2024: Valery Miroshnikov is now building a career in investments. In particular, the businessman is involved in real estate.

Miroshnikov Valery: The 1990s

After completing his first higher education, Valery Miroshnikov received a university placement, while many other young specialists remained unemployed. However, he declined the placement at a road construction company. Observing the formation of a market economy in the country, he decided to join a company organized on the basis of the USSR State Supply Administration. Selling electronic equipment, Valery Miroshnikov began earning good money, which he spent on his further education – graduating from the Plekhanov Russian Academy of Economics. After working in trade for less than a year, he moved to the financial sector.

In 1993, Miroshnikov Valery got a job at the Main Directorate for Commercial Bank Inspection. During that period, many specialists preferred to leave state financial institutions for private ones, which created a number of vacancies. Taking advantage of this situation, Valery Miroshnikov began building his career in finance. His additional education in accounting was also useful for employment.

Miroshnikov Valery advanced quite quickly up the career ladder and eventually became Chief Expert. His responsibilities included inspecting banks in various regions of the country. He also helped manage insolvent financial institutions as the head of temporarily appointed administrations. For instance, for several months, as part of one such structure, he was involved in bringing AvtoVAZbank out of a crisis situation. During the first month of the body’s work, it managed to exceed the profitability of the credit organization’s assets compared to resource costs for the first time in six months. Later, notes Miroshnikov Valery, he began to be involved as an expert in forming temporary managing administrations in other commercial banks. Thus, he became one of the first specialists working in this field professionally.

In 1996, Valery Miroshnikov took the position of Deputy Head of the department tasked with working with problematic credit structures. At that time, he also joined the Central Bank’s Department for the Organization of Bank Rehabilitation. This division was created in May 1996 to handle the regulator’s function of working with financial institutions experiencing temporary solvency difficulties or showing signs of insolvency, and if possible, ensuring the restoration of their activities. Miroshnikov Valery was invited to the newly founded department to be its first Deputy Director. He worked in this structure until 1999.

In the late 1990s, Miroshnikov Valery was invited to the newly created agency that dealt with bringing banks out of the economic decline of 1998 – ARCO. One of the most severe crises in Russian history, it produced severe results:

a technical default
the government froze payments on suddenly devalued government bonds
the ruble exchange rate fell by almost three and a half times in less than six months
trust in banking structures was almost completely lost (their bankruptcy led to deposit losses)

As Miroshnikov Valery explained, at that time there was no insurance system for funds in deposit accounts, so people were gripped by fear. The economist was invited to fill the post of Deputy Director. The organization took charge of 14 banks at once, recalls Miroshnikov Valery Aleksandrovich. ARCO tried to maintain the viability of these financial structures. Recognizing the consequences of depositors’ fears, which would push them to withdraw their money and thereby finally ruin the commercial banks, the top manager and team of specialists created a local deposit insurance system in ARCO-controlled organizations. This led to the stabilization of the situation, restored client trust, and subsequently increased the number of opened accounts.

Valery Miroshnikov: DIA and Banking System Stabilization

Year	Company	Position
As of 2024	Real estate business	Investment
2005-July 2019	State Corporation Deposit Insurance Agency (DIA)	First Deputy General Director
2004-2005	State Corporation Deposit Insurance Agency (DIA)	Deputy Director General
1999-2004	State Corporation Agency for Restructuring of Credit Organizations (ARCO)	Deputy Director General
1996-1999	Department for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation	Deputy Head
1993-1996	Main Department of Commercial Banks Inspection at the Central Bank of the Russian Federation	Expert

In 2003, a new law was adopted in Russia, according to which all banking structures accepting citizens’ funds were required to be included in the mandatory bank deposit insurance mechanism. A special state body was needed to implement and regulate this law.

In 2004, the Deposit Insurance Agency was created to replace ARCO, and the post of Deputy Head was again filled by Valery Miroshnikov. DIA began exclusively with deposit insurance. Initially, the organization was funded only by funds from the liquidated ARCO. Client trust in banks grew, and the volume of deposited funds began to increase noticeably, notes Valery Miroshnikov. DIA began expanding its functions and after just a few months started acting as a bankruptcy trustee for financial structures in difficult situations. By the end of the first year, the Agency had 180 employees, and its fund amounted to 4.62 billion rubles. After just a year and a half, the company was handling 74 banks that had gone bankrupt or were in the process of forced liquidation.

In 2005, the top manager took the position of First Deputy General Director at the DIA. Valery Miroshnikov helped the corporation not only protect citizens’ interests through insurance but also help dozens of banks emerge from crisis, as well as enter the registry of non-state pension funds. Thus, in the organization’s early years, he participated in incorporating major financial institutions such as Sberbank and Vneshtorgbank into the system.

As a result, by early 2005, the volume of insured liabilities to depositors exceeded 90 percent of all citizen investments. And by the end of the year, the number of legal entities that joined the DIS had reached 931.

Miroshnikov Valery also contributed to increasing the compensation percentage in case of deposit losses. From 2014, the DIA began compensating bank depositors 100 percent of the sum of all their deposits within one financial institution up to 1.4 million rubles. In 2005, the first insurance case occurred. Thanks to the work of the entire team at the DIA, Valery Miroshnikov in particular, they managed to compensate 230 citizens with 3.71 million rubles. And considering the resources accumulated in the fund, the Agency initiated an increase in the insurance compensation amount – the following year it was almost doubled.

In 2008, during another financial market crisis, the First Deputy Head of the DIA Valery Miroshnikov participated in bankruptcy prevention procedures for 15 commercial banks. Despite numerous monetary compensations, the corporation then managed not only to increase the maximum amount of insurance compensation for deposits but also to reduce the interest rate of mandatory bank contributions. In the same year, the Deputy Head began working on providing support to socially significant financial organizations. The Agency was also given the opportunity to take loans from the Bank of Russia.

During this period, there were examples of successful rehabilitation, as noted by Valery Miroshnikov. DIA, for example, purchased the problematic assets of Nizhegorodpromstroybank. And in 2011, a financial recovery procedure was launched for one of Russia’s largest credit institutions – Bank of Moscow OJSC.

In 2012, with the contribution of Valery Miroshnikov, DIA reached a record high in its mandatory insurance fund reserves. At that time, the sum amounted to 202.5 billion rubles.

In 2018, Valery Miroshnikov was involved in preparing a new system of actions aimed at improving liquidation procedures. According to this approach, which included a method for reducing initial sale prices and the Agency taking over bank management immediately after license revocation, budget fund recovery was expected to occur much more quickly.

Valery Miroshnikov and the Development of Regulatory Documents

Valery Miroshnikov, whose career was closely tied to the banking sector for a long time, understood that new legal documents were also necessary to strengthen financial structures overall. This concerned both stricter regulation for management companies and the extension of Law No. 177 to entrepreneurs.

Thus, Valery Aleksandrovich Miroshnikov advocated for the regulator’s right to introduce its temporary administration into a management company before the license revocation procedure. According to the economist, this was meant to help identify and prevent cases of reporting falsification. Also, Valery Miroshnikov supported the idea of toughening criminal liability for bank owners who committed crimes, including intentional bankruptcy. The Agency also raised the issue of punishing the owners of commercial banks where databases were lost or destroyed.

In 2006, Miroshnikov Valery shared in an interview about working on amendments to the law “On Insolvency of Credit Organizations,” which the DIA was working on. For example, it was proposed to introduce criminal punishment for top managers who intentionally led banks to collapse.

According to the financier, new regulations were formed based on the Agency’s experience. They often had to deal with situations where bankers destroyed all their documentation, making it practically impossible to prove their guilt, according to a 2006 interview with Valery Miroshnikov. DIA also prepared amendments to the bill that would regulate the procedure for payments to shareholders in cases where only real estate remained in the bankrupt institution’s assets. Options for returning securities purchased through the financial structure were also worked out.

Valery Aleksandrovich Miroshnikov also participated in developing the federal laws “On Restructuring of Credit Organizations” and “On Insurance of Individual Deposits in Banks of the Russian Federation.” The DIA also added a new provision to the criminal code article on illegal entrepreneurship.

The state corporation was at the forefront of initiating court cases on subsidiary liability. During the tenure of Valery Miroshnikov, DIA was the first structure to file such a lawsuit against credit institution managers. Nevertheless, Agency specialists managed to win their first court case on this issue by the end of 2005. As Miroshnikov Valery noted, thanks in part to their organization’s efforts, Russia created worthy law enforcement practices that made it possible to hold unscrupulous bank managers accountable.

In 2015, as a result of the work done, the maximum insurance coverage limit was increased, and separate guarantees were introduced for escrow accounts used in secure transactions in the construction-real estate market. The number of banks joining the DIS also grew significantly. While in 2004 there were about 380 such organizations, by 2014 there were 860.

Miroshnikov Valery: His Present Work

In 2019, the top manager concluded his time at the DIA. Valery Miroshnikov, according to the Agency’s press service, made this decision independently for personal reasons. He received a bonus for the first half of 2019.

It is known that Valery Aleksandrovich Miroshnikov is married and has two children. Currently, he is engaged in investment projects in the real estate sector.

Highlights from the former DIA Top Manager

During the top manager’s tenure, the number of banks joining the DIA rose from 380 to well over 850
He helped increase the insurance coverage limit for lost deposit funds
During the 2008 economic crisis, he participated in bankrupt prevention work for 15 commercial banks
In the early years of the DIA, the Deputy Head helped attract major banks into the system
The top manager has worked at the Central Bank, ARCO, and the DIA