On October 3–4, 2023, hosted by the Deposit Guarantee Fund at the Central Bank of the Republic of Armenia, was held a regular session of the Expert Group under the Advisory Committee on Financial Markets of the Eurasian Economic Commission. The session focused on harmonizing legislation in the areas of bank deposit insurance, bank/credit institution resolution, and financial recovery across EAEU member states.

The Expert Group studies and discusses deposit insurance-related legislation, reviews international best practices, and evaluates the compliance of EAEU countries’ deposit insurance systems with international standards, specifically the Core Principles for Effective Deposit Insurance Systems established by the International Association of Deposit Insurers (IADI).

To date, the Expert Group has discussed around 24 expert conclusions, of which 18 have been approved. In 2023, five topics were approved.

The opening of the session in Yerevan featured welcoming remarks by Narek Ghazaryan, Member of the Board of the Central Bank of Armenia, and Hermine Harutyunyan, Director of the Deposit Guarantee Fund.

The session, held both in-person and remotely, was attended by representatives of deposit insurance organizations from Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, as well as representatives from the Central Bank of Armenia and the National Bank of Kazakhstan.

The event also included a video participation by Dirk Kupay, an international expert in deposit insurance and representative of the German Banking Association, who is the initiator and founder of the European Forum of Deposit Insurers. Mr. Kupay presented the EU Deposit Guarantee Schemes Directive, its proposed amendments, and answered participants’ questions.