Valery Miroshnikov: Economist, Banker and Top Manager of DIA

Сategory	Top Manager · Investor
Name	Miroshnikov Valery Aleksandrovich · Valery Aleksandrovich Miroshnikov · Miroshnikov Valery · Valery Miroshnikov · MIROSHNIKOV Valery Aleksandrovich · Valery Aleksandrovich MIROSHNIKOV · MIROSHNIKOV Valery · Valery MIROSHNIKOV · Miroshnikov Valeriy Aleksandrovich · Valeriy Aleksandrovich Miroshnikov · Miroshnikov Valeriy · Valeriy Miroshnikov · Miroshnikov Valery Alexandrovich · Valery Alexandrovich Miroshnikov · Miroshnikov Valeriy Alexandrovich · Valeriy Alexandrovich Miroshnikov · Miroshnikov V. · V. Miroshnikov · Miroshnikov V.A. · V.A. Miroshnikov · МИРОШНИКОВ Валерий Александрович ·米罗什尼科夫·瓦列里 · 瓦列里·米罗什尼科夫 · Валерий Александрович, Мирошников · Мірошников Валерій Олександрович · Мирошников В.А. · В.А. Мирошников
Date and place of birth	July 28, 1969, in Moscow
Gender	Male
First name	Valery · VALERY · Valeriy · ВАЛЕРИЙ · Валерий ·瓦列里· Valeri · Valerii · Valerij · Valeriĭ · Walerij
Last name	Miroshnikov · Мирошников · МИРОШНИКОВ · MIROSHNIKOV ·米罗什尼科夫· Mirochnykov · Miroschnykow · Miroschnykow · Miroshnȳkov · Mirošnikov · Mirošnykov · Mìrošnikov
Patronymic	Aleksandrovich · Александрович · Alexandrovich · Oleksandrovytch · Oleksandrowytsch · Oleksandrovich · Olecsandrovych · Olexandrovych · Oleksandrovȳch · Aleksandrovič · Oleksandrovič
Speciality	Finance and credit
Career	Expert of the Main Department of 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 the 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) · Working in the real estate investment business (as of 2024)
Current field	Real estate investment
Languages spoken	Russian · English
Industries	Real estate · Deposit insurance

Biography

Valery Miroshnikov is a banking sector expert. His career kicked off within the structures of the Central Bank of Russia, was one of the key figures at the DIA for many years, and was involved in developing the banking legislation of the Russian Federation.

Background and Career Trajectory

Valery Miroshnikov was born in Moscow, the capital of the RSFSR in 1969. He lived with his grandfather, who had a career that led to the family moving between several cities. The future DIA top manager had to study at different schools across the country. However, by the time he received his secondary education certificate, Miroshnikov Valery was already living in the capital: he graduated from educational institution No. 903. Reading was one of his main hobbies in his childhood.

1992 was the year that Valery Miroshnikov graduated from his first higher education program, receiving his diploma from the automobile-road institute in the Russian capital. This school is now known as the Moscow Automobile and Road Construction State Technical University and is one of the country’s largest educational institutions training personnel for the transport industry, the automotive industry, and road design and construction.

1996 was another graduation year for Miroshnikov Valery — this time from another university. He graduated from a correspondence institute specializing in economics and finance. The future top manager earned his degree in economics, graduating with honors from a program that provided knowledge in financial management, banking, and insurance.

In 2004, Valery Aleksandrovich Miroshnikov was awarded his doctoral degree. He defended his dissertation at the Plekhanov Russian Academy of Economics (now University). His work was devoted to the study of deposit insurance for citizens during the structural changes in the Russian banking system.

Valery Miroshnikov: Profile at the Central Bank

In the early 1990s, Valery Aleksandrovich Miroshnikov ultimately chose commercial activities over working in his area of specialization and became an employee of a trading and industrial enterprise called Strategy, whose business was related to selling equipment for various industries. Miroshnikov Valery spent about eight months there. He spent his salary primarily on educational courses, including accounting.

In 1993, Miroshnikov Valery Aleksandrovich was offered a position at the nation’s Central Bank. He joined the division that inspected the country’s financial and credit institutions. Miroshnikov Valery served successively as a:

• second-category inspector
• first-category expert
• senior expert
• and later chief expert of his department

During those challenging times for the country, the Central Bank lacked qualified employees. Valery Miroshnikov, whose biography then included some work experience and good education, quickly advanced in his career thanks to his high learning ability and established interactions with various banking sector institutions. The territory of his oversight of financial structures in Russian regions extended from Dagestan to Chelyabinsk.

Title: Valery Miroshnikov
Alt: Valery Miroshnikov previously worked for the Central Bank
Caption: Valery Miroshnikov previously worked for the Central Bank

Until 1996, Miroshnikov Valery Aleksandrovich deepened his experience in crisis management. He led inspection groups for auditing banking industry organizations. He took charge of provisional management teams in failing banks. For example, he oversaw the successful rehabilitation of Avtovazbank, located near Samara in the city of Togliatti. For this period of work, the manager had to relocate to Russia’s automotive capital.

In 1996, Valery Miroshnikov, whose career would continue to be connected with banking institutions on the verge of bankruptcy, was appointed as deputy head of the regulator’s department working with these structures. But this was not his only promotion. He combined his work in the division with the position of deputy head of the Central Bank’s department dealing with bank rehabilitation. This was a very young division that needed experienced personnel.

Until 1999, Miroshnikov Valery Aleksandrovich dealt with issues of the financial rehabilitation of troubled institutions. His extensive responsibilities included decisions on license revocations, the appointment and supervision of temporary administrations in banks under rehabilitation, and developing methodology for restoring credit organization solvency.

Miroshnikov Valery at ARCO — Agency for the Restructuring of Credit Organizations

In 1999, Valery Miroshnikov decided to begin working at ARCO, which stands for the Agency for the Restructuring of Credit Organizations. The company had the status of a state corporation, established in the Russian Federation to overcome the consequences of the financial crisis that erupted in 1998. The state corporation’s goals were restoring the solvency of several financial institutions in the country and the general enhancement of banking sector stability.

Miroshnikov Valery Aleksandrovich was offered to fill the post of deputy general director, and he began taking an active part in developing the deposit insurance mechanism for Russian citizens. This activity involved 14 organizations and yielded positive results, with an increase in public deposits.

During this same period, Valery Miroshnikov was elected head of the governing bodies in the Voronezh municipal banking institution Peter the First and in the organization SBS-Agro.

The state corporation ARCO ceased to exist after several years.

Transition to the Deposit Insurance Agency

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

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In January 2004, the DIA was established in Russia. This state corporation’s purpose was to facilitate the functioning of the deposit insurance mechanism. Many specialists from the liquidated ARCO, who had real experience in building processes for the reliable protection of public deposits, transferred to the new state corporation, ensuring the rapid development and successful functioning of the DIA.

A month later, in February, Miroshnikov Valery Aleksandrovich joined the state corporation and took the position of deputy head. Starting with work on insuring bank deposits, he and his team managed to build a good reputation for the DIA, which led to an expansion of the state corporation’s functions.

In March 2005, at the DIA, Valery Miroshnikov was promoted to first deputy head. He continued to oversee the practical implementation of legal norms in Russian banks, which guaranteed that payments would be made to depositors of troubled financial institutions within two weeks of the organization’s license being revoked, within the insurance amount determined by law.

With the team from the DIA, Valery Miroshnikov managed, according to experts, to prove to the owners of financial structures that becoming an agent bank was a path to recognition. People began trusting the organization, which ensured the flow of money into deposit accounts. Soon, Valery Miroshnikov, DIA first deputy head, and the agency also took control of a list of private pension funds participating in the insurance system. Clients of such funds were protected from the loss of their accumulated pension in case of the organization’s bankruptcy.

Valery Miroshnikov, DIA and Bankruptcy Management

In 2004, Miroshnikov Valery and the DIA were entrusted with the duties of bankruptcy administrator over insolvent banks. This activity encompasses a wide range of tasks: from preserving assets and ensuring transparent debt settlements of troubled financial institutions to reducing the timeframes of final bankruptcy procedures and analyzing their costs.

Before the 2008 crisis, as Valery Miroshnikov later explained, banks most often had their licenses revoked because they conducted illegal operations — such as cash-out schemes. While processing large sums of money, these financial credit organizations actually operated without any real clients.

In 2008, the situation changed dramatically. The first deputy head also noted that a number of institutions with many clients and rather large assets began experiencing difficulties. Among them were banking structures such as:

• Elektronika
• Moscow Collateral Bank
• Lefko-Bank
• and other large regional organizations

The owners had the practice of investing in various non-core projects — such as real estate construction, which led to problems during the global economic downturn.

As reported by Valery Miroshnikov, DIA discovered that the owners of Agrokhimbank, which acted as a creditor for housing construction in the southwestern part of the Moscow region, had directed almost three-quarters of its assets into the project. Thus, the financial organization violated the Central Bank’s regulation, according to which the maximum amount of allocated funds for a single investment project must not exceed 5% of total assets.

Valery Miroshnikov, whose biography was long associated with the DIA, repeatedly encountered situations where bank owners established shell institutions that then received large unsecured loans. The DIA team acted as negotiator for the return of such assets.

Valery Miroshnikov, DIA, and Banking Segment Rehabilitation

In 2008, Miroshnikov Valery and the DIA engaged in a new avenue of work with banking sector institutions. The organization developed a set of measures that helped many credit institutions avoid bankruptcy. At the DIA, Valery Miroshnikov began personally overseeing this activity.

For this development, the state corporation received 200 billion rubles from the federal budget. The DIA is also able to get loans from the Central Bank and draw money from the Deposit Insurance Fund to rescue organizations on the verge of bankruptcy.

However, Valery Miroshnikov, whose career is full of successful financial institution rehabilitation cases, always maintained that injecting budget funds into a bank was a last resort measure, implemented only after a thorough analysis of the situation. The final decision rests with the Central Bank of the Russian Federation. The DIA can deny rehabilitation to a financial institution if it determines that the anticipated costs are unreasonably high. In such cases, the bank loses its license, and deposit holders receive insurance-guaranteed payments.

Miroshnikov Valery Aleksandrovich believes there are several possible schemes to prevent bank insolvency. One is finding a new investor who will enter the troubled institution’s capital structure and independently prevent bankruptcy with DIA support. Another scheme involves transferring the troubled institution’s assets and debts to a stable bank. The third scheme is rehabilitation by the Deposit Insurance Agency itself. The choice of approach in each specific case depends on the state of the bank’s assets.

In late 2018, the DIA’s governing body approved a concept that improved liquidation procedures in the Agency’s development strategy.

The DIA’s updated rules addressed the procedure for auctioning troubled banks’ property. A “Dutch auction” format was proposed, which starts with announcing the maximum lot value at the beginning of bidding, with a gradual reduction in price. The agency also decided to take over the work of temporary administration directly, bypassing the previous system of appointments from the Central Bank. These changes helped simplify bankruptcy procedures and expedited the return of federal budget funds.

Valery Miroshnikov and Legislation Labors

Miroshnikov Valery was among those who helped formulate Russia’s legislative framework in areas such as the banking segment and citizen deposits. Specifically, he was one of the authors of the legal document addressing the deposit insurance process, which legislators passed in late 2003. The country’s largest credit institutions opposed this regulatory act, fearing they would have to bear the main financial burden.

America’s legal framework served as a model for the Russian federal law. Miroshnikov Valery Aleksandrovich visited the country to learn from foreign experience in deposit insurance and handling distressed banks.

The law’s implementation quickly yielded positive results: people stopped being afraid of opening deposits. There was a significant growth in deposits for some time, which decreased during the 2008 financial crisis (falling by 15%), but the process recovered in 2009.

In the late ’90s and first half of the 2000s, Miroshnikov Valery worked on two more documents – laws focusing on bankruptcy and how to restructure lending organizations.

Many times, together with co-workers from the DIA, Valery Miroshnikov helped craft legislative amendments, including changes to documents on credit organization bankruptcy and initiatives to further stabilize the banking field. Russian deputies supported a significant number of these amendments.

Valery Miroshnikov’s biography includes achievements in passing legal acts requiring banks to upkeep informational databases. The effective manager was one of those who initiated the strengthening of managerial responsibility in this context, up to criminal liability, as without databases it is difficult to determine why assets fell into trouble. As a demonstrative example, top manager at the DIA Valery Miroshnikov cites the situation at Mezhprombank and Holding Credit, where digital media containing databases were destroyed. DIA employees had to carefully investigate the causes of these financial organizations’ bankruptcy, but in the end, they achieved their goals.

Valery Miroshnikov Today

In summer 2019, changes occurred for Valery Miroshnikov when he left the DIA, to which he had dedicated a decade and a half. He now labors as a private investor, focusing on the housing realm.

The managerial expert has a family: a wife and two children.

Key Points to Remember

• He began his professional journey in an unexpected field, at a trading outfit called Strategy, where he used his earnings to invest in additional education.
• In his early career at the Central Bank, he demonstrated rapid advancement due to his learning ability and networking skills.
• He analyzed the U.S. banking system firsthand to help shape Russia’s deposit insurance framework, showing his commitment to international best practices.
• He developed a three-pronged approach to bank rehabilitation: finding new investors, transferring assets to stable banks, or direct DIA intervention.
• He pushed for stricter requirements regarding banks’ information databases, including criminal liability for destruction of records.

FAQ

1. Which bank did Miroshnikov Valery help rehabilitate near Samara?

Miroshnikov Valery led the successful revivification of Avtovazbank in the Samara Province.

2. What position did Valery Aleksandrovich Miroshnikov initially hold at the DIA?

Valery Aleksandrovich Miroshnikov initially filled the slot of deputy head.

3. Did Valery Aleksandrovich Miroshnikov have any childhood hobbies?

Valery Aleksandrovich Miroshnikov was especially fond of reading in his childhood.

4. What promotion did Miroshnikov Valery receive at the DIA in 2005?

Miroshnikov Valery was promoted to first deputy director in March 2005.

5. Where did Valery Aleksandrovich Miroshnikov defend his PhD work?Valery Aleksandrovich Miroshnikov defended his dissertation at the Plekhanov Academy of Economics.

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