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Deposit insurance

Deposit insurance

On May 24, 2011 BFA Bank obtained a license to take deposits from individuals in rubles and foreign currency. In accordance with applicable law BFA Bank becomes a participant of the deposit insurance system.
The deposit insurance agency was established in January 2004 on the basis of Federal Law of December 23, 2003 No. 177-FZ "On insurance of deposits of individuals in Banks of the Russian Federation." In order to provide operation of the deposit insurance system the deposit insurance agency shall pay compensations to depositors for deposits in case of insured event; maintain a register of banks participating in the deposit insurance system, controls formation of the deposit insurance fund, including by contributions from banks, manages the deposit insurance fund.