Prospects for the integration of national deposit insurance systems in the Eurasian Economic Union (EAEU)

Abstract

The article summarizes the world and European experience of creating national deposit guarantee systems to identify the best practices of its use in various integration associations, the use of which in the EAEU member states would ensure the stable development of the banking sector and increase the social protection of depositors in the event of forced liquidation of banks.

The purpose of this review article is a critical understanding of the ongoing integration processes to bring existing national deposit insurance practices closer together using the example of such integration associations as the EU and the EAEU.

When writing the article, general scientific methods of cognition were used: historical and logical methods, analysis and synthesis, induction and deduction, the method of scientific abstractions, analogies, and empirical methods of cognition: description and comparative analysis.

The result of the study was the identification of differences in the organization and conduct of deposit insurance in the EU and EAEU member states and the development of proposals for unifying the conditions for guaranteeing deposits and improving the mechanism for forming deposit guarantee funds in the countries of the Eurasian Integration Union. The authors determine the prospects for the integration of the EAEU member states, taking into account the experience of the European Union and consider the possibility of creating a cross-border deposit insurance system as the highest stage of integration of bank deposit protection systems through the formation of an international reinsurance company, a single superstructure governing body of national deposit insurance systems, or a unified supranational system of banking guarantees. deposits.

The scientific novelty of this study is the addition of the theory of deposit insurance in terms of identifying patterns in the formation of models of deposit insurance systems that are subject to both objective factors (globalization, deepening of integration processes) and the priorities of state economic policy (creation of mechanisms to ensure the financial stability of banking systems and social protection of depositors ); generalization of world and domestic facts of the state, reforming and development prospects of deposit insurance systems from the moment of their inception to the present.

The practical significance of the study lies in the proposed recommendations for the unification of national deposit insurance systems within the framework of the integration association of the EAEU member states. The authors of the article put forward proposals for the unification of a number of conditions for deposit insurance for discussion, which will create a unified legal framework for the citizens of the EAEU and will facilitate the free movement of capital throughout the territory of the integration association. It is proposed to introduce an advance method of financing the insurance fund, which will significantly improve the conditions for banks participating in the deposit guarantee system in connection with the cancellation of the payment of additional and emergency contributions for them in the event of a crisis in the banking market.