Interaction within the Eurasian Economic Union

The Memorandum of Cooperation for the purpose of harmonizing the insurance systems of the member states of the Eurasian Economic Union (hereinafter referred to as the EAEU) dated 27.02.2019 (hereinafter referred to as the Memorandum) was concluded with the aim of facilitating the implementation of the provisions of the Treaty on the Eurasian Economic Union aimed at forming a common financial market of the EAEU, ensuring and effectively protecting the interests of depositors and other creditors of banks throughout the EAEU by harmonizing the legislation of the member states in the field of insurance (guaranteeing) of deposits of the population, liquidation, financial recovery, and bankruptcy of credit institutions based on international principles, standards and best international practices in these areas. To implement the provisions of the Memorandum, a Council of Heads of Deposit Insurers of the EAEU Member States was established, as well as a joint working group consisting of experts from deposit insurers of the EAEU Member States to study in detail the issues of cooperation in the field of harmonization of the legislation of the EAEU Member States in the field of insurance (guaranteeing) of bank deposits (deposits), liquidation, financial recovery and bankruptcy of credit institutions. The first meeting of the Expert Group was held on October 3, 2019 in Yerevan, Republic of Armenia.The expert group is developing expert opinions on the most important and possible areas (parameters) of harmonization of the legislation of the EAEU member states in terms of deposit insurance, liquidation and financial recovery of insolvent financial organizations, including analyzing advanced global experience and best practices.

The above structures include representatives of the following deposit insurance organizations of the EAEU member states: