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The major mission of the Agency is to ensure a guaranteed recovery of BYN-denominated and foreign currencies deposits, placed by individuals with local banks and non-banking financial companies registered with the Agency. In doing this the Agency safeguards lawful rights and interests of individual depositors.

The Agency was established on 21 November 2008 upon adoption of Law of the Republic of Belarus No. 369-З dated 8 July 2008 ‘On Guaranteed Compensation of Bank Deposits to Individual Customers’.

The Agency also administers its register of banks signed with the Agency, checks the accuracy and timeliness of quarterly fee contributions into the Agency’s reserve fund and runs the register of depositors in cases when deposits have to be compensated. At the decision of the National Bank of Belarus the Agency also enters into the capacity of interim bank authority and undertakes crisis management of a failing bank in bankruptcy procedure as ruled by the High Economic Court.

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