Originally from Russia and the Republics Legal Materials - Second Series
The present Federal Law establishes the legal, financial, and organizational foundations of the functioning of the system of obligatory insurance of deposits in banks of the Russian Federation (hereinafter; deposit insurance system), competence, procedure of formation and activity of the organization effectuating the functions for obligatory insurance of deposits (Deposit Insurance Agency), procedure for the payment of compensation with regard to deposits, regulates relations between the banks of the Russian Federation, Agency, Central Bank of the Russian Federation (Bank of Russia), and agencies of executive power of the Russian Federation in the sphere of relations with regard to the obligatory insurance of deposits in banks.
Chapter 1. Basic Provisions
Article 1. Purposes of Present Federal Law and Relations Regulated by It.
1. The purposes of the present Federal Law shall be the defense of the rights and legal interests of depositors of banks of the Russian Federation, the strengthening of confidence in the banking system of the Russian Federation, and the stimulation of the attracting of monetary means to the banking system of the Russian Federation [as amended 3 August 2018].
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