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Only a third of citizens know about deposit insurance
Only a third of Russians have a bank account; another 27% of citizens use these financial institutions to pay for utilities, transfer money and obtain consumer loans. More than 40% of the population does not use any banking services at all. And only 35% of citizens know about the existence of a deposit insurance system in Russia. Such data are presented in the study “Investment Behavior of the Population and the Impact of the Deposit Insurance System”, prepared by VTsIOM on behalf of the Deposit Insurance Agency (DIA). The bankers themselves admit the population's lack of trust in them and complain about their low financial culture.The results of the VTsIOM survey can hardly be called unexpected: public trust in banks remains at a low level. More than half of respondents (52%) regard investing in a bank as a risky undertaking. Moreover, bank deposits are considered not as a tool for creating savings, but as an acceptable way of saving for consumption in the short term. Note, however, that, according to the Central Bank, more than 1.3 trillion rubles. (about half of all household deposits) are deposits with a maturity of one to three years.
About 60% of respondents consider the services offered by banks to be incomprehensible. Financiers do not agree with such accusations. According to Promsvyazbank Senior Vice President Valery Kardashov, banks are trying to simplify their products. This is especially true in regions where the financial culture of the population is low. “We are redefining our services to make it easier for people to understand what the benefits are,” says Mr. Kardashov.
True, neither low trust in banks nor the complexity of their products prevent the population from bringing their money there. According to the DIA, over the past year the volume of deposits increased by 36% - to 2.7 trillion rubles. This year the increase is expected to be more modest - by 28-32%. According to Deputy General Director of DIA Andrey Melnikov, this is directly related to the growing popularity of consumer lending (over a third of the population received a loan within three years). “People began to understand that they can use a loan and buy the goods they need, rather than saving money,” notes Mr. Melnikov. In addition, according to Mr. Kardashov, mutual funds are gradually gaining popularity among the population - a risky, but more profitable financial instrument than bank deposits (last year, the value of net assets of mutual funds doubled - from 109 to 233 billion rubles) .
The agency's management remains satisfied with the fact that 35% of Russians know about the insurance system. According to Mr. Melnikov, this is 5% more than according to the previous study prepared last year. And after the creation of the deposit insurance system (DIS), trust in banks increased among 16% of respondents.
Another noteworthy fact is related to the introduction of the insurance system. Since the amount of guaranteed compensation does not exceed 100 thousand rubles, it was expected that the population would “split” their deposits into smaller ones in the hope of fully protecting their savings. But this did not happen, and, according to the agency, the volume of deposits amounted to over 100 thousand rubles. increased by 25%. However, this may just be evidence that citizens do not know: if their banks go bankrupt, they are guaranteed only 100 thousand rubles.
The increase in the amount of deposits also led to a decrease in the share of fully insured deposits from 40 to 36%. This summer, the figure will fall even further: by then the amount of compensation will be increased to 190 thousand rubles, and in 2007, the DIA expects, to 280 thousand.
In total, more than 2.7 trillion rubles have been accumulated in 932 banks participating in the CER. (Last year, Sberbank’s market share continued to decline – from 60 to 54%). At the same time, 20.4 billion rubles are currently concentrated in the deposit insurance fund. The first insured event, as is known, occurred last summer. As a result, the DIA had to repay the claims of depositors of the International Bank for Economic Cooperation in the amount of 3.5 million rubles. (later, however, the funds were fully returned to the fund based on the results of the bankruptcy administration). Recently, the DIA took over Roskomveteranbank, which was accused of money laundering (the volume of payments to depositors will be 147 thousand rubles).
According to analysts, this year the agency will have more work: the number of banks participating in the CER will be reduced. This may be due to both the continued fight against money laundering and the unsatisfactory financial position of credit institutions.
11 companies are participating in the competition to select management companies to manage the funds of the deposit insurance system fund. The competition is scheduled to end at the end of February. “Then there will be a process of agreeing contracts with companies. It can last weeks, I hope, not months,” DIA General Director Alexander Turbanov said yesterday. Based on the results of the competition, which will become known in March-April, at least three management companies will be selected, which will receive 10% of the deposit insurance fund for management on a proportional basis. Currently, the volume of the insurance fund is 20.4 billion rubles; it is expected that by January 2007 it will increase to 36-38 billion rubles.