bank failures of the 2008–2012 Icelandic financial crisis, particularly Icesave. This case shows the limits of deposit insurance in protecting against systemic failure (as opposed to the collapse of a single bank or other institution), especially when a small country offers banking to international customers. Liechtenstein Deposit insurance in Liechtenstein is handled by the Liechtenstein Bankers Association and covers deposits up to CHF100,000. Monaco Banks operating in Monaco participate in the French deposit guarantee scheme (i.e., the Fonds de Garantie des Depôts (FGD)) on the same conditions as French banks. Norway Deposit insurance in Norway is handled by the Norwegian Banks' Guarantee Fund (Bankenes sikringsfond) and covers deposits up to 2 million NOK. Russia Russia enacted deposit insurance law in December 2003 and established the national deposit insurance agency (DIA) in 2004. Until 2004, the Russian banking system was divided: obligations of state-owned Sberbank were guaranteed by law, while other banks were not insured in any way, creating an unfair advantage for Sberbank. The law addresses only individuals' deposits. Maximum compensation is limited to 1,400,000 roubles (equivalent to approximately 21,800 US dollars or 19,500 Euro at September 2016 exchange rate). As at January 2008, DIA funds exceeded 68 billion roubles (2.8 billion US dollars). There were 15 "insured events" (bankruptcy cases involving DIA intervention) in 2007 with resulting payout reaching 350 million roubles. The agency is set up as a state-owned corporation, managed jointly by Central Bank and the government of Russia. DIA membership is mandatory requirement for any bank operating with private investors' money. Central Bank of Russia used the admission of banks into the DIA system to weed out unsound banks and money launderers. The murder of Andrey Kozlov, the Central Bank executive in charge of DIA admission, was directly linked to his non-compromising attitude to money launderers. San Marino Deposit insurance in San Marino is handled by the Central Bank of San Marino and covers deposits up to EUR50,000. Switzerland Switzerland has a privately operated deposit insurance system called Deposit Protection of Swiss Banks and Securities Dealers. It guarantees up to CHF 100,000 per bank customer per bank. Membership is compulsory for all banks and securities dealers that are regulated by the Swiss Financial Market Supervisory Authority (FINMA). It had covered depositors in 1993 in the case of the failure of Spar- und Leihkasse Thun SLT, Thun. The next cases happened in 2007 with the liquidation of