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Deposit insurance
Institutional protection of depositors through the Financial Market Guarantee System
In connection with the changes to deposit guarantee schemes made by the European Union through its legislative acts, the existing deposit protection legislation of the Czech Republic for the event of the inability of credit institutions to meet their obligations to depositors was also revised as of 1 January 2016. The changes aim at creating a more comprehensive depositor protection mechanism and further promoting the stability of financial markets.
To this end, a new institutional provision for the protection of depositors through the Financial Market Guarantee System was created as of 1 January 2016. The former Deposit Insurance Fund became part of the Financial Market Guarantee System.
The amount of the insured deposit remains at 100,000 EUR (or an equivalent amount in the currency of the state where the relevant account is located). If the eligible depositor is a natural person, he or she may, under special conditions (usually with regard to funds obtained in the context of specific life situations), request the Financial Market Guarantee System for increased compensation, however only up to a maximum of additional 100,000 EUR.
The term to start deposit compensation payouts is 7 days.
More information is available on the website of the Financial Market Guarantee System at www.garancnisystem.cz.
Summary of information on the system of insurance of receivables under deposits