Compensation payments for Československé úvěrní družstvo clients are in full swing. The Financial Market Guarantee System has already paid out most of the deposit compensation

Prague, 14 October 2021 – two months after commencing payouts to clients of Československé úvěrní družstvo (ČSÚD) in liquidation, the Financial Market Guarantee System has paid out almost CZK 40 million.

Compensation payment to ČSÚD clients began on 11 August. The Guarantee System has paid CZK 39,386,880.56 to 20 clients via branches of the payout bank, which is Komerční banka a.s. from this year. Five clients have not yet collected compensation totalling CZK 10,333,109.19.

Starting from 11 August 2021, deposit compensation may be collected by natural persons and legal persons that were ČSÚD depositors as of 2 August 2021 or, if appropriate, their heirs or legal successors.

The Guarantee System will pay beneficiaries compensation equal to 100% of their deposits, however this compensation may not exceed the basic limit of CZK 2,547,500 per depositor (the equivalent of EUR 100,000 at the exchange rate of CZK/EUR 25.475, announced by the Czech National Bank on 2 August 2021). A total of 25 depositors were entitled to deposit compensation. The average compensation per client is over CZK 2 million. In all cases, these are term deposits.

Member investments are not included in the compensation to which the clients of the cooperative in liquidation are entitled. Such investments do not have statutory insurance. More information about what deposits have statutory insurance may be found here.

More information about payouts for ČSÚD clients may be found here.

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