Escrow account payouts are continuing. The Guarantee System has provided another portion of data to the paying bank

The Financial Market Guarantee System is continuing with the payout of compensation for deposits of Sberbank CZ clients. As of 8 April 2022, it had already paid compensation to more than 61,000 clients through branches of Komerční banka. The FMGS is also continuing with the payout of compensation for deposits on escrow accounts.

Prague, 11 April 2022 – The Financial Market Guarantee System has now received all data about clients with funds on escrow accounts from Sberbank CZ, a.s. The payout of compensation to these clients will commence on 12 April. The Guarantee System is informing all clients by registered letter. This letter contains information on the amount of compensation due to the respective entitled person, as well as information on how to proceed to obtain compensation.

We would like to inform Sberbank CZ, a.s. depositors that the deadline for submitting applications for the payout of increased compensation ends on 28 April 2022. In the case of escrow accounts holding the purchase price for real estate used for housing, where the lawyer has designated the buyer as the beneficial owner of the funds, and the funds had not been released in favour of the seller before the record date, the buyer (not the seller) is entitled to file the application for the payout of increased compensation (subject to other conditions) as the entitled person. The originals or certified copies of documents proving entitlement to increased compensation must be included with the application.

As of 8 April, the Guarantee System had already paid out deposit compensation totalling CZK 21.7 billion to more than 61,000 Sberbank CZ clients through Komerční banka branches. The payout of deposit compensation commenced on 9 March 2022, and Sberbank CZ clients can collect insured deposit compensation within three years from the commencement of payout, i.e. until 10 March 2025.

Sources of up-to-date and additional information:

More details on the payout of deposit compensation, including the full list of the required documents and options for filing complaints, can be found:

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