The Financial Market Guarantee System will begin the payout of basic deposit compensation to clients of Sberbank CZ tomorrow, 9 March. This applies to more than 100,000 clients

Prague, March 8, 2022 – The Guarantee System will begin tomorrow, i.e., on Wednesday, March 9, 2022, to pay out the basic compensation of deposits to clients of Sberbank CZ, a.s. through branches of Komerční banka, a.s. More than 106 thousand clients of the bank are entitled to the payout of deposit compensation, to whom CZK 24.2 billion will be paid out.

From March 9, 2022 until March 10, 2025, natural persons and legal entities that were depositors in Sberbank CZ as of February 28, 2022, or if appropriate, their heirs or legal successors, can collect the deposit compensation.

The Guarantee System will pay beneficiaries 100% of their deposits, however this compensation may not exceed the basic limit of CZK 2,499,500 per depositor (the equivalent of EUR 100,000 at the exchange rate of CZK/EUR 24.995, announced by the Czech National Bank on February 28, 2022).

How to proceed when settling the payout of deposit compensation at branches of Komerční banka, a.s.:

The payout of deposit compensation can be collected for a period of three years from the start of the payouts (i.e., until March 10, 2025) . Due to the high number of clients to be paid, we expect a large strain on the branches in the first days. Thus we recommend that the clients:

Give preference to cashless payouts of the deposit compensation to an already-existing account for the purpose of saving time and greater security.

  • Cashless payouts can be performed at all Komerční banka branches.
  • The payout of cash is only possible at 40 selected Komerční banka branches. Requests for cash payouts exceeding 100,000 crowns must be announced to the relevant branch at least 2 business days in advance.

Prepare the necessary documents:

  • natural persons – a valid identity document (an identity card, a passport or a Permanent Residence Permit),
  • natural persons who are entrepreneurs – a valid identity document (an identity card, a passport or a Permanent Residence Permit) and their business license,
  • legal entities – the original, an officially certified copy or an electronically signed valid extract from the Commercial Register or other public register not older than three (3) months, and an identity document for the individual representing such a legal entity (a valid identity card, passport or a Permanent Residence Permit). In the case of amounts exceeding the equivalent of EUR 15,000, other documents may also be required to verify the identity of the true owner.

It is not unconditionally necessary to visit a Komerční banka branch for the payout of the deposit compensation. The cashless payout of the compensation by correspondence is also possible by sending a written instruction (a completed “Compensation Transfer Request” form) by mail to: Komerční banka, a.s., CKB department 2192, Václavské náměstí 42, Prague 1, postcode 114 07. The entitled person’s signature on the instruction must be officially certified. If the signature is to be certified outside the Czech Republic, the certification must be performed by an embassy of the Czech Republic. Unfortunately, this request cannot be performed using data boxes.

In the case of an heir or legal successor in another capacity, a document (the original or an officially certified copy) proving the acquisition of the claim in question will be required.

If a depositor cannot collect their deposit compensation in person, they may authorize another individual to do so through an officially certified power of attorney issued exclusively for the payout of the deposit compensation.

A sample power of attorney form, a sample form to help with the completion of the “Compensation Transfer Request” form, and a complaint form (in case of any complaint related to the compensation payout) are available for download on the Guarantee System’s website at here. The power of attorney and complaint forms will be also available to pick up at Komerční banka branches.

We ask the clients who had deposits stored in escrow to note that compensation for these specific deposits will take place under the same conditions as for other deposit compensation, though their payout will begin during the course of next week. The Guarantee System will announce the precise date through its website and a press release for the media.

We also remind clients that the payment of deposit compensation to institutions in whose accounts customer funds are deposited (payment institutions, small-scale payment services providers, electronic money institutions, small-scale electronic money issuers, security traders, bailiffs) will begin in the statutory period of 15 business days from the issuing of the Czech National Bank’s notification of the inability of Sberbank CZ, a.s. to pay its debts, i.e., from 21.3.2022. These institutions now have the statutory obligation to hand information about their customers over to the bank.

If the clients will submit a request for increased compensation, it is necessary to do so by 28.4.2022 and to submit all the required attachments that must be part of the request. More information on increased compensation can be found: here

We ask bailiffs that have issued an enforcement order for the assignment of claims from an account at Sberbank CZ, a.s. as part of the enforcement proceedings to please note that the right to the compensation of claims from deposits is not a claim from an account, but so called other monetary claim for the assignment of which it is necessary to issue a new enforcement order for the assignment of these other monetary claims and to deliver it to the Financial Market Guarantee System (not Komerční banka, a.s.).

Basic figures about the payout of deposit compensation from Sberbank CZ, a.s.:

  • More than 106,000 clients have a right to the payment of basis deposit compensation;
  • 95,000 of these clients are natural persons and 11,000 clients are legal entities;
  • 52,000 clients have deposits of up to 10,000 crowns maintained in the bank;
  • 3000 clients have deposits of up to 1 crown maintained in the bank;
  • Deposits from a total of 104 countries outside of the Czech Republic are recorded in the bank – the most from the Russian Federation (2667) and Ukraine (1428);
  • 2600 clients had deposits in the bank exceeding the statutory limit for insuring deposits;
  • 30 clients had deposits in the bank exceeding 100,000,000 crowns.

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:

  • on the Guarantee System’s website and on the information hotline +420 237 762 796,
  • at branches of Komerční banka, on its website and on the information hotline 800 521 521,
  • at branches of Sberbank CZ, a.s. and on its website .

Information about the commencement of the payout of institutional compensation for deposits (Section 41f(7) and (8) of the Act on Banks) and about the option to submit requests for the payout of increased compensation for insured deposits (Section 41ea of the Act on Banks) will be provided by the Guarantee System through separately published notifications.

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