The Guarantee System recovered most of the funds from the payout of Sberbank CZ clients. Other creditors have a similar right.

Prague, 10 April 2024: As a result of the exceptionally successful insolvency proceedings of Sberbank CZ, the Financial Market Guarantee System recovered, as part of the so-called partial distribution, 95% of the claim related to payment of deposit compensations for bank's depositors in the latter half of March, totalling CZK 26 billion. These funds have been allocated to the Deposit Insurance Fund, boosting its total to over CZK 43 billion. These resources are earmarked to sustain the readiness for compensating insured deposits to customers of banks, cooperative credit unions, and building savings banks.

Amidst the partial distribution process, the Guarantee System has received inquiries from clients of the failed Sberbank CZ if this payout also applies to them. The Guarantee System would like to point out that this payout may affect the bank's clients who:

  • had funds in the bank over the statutory deposit insurance limit (i.e. CZK 2 499 500 million) and were not entitled to the payment of increased compensation,
  • had funds in the bank that were not insured by law,
  • received the funds in their account after the record date, i.e. after February 28, 2022 - for example, if they were credited with bonus interest after that date.

The Guarantee Scheme does not provide for this partial distribution payment. The bank's clients can check their entitlement in the list of eligible clients published in the Proposal for partial distribution of the insolvency administrator Ms. Jiřina Lužová. Eligible persons can collect funds from Komerční banka, a.s. Further information is available here.

Disbursements for the partial distribution will continue until May 15, 2024.

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