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The Financial Market Guarantee System (FMGS) is an institution that provides deposit insurance for clients of banks, building savings banks and cooperative credit unions. The FMGS was established on January 1, 2016, through the transformation of the original Deposit Insurance Fund based on Act No. 374/2015 Coll., on Financial Crisis Prevention and Resolution.

The Guarantee System administers two funds:

• Deposit Insurance Fund from which deposit compensations are paid out to clients in the event that an insured institution is unable to meet its obligations.
• Crisis Resolution Fund intended for stabilizing the financial market in exceptional situations. This fund accumulates financial resources that can be used in case the stability of any financial institution is threatened—so that it is not necessary to terminate its existence and start paying out deposit compensations to its clients.

Deposit insurance covers particularly credit balances on current, term and deposit accounts or savings books, certified by a certificate of deposit, deposit notes or other similar documents. The Guarantee System guarantees deposit compensation for deposits held at banks, building savings banks, or cooperative credit unions with their registered office in the Czech Republic and branches of banks with their registered office outside EU in the amount of 100% of the aggregate sum of deposits, up to a maximum basic compensation of EUR 100,000 for a client per bank. In certain legally defined cases, the compensation can be even higher (cases of "temporary high balances"). Deposits held at the branches of foreign banks with registered office in the EU country that are active in the Czech Republic are insured by the foreign bank’s home country deposit insurance system. The potential payout of deposit compensation for clients of these banks is performed by the Guarantee System according to the instructions and at the expense of the home deposit insurance scheme.

The Guarantee System is managed by the Board of Directors appointed and recalled by the Minister of Finance, and by the three-member Management Board that has the role of statutory body.

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