Minister of Finance Reappoints Chairman and Member of the Board of Directors of the Financial Market Guarantee System
Prague, 7 January 2021 – At the beginning of this year, the term of office expired for Mr. Dušan Hradil, Chairman of the Board of Directors of the Financial Market Guarantee System, and for Mr. Radek Urban, Member of the Board of Directors. The Minister of Finance Ms. Alena Schillerová has extended their term of office by a further five years.
Mr. Dušan Hradil, the re-appointed Chairman of the Board of Directors of the Guarantee System, is the Head of the Financial Markets I Department of the Ministry of Finance of the Czech Republic. Mr. Radek Urban, who remains a Member of the Board of Directors of the Guarantee System, is the Head of the Restructuring Department of the Czech National Bank.
The Board of Directors of the Guarantee System has five members and includes two employees of the Czech National Bank, two employees of the Ministry of Finance of the Czech Republic, and one member appointed on a proposal from the Czech Banking Association. Members are appointed by the Minister of Finance for a term of five years and may be reappointed. The most recent list of the Board of Directors members is available here.
“The Board of Directors is the supreme body of the Guarantee System. Besides supervising the operations of the Guarantee System, one of the tasks of the Board of Directors is to appoint a three-member Management Board, which is composed of employees of the Guarantee System,” explains Ms. Renáta Kadlecová, Managing Director of the Financial Market Guarantee System.
Currently, the Guarantee System is not making any deposit compensation payouts for a failed bank, cooperative credit union or building savings bank. The last payout was completed in the second half of October 2019, when the Guarantee System terminated the disbursement of compensation to clients of the failed ERB bank. 5 412 clients of this bank were entitled to receive the payout, with the total amount of insured deposits for all these clients being CZK 3.53 billion.
To date, the Deposit Insurance Fund has made deposit compensation payouts in 22 cases. In total, it has paid out more than CZK 45.7bn since 1994.
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