Changes to the Board of Directors of the Financial Market Guarantee System

Prague, 17 July 2023 - On 13 July 2023, Finance Minister Mr. Zbyněk Stanjura appointed Mr. Petr Frydrych as a new member of the Board of Directors of the Financial Market Guarantee System. He will replace Mr. Karel Bauer, whose position on the board expired with the end of his tenure at the Czech National Bank.

The new member of the Board of Directors of the Guarantee System, Mr. Petr Frydrych is Deputy Director of the Financial Markets and Resolution Department of the Czech National Bank. His mandate on the Board of Directors will last until January 2025.

The Minister of Finance also appointed a new Deputy Chairman of the Board of Directors of the Guarantee System. This was appointed by the current member of the Board of Directors, Mr. Radek Urban, Director of the Financial Markets and Resolution Department of the Czech National Bank. The mandate of the Vice-Chairman will last until January 2026.

The Board of the Guarantee System is composed of five members and consists of two employees of the Czech National Bank, two employees of the Ministry of Finance of the Czech Republic and one member appointed on the proposal of the Czech Banking Association. The members are appointed by the Minister of Finance for a period of five years and may be reappointed. The current list of the Board of Directors members is available here.

"The Board of Directors is the highest body of the Guarantee System. In addition to overseeing its functioning, one of the Board's tasks is to appoint a three-member Management Board, which is composed of employees of the Guarantee System," explains Renata Kadlecova, Executive Director of the Financial Market Guarantee System.

The Guarantee System currently paying compensation for deposits in two cases: The first one concerns the Československé úvěrní družstvo in liquidation and will last until 12 August 2024. 541 clients were entitled to the payment in the total amount of CZK 52.4 million. The second one, payout for Sberbank CZ deposits will last until 10 March 2025. Under it, more than 121,000 clients of the bank with a total insured deposit of more than CZK 25.5 billion were entitled to reimbursement.

During its existence, the Deposit Insurance Fund paid out deposit reimbursements in 20 cases. In total, it has paid out more than CZK 71 billion since 1994.

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