On 16 March 2022, the Financial Market Guarantee System will commence paying out compensation for deposits held on escrow accounts with Sberbank CZ

Prague, 16 March 2022 – On 16 March 2022, the Guarantee System will commence paying out compensation through branches of Komerční banka, a.s. for receivables from deposits held on escrow accounts with Sberbank CZ, a.s., registered office U Trezorky 921/2, 158 00 Prague 5, ID 25083325 (hereinafter “Sberbank CZ”).

Lawyers and other persons whose accounts hold another person’s funds have a legal obligation to inform the bank of this fact when opening such account or when next disposing of it. If this information obligation of the account holder is fulfilled, compensation is paid directly to the designated owners of the funds as entitled persons.

Each entitled person is entitled to compensation of 100% of the deposit placed on the escrow account, however a maximum of CZK 2 499 500 per person (the equivalent of EUR 100 000 using the exchange rate 24.995 CZK/EUR announced by the Czech National Bank on 28 February 2022). If the entitled person is also entitled to compensation for another claim from a deposit held with Sberbank CZ, the indicated maximum amount will be reduced by the amount of that claim.

However, the Guarantee System has not yet received documents from Sberbank CZ for all clients who had funds on escrow accounts. It has such documents for 2 781 clients, or about ¼ of the total number of escrow accounts reported by the bank. The Guarantee System is informing all clients by registered letter. This letter contains information on the amount of compensation due to the respective entitled person, as well as information on how to proceed to obtain compensation. As soon as clients receive this letter, they can collect compensation for their deposits at branches of Komerční banka. If clients have not yet received this letter, they should wait until they do so within the next few days. The Guarantee System assures clients that everybody entitled to compensation will be able to collect their compensation. The Guarantee System is also informing lawyers and insolvency administrators about accounts included in the list handed over for payment of compensation and for which they are registered as owners.

Compensation will be paid out by Komerční banka

The payout of compensation for deposits on escrow accounts will take place through the branch network of Komerční banka. A list of branches selected for the payout of deposit compensation for these clients is available on the Guarantee System’s website here.

To receive deposit compensation, entitled persons need to present the following documents at a branch of Komerční banka:

natural persons – a valid identity document (an identity card, a passport or a permanent residence permit),
natural persons engaged in business – a valid identity document (an identity card, a passport or a permanent residence permit) and their business license,
legal persons – the original, an officially certified copy of, or an electronically signed valid extract from the Commercial Register or other public register not older than 3 months, and an identity document for the individual representing such legal person (a valid identity card, a 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 beneficial owner.

Non-cash payout of the compensation by correspondence is also possible – send 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.

It is possible to authorize another individual to collect the compensation through an officially certified power of attorney issued exclusively for the payout of deposit compensation. A sample power of attorney form, a complaint form (in case of any complaint related to the compensation payout), and a “Compensation Transfer Request” form are available for download on the Guarantee System’s website here. These forms will also be available at Komerční banka branches.

Compensation may be collected no later than 3 years from the payout commencement date, i.e. no later than 10 March 2025. Once this period expires, no further compensation payout will be possible.

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 .

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