Reaction to the increasing number of questions about deposit insurance of Sberbank CZ, a. s. and Expobank CZ, a. s.

Prague, 25 February 2022 - Deposits of Sberbank CZ, a. s. and Expobank CZ, a. s. are insured by the Financial Market Guarantee System

Both of these banks are licenced in the Czech Republic (banking licence issued by the Czech National Bank) and therefore fall under the national deposit insurance system. The total amount of deposits up to a maximum of EUR 100,000 per customer per bank is therefore insured by law. At the same time, the law provides for exceptional cases in which an increased compensation for temporary high balances may be provided for a limited period of time. The increased compensation may exceed the EUR 100 000 limit by a maximum of an additional EUR 100 000. Exceptional cases include, for example, reimbursement of deposits of funds resulting from the sale of residential immovable property, settlement of matrimonial property on divorce, insurance benefits (in the event of accident, sickness, invalidity or death), inheritance, lump sum compensation from a pension or savings scheme, severance pay on dismissal from employment, financial assistance to victims of crime and in other cases provided for by law.

General deposit insurance rules:

The deposits of both individuals (natural persons) and companies (legal entities) at banks, building savings banks, and cooperative credit unions with their registered office in the Czech Republic are insured. Deposits in Czech crowns or in foreign currencies, including interest, are all insured.

Deposits of regions and municipalities ae insured only under the assumption that they are entitled to tax revenues or their part under the law regulating budgetary allocation of taxes and their tax revenues are not higher than an amount equivalent to EUR 500,000 and if they fulfil other conditions defined by law.

All the following types of deposits at banks, building savings banks, and cooperative credit unions are automatically insured:

• Current accounts in Czech crowns or foreign currencies held for natural persons and legal entities
• Savings accounts in Czech crowns or foreign currencies held for natural persons and legal entities
• Term accounts in Czech crowns or foreign currencies held for natural persons and legal entities
• Deposit accounts in Czech crowns or foreign currencies held for natural persons and legal entities (but not subordinated deposit accounts)
• Savings books in Czech crowns or foreign currencies held for natural persons and legal entities

More detailed information on deposit insurance can be found here here.

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