Announcement to Clients of Československé úvěrní družstvo in Liquidation: The Financial Market Guarantee System Will Cease Payout of Deposit Compensation

Prague, July 11, 2024: The Financial Market Guarantee System (hereinafter referred to as the "Guarantee System") will cease the payout of basic deposit compensation to clients of the bankrupt Československé úvěrní družstvo in liquidation, with its registered office at Gočárova třída 312/52, Pražské Předměstí, 500 02 Hradec Králové, Company ID 649 46 851, on August 12, 2024. Compensation has been paid through 139 selected branches of Komerční banka, a.s.

Since August 11, 2021, the Guarantee System has been paying basic deposit compensation to entitled persons amounting to 100% of their deposits, but not exceeding the basic limit of CZK 2,547,500 per depositor (equivalent to EUR 100,000 according to the exchange rate of CZK 25.475/EUR announced by the Czech National Bank on August 2, 2021). To date, 73 clients have received compensation totaling CZK 51.245 million, representing 97.98% of all funds designated for basic deposit compensation payouts. The average compensation paid is CZK 702,000.

To date, 468 clients entitled to compensation totaling CZK 1.102 million have not requested their basic deposit compensation. These clients can collect their compensation at any selected branch of Komerční banka, a.s., until August 12, 2024.

The Guarantee System urges entitled persons who have not yet collected their deposit compensation to do so by August 12, 2024, at selected branches of Komerční banka, a.s.

The entitled persons for the payout of basic deposit compensation are:

individuals and legal entities who were depositors as of August 2, 2021, i.e., the date on which the Guarantee System received a notification from the Czech National Bank about the inability of Československé úvěrní družstvo in liquidation to meet its obligations to entitled persons under legal and contractual conditions,
their heirs.

Entitled persons must prove their claims with valid documents:

individuals - with a valid ID card (identity card or passport),
individual entrepreneurs - with a valid ID card (identity card or passport) and an extract from the trade register.

In the case of an heir, a document (original or a certified copy) proving the acquisition of the claim will be required.

If the depositor cannot personally collect the compensation, they can authorize another person to collect it on their behalf with a power of attorney certified for the exclusive purpose of collecting the deposit compensation. Non-cash compensation can also be processed by mail by sending a written instruction (completed form "Request for Payment Transfer") with a notarized signature to the address: Komerční banka, a.s., CKB Unit 2192, Náměstí Junkových 2772/1, Prague 5 - Stodůlky, ZIP 155 00. A template for the power of attorney, as well as a sample form to complete the instruction "Request for Payment Transfer" or a complaint form, can be found on the Guarantee System's website .

Important notices for clients:

We advise clients who wish to receive compensation in cash to check the rules for cash transactions at their chosen branch of Komerční banka, a.s.
The list of Komerční banka, a.s. branches designated for the payout of deposit compensation to clients of Československé úvěrní družstvo in liquidation is available on the Guarantee System's website (or via the toll-free phone line of Komerční banka, a.s.: 955 551 505).

More information on deposit compensation payouts, including a complete list of required documents and options for filing complaints, can be found on the Guarantee System's website or at the Guarantee System's headquarters, Prague 1, Týn 639/1, 2nd floor.

"Among the clients of the cooperative credit union who are entitled to compensation for their deposits, there are many who have very small balances deposited and therefore did not come to collect their compensation. It simply wasn't worth it for them," concludes Renáta Kadlecová, Executive Director of the Guarantee System.

Unclaimed funds will remain in the Guarantee System and are designated for further deposit compensation payouts.

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