Legislation

On 1st January 2016, the legal entity the Deposit Insurance Fund was transformed into the Financial Market Guarantee System. Since then, the Guarantee System has administered the financial resources in the Deposit Insurance Fund and the Crisis Resolution Fund. Both funds are separate accounting units of the Guarantee System.

The activities of the Guarantee System in deposit insurance are governed primarily by Section 41a and subsequent of Act No 21/1992 Coll., on Banks, as amended.

The European framework relating to activities of the Guarantee System is based primarily on Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes, known as the Deposit Guarantee Scheme Directive or DGSD, and Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms, known as the Bank Recovery and Resolution Directive or BRRD.

Useful links to the texts of this legislation can be found on the page "Legislation" in the section Guarantee System.