On August 11, 2021, the Financial Market Guarantee System will commence the payout of basic compensation for deposits to the clients of the Československé úvěrní družstvo through the branch network of Komerční banka, a.s.

Prague, August 5, 2021 – On August 11, 2021, the Guarantee System will commence¹, through selected branches of Komerční banka, a.s., the payout of basic compensation for deposits to the clients of the cooperative credit union Československé úvěrní družstvo v likvidaci (hereinafter “ČSÚD”) , with its registered office at Gočárova třída 312/52, Pražské předměstí, 500 02 Hradec Králové 2, company ID 649 46 851.

The Guarantee System will pay beneficiaries compensation equal to 100% of their deposits. However, this compensation may not exceed the basic limit of CZK 2,547,500 per depositor (an amount equivalent to EUR 100,000 at the exchange rate of CZK/EUR 25.475 announced by the Czech National Bank on August 2, 2021). The total amount of compensation to be paid out for this institution is CZK 48.2 million.

Starting from August 11, 2021, deposit compensation may be collected by natural persons and legal persons that were depositors of ČSÚD as of August 2, 2021, or, if appropriate, their heirs or legal successors.

To receive deposit compensation, clients of ČSÚD need to present the following documents at a branch of Komerční banka, a.s.:

natural persons – a valid identity document (an identity card or a passport),
natural persons who are entrepreneurs – a valid identity document (an identity card or a passport) and their business licence,
legal persons – the original, an officially certified copy or an electronically signed valid extract from the Commercial Register or other public register not older than three (3) months, and an identity document for the individual representing such legal person (a valid identity card or a passport).

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.

In the case of an heir or legal successor in another capacity, a document (the original or an officially certified copy) proving the claim/entitlement in question will be required.

If a depositor cannot collect their deposit compensation in person, they may authorize another individual to do so through an officially certified power of attorney issued exclusively for the payout of deposit compensation.

A sample power of attorney form, a sample form to help with the completion of the “Compensation Transfer Request” form, and a complaint form (in case of any complaint related to the compensation payout) are available for download here. Power of attorney and complaint forms will be also available at Komerční banka, a.s. branches.

Important information for clients:

Clients who would prefer to receive their deposit compensation in excess of CZK 100,000 in cash are advised to notify the selected branch of Komerční banka, a.s. of this at least two (2) business days in advance.
Member´s investment of cooperative credit union are not subject to deposit insurance by law and are therefore not part of the payment of compensation for deposit receivables.
A list of Komerční banka, a.s. branches selected for the payout of deposit compensation to the clients of ČSÚD is available here.
Compensation can be collected no later than three (3) years from the payout start date, i.e. no later than August 11, 2024. Once this period expires, it will no longer be possible to make the payout.

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 237 762 796,
at branches of Komerční banka, a.s. on its website and on the information hotline 800 521 521,
on the website of ČSÚD.

¹ in accordance with Section 41d (6) of the Act on Banks, No 21/1992, as amended

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