The guaranteed deposit reimbursement process is as follows:
- The receivership of a bank or receiver of a credit union compile a list of depositors. The depositor list is submitted without delay but no later than within 3 working days from the day of fulfilment of the guarantee condition to the Management Board of the Bank Guarantee Fund.
- The Fund Management Board monitors, on an ongoing basis, the compilation of the depositor list by the receivership of a bank or the credit union receiver;
- The receivership or receiver or entity that has been contracted by BFG to carry out the reimbursement of guaranteed deposits, reimburses guaranteed deposits on behalf of the Fund and on its account. A decision in this respect is made by the Fund Management Board;
- The Fund Management Board conveys a reimbursement list, which contains data required to carry out disbursements, to the receivership or receiver or entity that has been contracted by BFG to carry out the reimbursement of guaranteed deposits;
- The Fund Management Board passes a resolution, stipulating the following: the identity of the entity that shall carry out the reimbursement of guaranteed deposits, the procedure of the reimbursement and the amount constituting the sum of guaranteed deposits that have been allocated for reimbursement of guaranteed deposits. This resolution is made publicly known by the Fund, by way of announcement in a newspaper of countrywide circulation;
- The Fund conveys guaranteed deposits funds for the reimbursement of depositors of a bank or credit union with respect to which the guarantee condition has been fulfilled to the receivership or receiver or entity that has been contracted to carry out the reimbursement.
The receivership or receiver or entity contracted by BFG to carry out the reimbursement of guaranteed deposits commences the execution of the reimbursement in accordance with the resolution passed by the Fund Management Board, within 7 working days from the day of fulfilment of the guarantee condition.
