Page 17
P. 17
17
Annual report of the Bank Guarantee Fund
2020
4.2 Reimbursement process of covered deposits
In the case of the fulfilment of the guarantee condition, the receivership of a bank or the receiver of a credit union
determines the balance in the accounting books of the entity with respect to which the fulfilment of the guarantee
condition has occurred and compiles a list of depositors, which is then submitted to the Fund no later than within
3 working days (from the day of the fulfilment of the guarantee condition).
The Fund verifies the data of the depositors with the use of the Guarantee Execution System, and then prepares
a disbursement list and conveys it to the entity that will carry out the disbursements on behalf of and for the Fund.
Depositors are not obliged to report their claims to the Fund prior to receiving the coveres deposits.
According to the BFG Act, depending on the decision of the Fund, the reimbursement of covered deposits may be carried
out by the receivership (in the case of a bank) or the receiver (in the case of a credit union), or via a different entity, with
which the Fund concludes an agreement for the reimbursement of covered deposits.
In the past, the Fund signed agreements enabling reimbursements with four banks (agent banks). These are retail banks
which have a significant branch network, which allows for carrying out disbursements throughout the country, providing
depositors with easy access to covered deposits.
Individuals who, for whatever reason, do not collect their due funds in the course of a pay-out carried out by an entity
authorised by the Fund may approach the BFG directly to collect their due reimbursement within five years from the day
of the fulfilment of the guarantee condition. After this period, the guarantee-related depositor claims expire.
1
Three of those banks signed agreements extending the possible scope of disbursements by credit union depositors.
The Fund is legally obliged to satisfy claims on account of the guarantee within 7 working days as of the fulfilment
of the guarantee condition.
Guarantee Execution System (SRG)
– the IT system of the Bank Guarantee Fund, which makes it possible to control
the depositor lists effectively, verify the disbursement amounts and prepare depositor disbursement lists.
Contents
Annual report of the Bank Guarantee Fund
2020
4.2 Reimbursement process of covered deposits
In the case of the fulfilment of the guarantee condition, the receivership of a bank or the receiver of a credit union
determines the balance in the accounting books of the entity with respect to which the fulfilment of the guarantee
condition has occurred and compiles a list of depositors, which is then submitted to the Fund no later than within
3 working days (from the day of the fulfilment of the guarantee condition).
The Fund verifies the data of the depositors with the use of the Guarantee Execution System, and then prepares
a disbursement list and conveys it to the entity that will carry out the disbursements on behalf of and for the Fund.
Depositors are not obliged to report their claims to the Fund prior to receiving the coveres deposits.
According to the BFG Act, depending on the decision of the Fund, the reimbursement of covered deposits may be carried
out by the receivership (in the case of a bank) or the receiver (in the case of a credit union), or via a different entity, with
which the Fund concludes an agreement for the reimbursement of covered deposits.
In the past, the Fund signed agreements enabling reimbursements with four banks (agent banks). These are retail banks
which have a significant branch network, which allows for carrying out disbursements throughout the country, providing
depositors with easy access to covered deposits.
Individuals who, for whatever reason, do not collect their due funds in the course of a pay-out carried out by an entity
authorised by the Fund may approach the BFG directly to collect their due reimbursement within five years from the day
of the fulfilment of the guarantee condition. After this period, the guarantee-related depositor claims expire.
1
Three of those banks signed agreements extending the possible scope of disbursements by credit union depositors.
The Fund is legally obliged to satisfy claims on account of the guarantee within 7 working days as of the fulfilment
of the guarantee condition.
Guarantee Execution System (SRG)
– the IT system of the Bank Guarantee Fund, which makes it possible to control
the depositor lists effectively, verify the disbursement amounts and prepare depositor disbursement lists.
Contents
