Objectives

The objective of the Fund is to guarantee, under the conditions and to the extent provided by the Guarantee Fund Act, protection of funds:

• deposited by clients of credit institutions (depositors),
• clients of investment institutions (investors) and
• unit-holders of mandatory pension funds,

and thereby to increase the reliability and stability of the financial sector.

Functions

In order to achieve its objective, the Fund shall:

• collect single and quarterly contributions from credit institutions, investment institutions and management companies of mandatory pension funds,
• compensate under the conditions, to the extent and pursuant to the procedure provided by the Guarantee Fund Act:
  • depositors for deposits placed thereby with credit institutions,
  • investors for their investments,
  • for any damage caused by a pension management company to unit-holders,
• perform other duties arising from the Guarantee Fund Act (investment of Fund's assets; execution the right of claim against fund participants upon payment of compensation to depositors, investors and unit-holders).

Legal status

The Guarantee Fund is a legal person in public law founded by Guarantee Fund Act on 1 July, 2002.

The Guarantee Fund is the legal successor of the Deposit Guarantee Fund, which was founded on May 1998 and operated on the basis of the Deposit Guarantee Fund Act.

The Guarantee Fund Act provides for objective, the legal status and the bases and procedure for the activities of the Guarantee Fund.

The Statutes of the Fund shall be approved and amended by the Government of the Republic on the proposal of the Minister of Finance.

The Guarantee Fund is registered in the state register of state and local government agencies by registry number 74000047 on 15 August, 2002.