Term of compensation

New term of compensation enter into force on May 31, 2016.

Time limits*



The date on which the deposits become unavailable

within 2 working days

Notification of depositors

Guarantee Fund

Publish a notice in daily national newspapers and in the website of Fund setting out the term and procedures of compensation

within 2 working days

Ensure that each depositor has the opportunity to gain access to the accounting information regarding the deposit thereof and to receive a balance statement regarding the deposit;

Provide the Fund with information regarding the depositors and the balances of their deposits

The trustee in bankruptcy, moratorium administrator or liquidator of a credit institution 

within 4 working days starting of notification

Depositors have the right to submit their positions regarding the correctness of the balance of their deposits to the trustee


not later than 7 working days

Completion of compensations

Guarantee Fund, credit institution


up to 17 working days

May extend the term for payment of compensation not for more than 10 working days

Supervisory board of the Fund

up to 3 years

Right of claim


If the Fund fails to pay compensations within the term specified or pays less compensation than prescribed, the depositor has the right to file a claim against the Fund.

*The time limits are calculated from the date on which the deposits become unavailable