Term of compensation

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

Time limits*	Activities	Performer
The date on which the deposits become unavailable
within 2 working days	Notification of depositors	Guarantee Fund
within 2 working days	Publish a notice in daily national newspapers and in the website of Fund setting out the term and procedures of compensation	Guarantee Fund
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	depositor
not later than 7 working days	Completion of compensations	Guarantee Fund, credit institution
not later than 7 working days		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	Depositor
up to 3 years	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.	Depositor

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