CNB announces that ERB bank is unable to meet its obligations

The Czech National Bank hereby publishes the record date on which the Financial Market Guarantee System received written notification from the Czech National Bank that ERB bank is unable to meet its obligations to eligible persons under the statutory and contractual conditions. This record date is 11 October 2016.

The Czech National Bank makes this announcement pursuant to Article 41d(1)(a) of Act No. 21/1992 Coll., on Banks, as amended. The Czech National Bank is not entitled to provide any further information until the administrative proceeding against ERB bank has been completed by a final and conclusive ruling.

For more information: https://www.garancnisystem.cz

Marek Zeman
Director, Communications Division

In this case, the record date means the date on which the Financial Market Guarantee System receives information from the CNB that a bank is unable to meet its obligations. The Financial Market Guarantee System must commence payment of compensation for deposits within seven working days of the record date.

Deposits of the public and companies with banks, building societies and credit unions registered in the Czech Republic are insured with the Financial Market Guarantee System, including interest, up to a maximum amount of EUR 100,000 (around CZK 2.7 million) per client. Compensation of 100% is paid, i.e. deposits are fully covered.