The DIF will pay out deposit compensation faster, assisted by a new information system supporting compensation disbursement

Prague, 10 November 2010 – According to the amendment to the Act on Banks, in relation to the European Parliament and Council Directive enacted on 11 March 2009, the period for the disbursement of compensation for insured deposits will be shortened as of 31 December 2010, from the current three months to 20 business days. In order to be able to ensure such a thing, the Deposit Insurance Fund (DIF) must use an entirely new information system supporting deposit compensation disbursement (Povynal), which will automate a major part of the process. The system covers all possible scenarios, including potential errors in records.

Published: 10.11.2010

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