For depositors

FAQ

Q: Legal framework regulating the deposit compensation procedures?

A: Decree of the President of the Republic of Belarus No. 22 dated 4 November 2008 ‘On Guaranteed Security of Funds Placed by Individuals into Bank Accounts and/or Bank Deposits’*

Law of the Republic of Belarus No. 369-З dated 8 July 2008 ‘On Guaranteed Repayment of Natural Persons’ Bank Deposits’*

* NOTE that all legal documents internal or otherwise shall be made available by reference to their original versions on the language they were passed on or adopted.

Q: Who is entitled to claim the reimbursement?

A: Powers to claim the funds deposited with Belarusian banks is vested into citizens of the Republic Belarus, foreign individual depositors, persons without citizenship.

Q: Shall individual entrepreneurs also be entitled to reimbursement?

A: No. Funds of citizens acting in the capacity of individual entrepreneurs shall not be subject to reimbursement.

Q: Shall holders of debit cards and pay-roll cards be entitled to reimbursement?

A: Yes. Personal debit cards are deemed to be payment instruments by virtue of an agreement between the bank and the customer. Money on debit cards are placed with a bank by entering the funds into current (payment) accounts. Such current accounts are subject to reimbursement.

Q: Shall holders of corporate cards be entitled to compensation?

A: No. This is because funds on corporate cards are entered into current (payment) accounts of bodies corporate and individual entrepreneurs. And such customer categories are not entitled to claim deposit reimbursement.

Q: Shall savings certificate holders be entitled to reimbursement?

A: Yes. Irrespective of the type of savings certificate, either inscription or bearer savings certificates will be honored. Only bearer savings certificate holders shall apply to the Agency first, while inscription savings certificates will be honored at the counters of the Agent-Bank.

Q: What is the role of the Agent-Bank?

A: An Agent-Bank is a bank approved by the National Bank and entrusted with the role of the counters where individual deposits shall be paid out on behalf and at the expense of the Agency.

Q: To which extent the deposit shall be reimbursed?

A: Reimbursement covers the full amount of the deposit as due and payable to the deposit owner on the date of revocation of the banking license to attract money into deposits.

Q: What shall be the currency of the reimbursement amount?

A: Reimbursement shall be effected in the currency of the deposit i.e. Belarusian Rouble, Russian Rouble, US Dollar or Euro. Foreign currency deposits may be reimbursed in Belarusian Rouble equivalent with the application of the exchange rate of the National Bank as at the date of  revocation of the banking license to attract money into deposits.

Q: What reimbursement amount shall the depositor be entitled to in case he/she holds several different deposits with one bank?

A: The depositor shall receive all amounts held with a bank irrespective of the number and type of his/her deposits with such a bank.

Q: What will be the case when a depositor is simultaneously a borrower of the failing bank?

A: In this case the amount of reimbursement will be calculated as a difference between the deposit amount and any counter claim amounts before the bank outstanding at the time of revocation of the banking license. Counter claims here shall mean any pecuniary liabilities of a customer before the bank that arise out of civil-law agreements and transactions which are usually lender-borrower transactions/loan agreements. Thus, when calculating the reimbursement amount any overdue sums of the borrower loan principle and interest as at the date of license revocation shall be subtracted from the amount of the customer deposit together with fines or penalties, if any, in case such fines and penalties have been accrued by the bank.

Q: What is the time-frame for filing the deposit reimbursement application?

A: Starting from the date of revocation of the banking license by the National Bank individual customers shall be entitled to apply for compensation but not earlier than 14 days after and not later than 2 years upon such date.

Q: What are the types of deposits subject to reimbursement?

A: A depositor shall be entitled to claim reimbursement for deposits placed in his/her current (payment) accounts, charity accounts, demand deposits, time deposits, deposits in escrow, funds due under deposit certificates issued by the bank.

Q: What is the action plan when the 2-year term deadline for deposit application lapsed and is overdue?

A: In such a case depositors shall apply to the Agency of Deposit Compensation fill out an application and provide documents corroborating his/her inability to apply for reimbursement within the prescribed 2-year term e.g. disability certifications, documents certifying his/her absence on the territory of Belarus, documents certifying imprisonment ect. The Agency’s Supervisory Board then shall decide upon such grounds and the application for restoration of the initial term.

Q: Where depositors can receive their money back? Locations and geography of the reimbursement spots.

A: Depositors shall apply to the nearest branch of the Agent-Bank. The Agent-Bank shall be determined and approved by the National Bank and the Agency shall make available all details of the addresses, locations and office hours of such bank’s branches and offices. All necessary information will be broadcasted through the Internet and made available on the Agency’s web-site and in official media.

Q: Which document shall be produced at time of application for reimbursement?

A: Depositors must corroborate their identity by producing and ID document they have e.g. passport, residence permit, refugee certificate ect.

Q: Where depositors shall apply in cases the Agent-Bank refuses to honor their claim to retrieve the funds?

A: In cases when the Agent-Bank for whatever reasons refuses to return the money depositors shall apply to the Agency of Deposit Compensation located at Shpilevskogo Street 54, the City of Minsk. The depositor shall have to submit a standard application in the prescribed format, produce his/her ID and the original deposit agreement. Such application shall be reviewed within 15 days, if no additional data shall be required from the failing bank. In case additional details shall have to be retrieved from the bank, it may take up to one month to review the application. After that the Agency will advise the depositor in writing about the possibility to receive the deposited money back.

Q: What to do in case all rights toward the deposit are confirmed by an inheritance certificate or a court decision to recognize the rights of inheritance?

A: The inheritor or successor shall have to apply to the Agency of Deposit Compensation located at Shpilevskogo Street 54, the City of Minsk. He or she then have to underlay a standard application with an inheritance certificate or a court decision to the effect of inheritance rights. Such an application shall be reviewed within one month from the date of submission thereof.

partner
partner
partner
partner
partner
partner
partner
partner
partner
partner
partner
partner