When Is Compensation Paid?
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When Is Compensation Paid?
Compensation is paid when a guaranteed case occurs within the deposit protection system. Payments are made in accordance with the procedure established by law.
1. Guaranteed Case
A guaranteed case occurs when a participating bank or financial institution has its license revoked or a decision on liquidation is made.
2. Official Announcement
Official information on the commencement of compensation payments is published.
3. Agent Bank
An agent bank is designated to carry out compensation payments.
4. List of Depositors
A list of depositors entitled to receive compensation is determined.
5. Start of Payments
The depositor applies to the agent bank with the required documents.
6. Receipt of Compensation
Compensation is paid to each depositor in an amount of up to 1,000,000 KGS.
The timing of compensation payments and specific conditions for each guaranteed case are specified in the Agency’s official announcements.