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LAW OF THE REPUBLIC OF BELARUS

of July 8, 2008 No. 369-Z

About the guaranteed compensation of bank deposits (deposits) of physical persons

(as amended on 10-01-2015)

It is accepted by the House of Representatives on June 10, 2008

Approved by Council of the Republic on June 20, 2008

Chapter 1. General provisions

Article 1. The relations regulated by this Law

This Law governs the relations on the guaranteed compensation of bank deposits (deposits) of physical persons (further compensation of bank deposits (deposits)) for the purpose of protection of the rights and legitimate interests of physical persons, stimulation of attraction of savings of the population and building confidence in bank system of the Republic of Belarus.

Article 2. Subjects of the relations on compensation of bank deposits (deposits)

Subjects of the relations on compensation of bank deposits (deposits) are:

Agency on the guaranteed compensation of bank deposits (deposits) of physical persons (further if other is not determined by this Law, - the Agency);

the banks and the non-bank credit and financial organizations (further - banks) registered in accordance with the established procedure in the territory of the Republic of Belarus, having special permission (license) for the implementation of banking activity issued by National Bank of the Republic of Belarus (further - National Bank), the granting right to banking operations on opening and maintaining bank accounts of physical persons and (or) attraction of money of physical persons in bank deposits (deposits) (further if other is not determined by this Law, - banking activity on attraction of money of physical persons in bank deposits (deposits)), and accepted on accounting in the Agency;

bank attorney - the bank determined by National Bank, performing reception of applications about payment of compensation of bank deposits (deposits) and payment of this compensation from name and at the expense of the Agency based on the agreement of the order;

physical persons (for the purposes of this Law physical persons are understood as citizens of the Republic of Belarus, foreign citizens and stateless persons who concluded with bank one or more bank account agreements and (or) bank deposit (deposit) (further if other is not determined by this Law, - bank deposit agreement (deposit)) or addressed to which such contracts, and also their heirs are signed).

Article 3. Objects of compensation of bank deposits (deposits)

Objects of compensation of bank deposits (deposits) is the money in Belarusian rubles and foreign currency placed by physical persons on accounts and (or) in deposits (deposits) in the banks (further, if other is not determined by this Law, bank deposit (deposit)) accepted on accounting in the Agency.

Bank deposits (deposits) of the physical persons acting as individual entrepreneurs are not objects of compensation of bank deposits (deposits).

Chapter 2. Procedure, conditions and amount of payment of compensation to physical persons of bank deposits (deposits)

Article 4. Origin at Agency of the obligation on compensation of bank deposits (deposits)

The obligation on compensation of bank deposits (deposits) arises at the Agency from the date of receipt by bank of the notification of National Bank on decision making about response at bank of the special permission (license) for implementation of banking activity granting the right to implementation of banking activity on attraction of money of physical persons in bank deposits (deposits), in general or regarding implementation of this banking activity.

Physical persons have the right in case of origin at Agency of the obligation on compensation of bank deposits (deposits) to receive compensation of bank deposit (deposit) according to the procedure, on conditions and in the sizes provided by this Law.

Execution of the obligation by the Agency on compensation of bank deposit (deposit) to physical person does not exclude the right of this physical person to the appeal to bank for satisfaction of requirements for compensation of bank deposit (deposit) and percent added on it (further – the requirement) in the amount of difference between the total amount of the requirement and the received compensation amount.

If the physical person did not use the right of the request for payment of compensation of bank deposit (deposit) in bank attorney or the Agency, and its requirement was met by bank independently, obligations of the Agency to this person stop from repayment date bank of debt to physical person.

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