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Details concerning the guarantee of the deposits within the banking system

CEC Bank is member of the Bank Deposit Guarantee Fund.

The Deposit Guarantee Fund (hereinafter called "Fund") guarantees the deposits established in any currency to a participating credit institution, except those deposits framing within the deposit categories provided in the List of not guaranteed deposits.

The Fund covers also the amounts deposited on behalf of a natural or legal person to the credit institution under the form of a nominal deposit certificate, current account, saving account, card account, common account, bonds and other similar products.

CEC BANK S.A. is a participator to the Deposit Guarantee Fund and therefore the deposits established with this credit institution are guaranteed according to the conditions and in the extent provided by law.

In case the deposits are established by legal persons, their duly representatives must furnish to the credit institution relevant information concerning the classification of the relevant legal person within the category of microenterprises, or the category of small and medium-sized enterprises, according to the applicable legal provisions.

In case the deposits established with a credit institution become unavailable, the Fund shall assure the payment of the related compensations in the extent allowed by the guarantee ceiling. The guarantee ceiling per guaranteed depositor - natural or legal person, and per credit institution is represented by the equivalent value in LEI of the amount of EUR 100,000.

In case the deposits become unavailable, the Fund shall establish the date of the commencement of making the compensation payments, the duration of the period for making such payments and the method to pay the compensations and it shall assure the publishing of this information, as soon as possible, on its website, and in at least two national newspapers, in term of 30 calendar days, term diminishing starting with December 31, 2010, up to 10 working days.

The obligation to publish this information belongs also to the credit institution of which deposits became unavailable as well as to the credit institution empowered to make the compensation payments.

The level of the compensation per depositor is determined by subtracting from the aggregate amount of all the guaranteed deposits held by the guaranteed depositor to the relevant credit institution on the date when deposits have become unavailable, the aggregate value of the receivables payable by the depositor to the credit institution.

The equivalent value in LEI of the guarantee ceiling and of the amounts in foreign currencies taken into consideration when determining the compensations are calculated by using the exchange rates of the National Bank of Romania valid on the date when the deposits became unavailable, in case such exchange rates are not communicated, being used the last exchange rates used by the relevant credit institution.

In case deposits became unavailable, payment of compensations shall be made through one or more than one credit institutions empowered to this purpose and the term when Fund begins to pay compensations can not exceed 20 working days from the date when deposits have become unavailable.

Depositors guaranteed are exempted from payment of any commissions, fees or taxes for the compensations obtained.

The guaranteed depositors not satisfied by the compensations received may submit written claims to the Fund, requesting the settlement of their status. The Fund shall answer to these claims in term of 5 working days from the date of their receipt.

List of deposits not guaranteed

1. Deposits other than those under provisions of article 7(3) of Government Ordinance no 39/1996, republished, as further amended and completed, established on own behalf and account to a credit institution;
2. Instruments classified as own funds, according to the regulations of the National Bank of Romania concerning the own funds of the credit institutions;
3. Deposits of the financial institutions as defined in the Government Emergency Ordinance no 99/2006 on credit institutions and capital adequacy, as approved, with further amendments and completions, by Law no 227/2007, as further amended and completed, except the non-banking financial institutions classified as mutual funds;
4. Deposits of the insurers, reinsurers and insurance brokers, as defined by the law on insurance operation and supervision;
5. Deposits of the public central, local and regional authorities;
6. Deposits of undertakings for collective investments as defined by the capital market law;
7. Deposits of the retirement funds;
8. Deposits established with the credit institution, belonging to its directors, managers, members of the Supervisory Council, auditors, major shareholders, as the ca se may be;
9. Deposits of the depositors with a statute similar with that of the depositors set out in point 8, held within other companies, members of the group to which belongs the relevant credit institution;
10. Deposits of the natural persons who are members of the families of those specified in  points 8 and 9, respectively spouse, relatives and affine of first degree, as well as of third persons acting as representatives of the depositors set out in points 8 and 9;
11. Deposits to the credit institution, belonging to the company members of the group to which the relevant credit institution belongs;
12. Not nominal deposits;
13. Debt-converting securities issued by the credit institution as well as obligations deriving from commitments or payment orders accepted by the credit institution;
14. Deposits of the legal persons, enterprises, not classified as microenterprises and small and medium sized enterprises, according to the applicable legal provisions.

For more details:
Deposit Guarantee Fund within the banking system
3 Negru Voda St., building A3, 2nd floor, 3rd district, Bucharest, code 030774
telephone no: 031.423.28.04, 031.423.28.05; Fax: 031.423.28.00
www.fgdb.rooffice@fgdb.ro