Insurance of claims on deposits in banks, building societies and credit unions in the event of their failure. In particular, credit balances on current, term or deposit accounts or deposit books, deposits confirmed by a certificate of deposit, certificate of deposit or other similar document are insured. Deposit insurance guarantees compensation for deposits up to 100 % of the insured deposit, up to a maximum of EUR 100 000 per customer per bank. In certain cases provided for by law, the new deposit insurance regulation increases this maximum amount of compensation up to twice as much. Deposit refunds are paid out of the Deposit Insurance Fund, which is created from bank contributions and managed by the Financial Market Guarantee System. The basic payment of compensation must start within 7 working days of the Czech National Bank's notification of the financial institution's inability to meet its obligations. The FPV is to be at least 0,8 % of covered deposit claims by 2024. The amount of the contributions is set by the CNB and depends on the amount of covered deposit claims of the institution and its overall risk profile.