Czech bank to donate almost two billion crowns to education through foundation
The Česká spořitelna bank informed the Czech News Agency yesterday that the value of the passbook accounts held anonymously by it that were no longer legally required to be redeemable is CZK 1.78 billion (EUR 66 million) as of the end of 2016. A total of 2 456 000 deposits were not redeemed before the bank's deadline expired.
The bank will donate the money to its Depositum Bonum Foundation. As of the close of 2002, anonymous passbook accounts were no longer legally required to be redeemable, according to the law on banks, but Česká spořitelna repeatedly extended the deadline by which depositors could access their money.
Anonymous passbooks were banned by the EU and then by the Parliament of the Czech Republic, and according to the law, any bank deposits no longer legally required to be honored are to be forfeited to the bank. Česká spořitelna has decided to donate the money to Czech associations through the Depositum Bonum Foundation, which it established in 2012.
That foundation has now become the Czech Republic's biggest and is focused on improving the level of education, especially in the natural and technical sciences. At the close of 2002, when the anonymous passbook accounts were first no longer legally required to be redeemable, the bank reported the volume of such holdings at CZK 120 billion (EUR 4.44 billion).
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