The National Deposit Insurance Fund has refunded the owners of guaranteed deposits frozen in “Jógazda” Cooperative Savings Fund. On a mandate from the state, the NDIF completed payments to owners of deposits made before July 1993 – i.e. eligible for 100 percent state guarantee – with “Jógazda” closed by a resolution of the Hungarian Financial Supervisory Authority in January. The concerned customers received the state guaranteed portion of their money in the ways described in the course of indemnification by the NDIF following closure of “Jógazda”, i.e. through delivery by mail, by funds transfer to a bank account, or by withdrawal from NDIF cards. “While backing up data due to… Read More
Continue ReadingHungarian experience for Mongolia
Recommended and organised by the World Bank, a 12-strong delegation of the Mongolian financial governance paid a visit to Hungary. The objective of the delegation was to gather relevant models and operating experience needed for passing a law to handle the Mongolian bank crisis and to ensure deposit insurance, and for establishing institutional frameworks. Due to this complex set of subjects, the Mongolian delegation included the first deputy governor of the National Bank of Mongolia, experts from the ministries of justice and finance, as well as from the supervisory authority, in combination with high-ranking politicians involved in the subject of financial stability and the members of the Mongolian parliament. In… Read More
Continue ReadingPayments of state garanteed deposits are completed
The NDIF had finished the paying process of the frozen state garanteed deposits at the closed “Jógazda” Savings Cooperative. All those deposits were state garanteed which had been placed July 1993
Continue ReadingCo-operation with the banking association
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