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 the closure of “Jógazda”, we found 186 bank deposits with state guarantee, worth approximately HUF 43.5 million. Early this week, we transferred HUF 40.5 million altogether, including interests up to the date of payment, to the 115 owners that we managed to identify from the credit institution register”, said the NDIF’s Director of Communication István Tóth.
State guaranteed bank deposits were typically small ones, with an average deposit size of HUF 352 thousand, and even the largest deposit did not exceeded HUF 3 million. Owners typically live in the Abaúj region.

The data file of “Jógazda”, however, did not facilitate unambiguous identification of all state guaranteed deposit owners. For this reason, the NDIF is requesting customers who failed to receive the amount of their deposits made prior to July 1993, which they consider to be fair, to contact “Jógazda” branches with their deposit documents, or to report their demands directly to the NDIF by sending them a copy of the documents.