Indemnification in Orgovány: A speed remarkable even on an EU scale

Press release August 6, 2014 The National Deposit Insurance Fund (NDIF) delivered the covered depositors’ money to the paying agents within a single week, which is considerably faster than the twenty working days required by the relevant EU legislation. Individual settlement letters were posted to 97 percent of the depositors of Orgovány és Vidéke Takarékszövetkezet „f.a.” (in English: Orgovány and Vicinity Savings Cooperative Bank “under liquidation”) within 7 working days; concurrently, NDIF transferred the financial coverage for the indemnification to its paying agent partners in due time. As a result, 65 percent of the depositors have received their money at the post offices participating in the indemnification. Over 9,500 depositors… Read More

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