Press release

For immediate release!

(Budapest, 5 December 2014) The period of 20 working days available for the indemnification of the depositors of Széchenyi Kereskedelmi Bank (Széchenyi Commercial Bank) started on 8 December. The National Deposit Insurance Fund (NDIF) will pay depositors a compensation of maximum HUF 30,705,000 per person, independent of whether they are individual or corporate customers.

The Central Bank of Hungary (MNB) revoked the operating licence of Széchenyi Kereskedelmi Bank on 5 December, and it also ordered the liquidation of the institution.

Depositors do not need to queue or take any action in order to receive their compensation. Customers will receive the payment reports regarding the payment of the indemnities by post within the next few days. NDIF will use three channels to complete the indemnification process as soon as possible.

Methods of payment for private individuals

§ up to HUF 1 million through a postal order

Private individuals whose indemnity entitlement is below HUF 1 million will be paid through a postal order.

§ between HUF 1 million and HUF 5 million – with an NDIF Deposit Insurance Card

Private individuals will receive the card, the relevant PIN code and the payment report in three separate letters delivered by post to their permanent residential addresses. Depositors will be notified by post about when they can withdraw their entitlements from OTP Bank cash machines (ATMs), OTP Bank branches or at post office POS terminals.

§ over HUF 5 million – in OTP Bank branch offices

Private individuals whose indemnity entitlement exceeds HUF 5 million can make arrangements regarding the amount of indemnification they are eligible for in the OTP Bank branch of their choice.

For legal entities

Independent of the amounts concerned, legal entities, other organisations and private entrepreneurs can receive the amounts of indemnification they are entitled to after receiving the payment report and the attached information letter sent by post, in the OTP Bank branch of their choice.

NDIF will post an announcement about the indemnification process in the branches and on the website of Széchenyi Kereskedelmi Bank, on the website of NDIF (, as well as in the dailies Magyar Nemzet and Népszabadság. NDIF’s customer service telephone number (40-918-918) will be operational day and night until the end of the indemnification process. Calls can be initiated from today on, and will be charged at a discount rate.