Press release

21 January 2015

Hungarian deposit insurance was fast and reliable in 2014 too

In 2014 the National Deposit Insurance Fund of Hungary (NDIF) compensated over 63,000 depositors of nine credit institutions – reveals the annual statement of the Fund. Total compensation payouts exceeded HUF 119 billion. Using the databases of the affected credit institutions NDIF repaid the overwhelming majority of the holders of covered deposits much sooner than the 20 working days deadline.

In 2014 the depositors of nine credit institutions had to be compensated in Hungary. In addition to payouts related to six credit institutions that were closed down during the year, some repayments were rolled over from previous years. Payments were made to more than 63,000 depositors in the amount of more than HUF 119 billion – reveals the summary statement of the National Deposit Insurance Fund (NDIF). The most numerous group affected by deposit insurance, around 30,000 depositors, were the customers of Orgovány és Vidéke Takarékszövetkezet (Orgovány és Vidéke Cooperative Savings Bank). They received over HUF 54 billion in compensation.

Using the databases of the affected credit institutions NDIF repaid the overwhelming majority of the holders of covered deposits much sooner than the 20 working days deadline. For example, in the case of Orgovány és Vidéke Takarékszövetkezet, i.e. the credit institution with the largest group of affected customers, NDIF transferred the amount of compensation to the paying agents within 7 working days.

“The reliability of deposit protection in Hungary is indicated by the fact that despite the large case number compensation was completed in a smooth and fast manner thanks to the efficient cooperation of all partner organisations,” managing director of NDIF András Fekete-Győr said.

Amount (HUF thousand)

Number of depositors

Körmend és Vidéke Takarékszövetkezet



Orgovány és Vidéke Takarékszövetkezet*



Alba Takarékszövetkezet



Széchenyi István Hitelszövetkezet



Széchenyi Kereskedelmi Bank



Tisza Takarékszövetkezet



*Pursuant to the Integration Act, Takarékbank paid a refund of HUF 7.6 billion and HUF 4.6 billion to NDIF in connection with the repayments related to Orgovány és Vidéke Takarékszövetkezet and Alba Takarékszövetkezet, respectively.

In addition to the six credit institutions that were closed down in 2014, NDIF paid compensation to 25 depositors of Általános Közlekedési Hitelszövetkezet (failed in 2010), to two depositors of “Jógazda” Takarékpénztár (failed in 2011) and to 24 depositors of Soltvadkert és Vidéke Takarékszövetkezet (failed in 2012) in connection with the indemnification of said credit institutions.

The opening balance of the assets of NDIF exceeded HUF 94 billion on 1 January 2014. The revenues of NDIF totalled HUF 22 billion (HUF 12 billion in membership fees, HUF 6 billion in return on investments, HUF 4 billion in refunds from the liquidator). Following the payment of compensations NDIF closed the year with HUF 11 billion in liquid assets.

2015: changes in deposit protection

The operation of deposit insurance is significantly influenced by the new deposit insurance rules adopted in December pursuant to the EU directive passed in 2014. These rules contain several favourable changes for the depositors. The deadline for repayment will gradually decrease from the current 20 working days to 15 working days in 2019, and then to 7 working days in 2024.

The new regulation will also be beneficial for smaller local governments. The deposits of local governments with a budget of maximum EUR 500,000 will be protected by NDIF.

By 3 July 2024 the financial means of NDIF must reach 0.8% of covered deposits.

On the other hand, certificates of deposit and bonds issued by credit institutions will no longer be protected.

New customer portal

In 2014 NDIF made efforts not only to speed up payouts, but also to improve information supply to customers. To this end, it launched a new customer portal ( through which deposit holders can follow the repayment process they are affected by, print out their payment reports and can read further useful information.