Press release 4 December 2014 The National Deposit Insurance Fund (NDIF) is starting the indemnification of the depositors of Széchenyi István Credit Union on 5 December, and will finish the process within 20 working days. The customers of the credit union can be entitled to the forint equivalent of maximum EUR 100,000 (maximum HUF 30,688,000) per person, independent of whether they are individual or corporate customers. Tomorrow NDIF will start the indemnification of the depositors of Széchenyi István Credit Union, and will finish the process within 20 working days, by 7 January 2015 at the latest, after the court ruling about the liquidation of the credit union was published in… Read More
Continue ReadingALBA Cooperative Savings Bank – 13,000 Depositors to be indemnified
Press release 26 September 2014 Due to the liquidation of ALBA Cooperative Savings Bank the National Deposit Insurance Fund (NDIF) has to pay nearly HUF 12 billion in indemnities to 13,183 customers. Pursuant to the Act on cooperative credit institutions, 40 percent of deposit portions above the EUR 100,000 threshold will be paid by Takarékbank to the affected depositors in the assigned savings bank branches. The indemnification of the 12,000 individual depositors and nearly 1,000 legal entities will start next week. NDIF will pay a total of HUF 11.9 billion to 13,183 depositors of ALBA Cooperative Savings Bank (hereinafter: the Savings Bank) in indemnities. The indemnification of 97% of the… Read More
Continue ReadingAbout the indemnification of the depositors of ALBA Cooperative Savings Bank
ANNOUNCEMENT In its resolution No. H-JÉ-I-317/2014 the National Bank of Hungary revoked the operating licence of ALBA Cooperative Savings Bank (registered office: 8000 Székesfehérvár, Táncsics Mihály u. 2.) and the court has ordered its liquidation. Consequently, pursuant to Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (Hpt.) NDIF will start the indemnification of depositors on 18 September 2014, and will complete the process within 20 working days. Amount of indemnification Pursuant to the above Act, NDIF will make personalised payments on deposit and interest claims calculated up to 17 September 2014 in the amount of maximum HUF 31,396,000, i.e. the HUF equivalent of maximum EUR 100,000 per… Read More
Continue ReadingNDIF to start the indemnification process of the depositors of ALBA Cooperative Savings Bank
Press release 18 September 2014 The National Deposit Insurance Fund (NDIF) is starting the indemnification of the depositors of ALBA Cooperative Savings Bank, and will finish the process within 20 working days. The customers of the savings bank can be entitled to the forint equivalent of maximum EUR 100,000 (maximum HUF 31,396,000) per person, depending on whether they are individual or corporate customers. NDIF is about to start the indemnification of the depositors of ALBA Cooperative Savings Bank, and will finish the process within 20 working days, by 15 October at the latest, after the court ruling about the liquidation of the savings bank was published in the Corporate Gazette… Read More
Continue ReadingIndemnification 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… Read More
Continue ReadingPayouts to Orgovány depositors have started
Press Release 31 July 2014 PAYOUTS TO ORGOVÁNY DEPOSITORS HAVE STARTED The National Deposit Insurance Fund (NDIF) have started to pay compensation to the depositors of Orgovány és Vidéke Takarékszövetkezet today. Indemnities up to HUF 100,000 are delivered to the recipients’ addresses by the Hungarian Post. Between HUF 100,000 and HUF 2.5 million depositors are notified by post about which post office they need to visit to collect the amounts they are entitled to. Private individuals with deposits over HUF 2.5 million and corporate depositors will start receiving the notices from next Monday on. It is due to the fast processing of the database that NDIF payouts could be… Read More
Continue ReadingThe Resolution Fund started to operate
Press Release The Resolution Fund started to operate The Board of Directors of the Resolution Fund held its inaugural meeting pursuant to the act on the further development of the institutional framework strengthening the security of certain actors of the financial intermediary system (Act XXXVII of 2014). The Fund, which will be funded by contributions from credit institutions and investment firms, would enable the settlement of the situation of the troubled institutions to be financed by the participant of the sector instead of the taxpayers. The management board of the Resolution Fund has four members: one was appointed by the minister for national economy, two members by the head of… Read More
Continue ReadingNDIF to start the indemnification of the depositors of Orgovány és Vidéke Cooperative Savings Bank
Press Release 25 July 2014 NDIF to start the indemnification of the depositors of Orgovány és Vidéke Cooperative Savings Bank The National Deposit Insurance Fund (NDIF) is starting the indemnification of the depositors of Orgovány és Vidéke Cooperative Savings Bank, and will finish the process within 20 working days. The customers of the savings bank can be entitled to the forint equivalent of EUR 100,000 (HUF 30,835,000) per person, depending on whether they are individual or corporate customers. NDIF is about to start the indemnification of around 30,000 depositors of Orgovány és Vidéke Cooperative Savings Bank, and will finish the process within 20 working days, by 25 August… Read More
Continue ReadingInformation for the depositors of ‘Orgovány és Vidéke’ Cooperative Savings Bank
ANNOUNCEMENT about the indemnification of the depositors of Orgovány és Vidéke Cooperative Savings Bank In its resolution No. H-JÉ-I-281/2014 the National Bank of Hungary revoked the operating licence of Orgovány és Vidéke Cooperative Savings Bank (registered office: 6077 Orgovány, Kölcsey u. 2/a.) and upon the initiative of NBH the court has ordered the liquidation of the savings bank. Consequently, pursuant to Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (Hpt.) NDIF will start the indemnification of depositors after 25 July 2014, and will complete the process within 20 working days. Amount of indemnification Pursuant to the above Act, NDIF will make personalised payments on deposit and interest claims… Read More
Continue Reading10,000 DEPOSITORS TO BE INDEMNIFIED
Körmend: 10,000 DEPOSITORS TO BE INDEMNIFIED Most depositors can receive their money already on Friday Following the bankruptcy of the Körmend és Vidéke Savings Cooperative Bank the National Deposit Insurance Fund (NDIF) will indemnify 10,072 depositors. The payment of indemnifications equalling maximum HUF 1 million will be started on Friday by the Hungarian Post. Delivery of the related notices will also start on Friday to the residential addresses of customers above this limit. The commencement of payments has been made possible by the fast processing of the data stock of the savings bank. The total amount to be paid as indemnification exceeds HUF 22 billion. By the fourth working day… Read More
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