10,000 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

Continue Reading

Bilateral Agreement Between the Slovakian and the Hungarian Deposit Insurance Schemes

20 November, 2013 In order to have single rules for handling potential cross border bank failures and reimbursing depositors, Deposit Protection Fund of Slovakia and the National Deposit Insurance Fund of Hungary today signed a mutual claims handling bilateral agreement. Aim of the cooperation that contains harmonization of technical details during an eventual payout is to serve mutual interest of the two countries in maintainaining financial stability and enhancement of public confidence in the financial system in line with objectives of EU Directive on Deposit Guarantee Systems. Having deep understanding on the diverse national legal environments and also with regard to creating mutual institutional ability that grounds fast and effective… Read More

Continue Reading

EFDI CRWG in Budapest

Crises Resolution Working Group of the European Forum of Deposit Insurers (EFDI) held a one-day of workshop at the NDIF’s office in Budapest on October 4. Themes of the working group was the Role of DGSs Within the Institutional Framework for Banks Resolution; The Borrowings and Mutualization Between Schemes and Funds as well as DGSs’ Contribution to Resolution Funding. The working goup was led by Thierry Dissaux, President of the French Deposit Insurance and Resolution Fund.

Continue Reading

Average deposit size slightly diminishes

  As revealed by the data posted by credit institutions in their premium returns for 2013, the domestic deposit portfolio slightly decreased by the beginning of the current year (from HUF 17,371 billion to HUF 17,366 billion)as opposed to the 4.4 percent growth seen early last year. Concurrently, the average deposit size per depositor also shrank nearly 1 percent to HUF 1,262,000.In the wake of the continuous rise seen in the past years, last year was the first time that NDIF’s indemnification obligation decreased by3.5 percent to HUF 8,753 billion. The full article can be downloaded here.

Continue Reading

THE LAST LAWSUIT OF REALBANK COMPLETED

Finally completed the last case is of litigations brought by shareholders and bond owners of Realbank agains NDIF 15 years ago. Winning rate of NDIF is 100 percent regarded Realbank what shows that NDIF and its all previous operational decisions are full comply with the legal requirements while reimbursing depositors. NDIF defended assets that insure depositors against unauthorized payment demands.

Continue Reading

Market boost strengthening depositor protection

As a result of the previous fruitful year seen on the government security market, the assets of NDIF available for indemnification increased to HUF 76.6 billion by the end of 2012. The Fund’s HUF 86.8billion portfolio of one year earlier was reduced by HUF 33 billion paid out to the depositors of liquidated ‘Soltvadkert’ Savings Co-operative Bank; however, the HUF 23.5 billionannual revenue generated last year considerably compensated for this shrinkage of assets. NDIF’s retained earnings amounted to HUF 3 billion, i.e. three times the figure seen in 2011. The full article can be downloaded here. View NDIF’s Annual Report 2012.

Continue Reading