NDIF PAYS AT RECORD SPEED

The speedy indemnification based on SCV data The depositors of Soltvadkert és Vidéke Savings Association, u.d. were indemnified by the National Deposit Insurance Fund (NDIF) faster than ever. 98.4% of the depositors got access to their savings placed with the savings association within 10 work days. As a result of the fast NDIF indemnification, the majority of the depositors already received their funds within 20 work days from the enactment of the process on June 1, 2012. Based on its contract entered into with the Hungarian State, NDIF can shortly start paying out the state-guaranteed deposits worth some 16 million Forints placed prior to July 1993. For the overwhelming majority… Read More

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PAYMENT OF INDEMNITIES TO START

Small depositors to receive their indemnities from tomorrow on The National Deposit Insurance Fund (NDIF) starts the indemnification of the more than 15 thousand depositors of Soltvadkert és Vidéke Savings Association tomorrow. The Hungarian Post starts delivering the indemnity amounts up to one hundred thousand Forints to the depositors on Wednesday. The affected depositors will receive guidance on the receipt of the amounts not exceeding one million Forints by post. It was the fast processing of the data of the savings association that allowed that the payments could start within five work days. All the depositors with clear eligibilities will receive their payment settlements by Friday. The total amount of… Read More

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NDIF Starts Indemnifying the Depositors of “Soltvadkert és Vidéke” Savings Association

Press Release (Budapest, June 20, 2012) The National Deposit Insurance Fund of Hungary (NDIF) starts indemnifying the depositors of Soltvadkert és Vidéke Takarékszövetkezet (Savings Association) on this day and it will complete this process within 20 work days. As part of the compensation process, the depositors (be they private individuals or business entities) may receive an indemnity of a maximum amount equivalent to 100 thousand euros, i.e. 28,962,000 HUF per capita. With effect from June 1, 2012, the Hungarian Financial Supervisory Authority withdrew the operating license of Soltvadkert és Vidéke Takarékszövetkezet, and at the same time, it ordered the windup of the institution. As a result of the amendment of… Read More

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Deposit Registry to be discontinued

Banks’ administration to be decreased With regard to a concurrent launch of the mandatory consumer protection logo as of 1 March 2012, the Board of Directors of the NDIF cancels the requirement for member institutions to keep a mandatory Deposit Registry, as well as the related requirement for member institutions to supply data to the Hungarian Financial Supervisory Authority (HFSA). In the continuation, customers can make sure whether an individual banking product is insured by checking the consumer protection logo on the banking information brochure related to the product in question. The “Deposit and savings product selection programme” accessible on the HFSA’s home page provides information on material data of… Read More

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Resolution on customer information (new)

The Board of Directors of the NDIF passed the following resolutions in order to increase the financial knowledge and awareness of credit institution customers. a) The Board of Directors amended its resolutions passed on 22 September 2010 and on 19 September 2011 on sending customer information on Consolidated Insured Deposits, as follows:http://www.oba.hu/oba/en/ndif-members/single-customer-view b) As of 1 March 2012, the Board of Directors of the NDIF requires credit institutions to display a deposit insurance consumer protection logo on all forms of customer information concerning products insured by the NDIF (on printed, electronic and multimedia information alike). The NDIF will provide information by mail and on its home page to member institutions… Read More

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New NDIF member

With the accession of ErsteLakástakarék-pénztár(ErsteBuilding Society), the membership of the NDIF increased to 167. Pursuant to the Act on banks (Hpt.), all credit institutions (and specialised credit institutions) are required to join the NDIF. With the accession of ErsteLakástakarék-pénztár, its customers enjoy the benefit of domestic deposit insurance, i.e. protection up to EUR 100 thousand per person. For further information on the new member institution, please visit Erste’s homepage: http://www.erstebank.hu/hu/lakastakarekpenztar.html

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Vast majority of the depositors are protected by NDIF

Average savings of bank customers is HUF 1.2 million The National Deposit Insurance Fund (NDIF) evaluated the data of credit institutions’ fee returns for the year 2011. According to the fee returns based on last year’s closing balance, the savings portfolio in the banking sector decreased for the first time last year after 18 years of steady growth (by 1.8 percent), which as a result reached HUF 16,640 billion. Concurrently, the NDIF’s indemnification obligations increased by 12 percent to HUF 8,495 billion. 99.6 percent of depositors are within the protection limit of EUR 100,000 (nearly HUF 27 million) valid as of 1 January for deposit insurance. The HUF 16,640 billion… Read More

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Growth of the deposit portfolio halted

Average savings of bank customers is HUF 1.2 million The National Deposit Insurance Fund (NDIF) evaluated the data of credit institutions’ fee returns for the year 2011. According to the fee returns based on last year’s closing balance, the savings portfolio in the banking sector decreased for the first time last year after 18 years of steady growth (by 1.8 percent), which as a result reached HUF 16,640 billion. Concurrently, the NDIF’s indemnification obligations increased by 12 percent to HUF 8,495 billion. 99.6 percent of depositors are within the protection limit of EUR 100,000 (nearly HUF 27 million) valid as of 1 January for deposit insurance.The HUF 16,640 billion total… Read More

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