Visit of Vietnamese deposit insurers

On October 29th, a five-member delegation of the Deposit Insurance Fund of Vietnam (DIV) visited NDIF. The group, led by Dr. Bui Khac Son CEO of DIV was keen on gaining experience on the co-operation of the Hungarian financial safety-net institutions, the legislative provisions on depositors’ protection, as well as lessons learned from the nearly two decades of experience of the NDIF. The visit meant the first official bilateral meeting between the two organizations. Andras Fekete–Gyor, Managing Director of the NDIF held presentation on the experiences of early 90’s bank consolidation (recapitalization) of the banking system, which was welcomed by the guests. Vietnam has currently similar problems with its own… 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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Hungarian experience for Mongolia

Recommended and organised by the World Bank, a 12-strong delegation of the Mongolian financial governance paid a visit to Hungary. The objective of the delegation was to gather relevant models and operating experience needed for passing a law to handle the Mongolian bank crisis and to ensure deposit insurance, and for establishing institutional frameworks. Due to this complex set of subjects, the Mongolian delegation included the first deputy governor of the National Bank of Mongolia, experts from the ministries of justice and finance, as well as from the supervisory authority, in combination with high-ranking politicians involved in the subject of financial stability and the members of the Mongolian parliament. In… Read More

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