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.

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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.

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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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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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Compensation being paid on state guaranteed deposits

The National Deposit Insurance Fund has refunded the owners of guaranteed deposits frozen in “Jógazda” Cooperative Savings Fund. On a mandate from the state, the NDIF completed payments to owners of deposits made before July 1993 – i.e. eligible for 100 percent state guarantee – with “Jógazda” closed by a resolution of the Hungarian Financial Supervisory Authority in January. The concerned customers received the state guaranteed portion of their money in the ways described in the course of indemnification by the NDIF following closure of “Jógazda”, i.e. through delivery by mail, by funds transfer to a bank account, or by withdrawal from NDIF cards. “While backing up data due to… Read More

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Jógazda: 5,457 depositors receive NDIF compensation

NDIF to pay HUF 8.1 billion in the next few days The National Deposit Insurance Fund has completed processing the data of Jógazda Cooperative Savings Fund, whose licence has been withdrawn by the financial authority. The actual amount of the NDIF compensation payable to depositors will be determined after the credit institution’s customer data are processed and the consolidation of data relevant to individual depositors (aggregation of the principal and interest amounts held by the protected depositor in deposits and current accounts under NDIF protection) is completed.“The first, critical IT-related stage of compensation has come to an end, which should have been performed by Jógazda pursuant to the relevant legislation,… Read More

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Nearly 10 billion HUF in compensation after Jógazda

The deposit insurance fund commenced paying out compensation to 6500 clients of the savings fund The National Deposit Insurance Fund commenced its 20-day period of paying compensation. After Jógazda Savings Cooperatives operating licence has been withdrawn, depositors can expect HUF equivalent of EUR 100 thousand per person as the maximum compensation amount. Pursuant to legal requirements, all insured depositors will be indemnified until 31 January. In its Resolution No. EN-I-1/2011, the Hungarian Financial Supervisory Authority withdrew the operating licence of Jógazda Savings Cooperative. Subsequently, NDIF launched the process of depositor indemnification on 4 January, pursuant to Act CXII of 1996 on Financial Institutions and Financial Enterprises (Hpt.). EUR 100 000… Read More

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