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Deposit Insurance Fund has completed processing the data of Jógazda Cooperative Savings Fund, whose licence has been withdrawn by the financial authority.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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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 After Jógazda Savings Cooperatives operating licence has been withdrawn, depositors can expect HUF equivalent of EUR 100 thousand per person as the maximum compensation amount.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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