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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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

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

Information on domestic and foreign deposit insurance organizations can be found at http://www.facebook.com/Betetvedelem. Compensation cases, bank closures, legislative and organizational changes, compensation limits and other important facts may be track.

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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