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
Continue ReadingHungarian 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
Continue ReadingPayments of state garanteed deposits are completed
The NDIF had finished the paying process of the frozen state garanteed deposits at the closed “Jógazda” Savings Cooperative. All those deposits were state garanteed which had been placed July 1993
Continue ReadingCo-operation with the banking association
This content is currently under translation… Thank you for your patience!
Continue ReadingJógazda: 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Deposit Insurance Fund has completed processing the data of Jógazda Cooperative Savings Fund, whose licence has been withdrawn by the financial authority.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
Continue ReadingNearly 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
Continue Reading