ANNOUNCEMENT about the indemnification of the depositors of Orgovány és Vidéke Cooperative Savings Bank In its resolution No. H-JÉ-I-281/2014 the National Bank of Hungary revoked the operating licence of Orgovány és Vidéke Cooperative Savings Bank (registered office: 6077 Orgovány, Kölcsey u. 2/a.) and upon the initiative of NBH the court has ordered the liquidation of the savings bank. Consequently, pursuant to Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (Hpt.) NDIF will start the indemnification of depositors after 25 July 2014, and will complete the process within 20 working days. Amount of indemnification Pursuant to the above Act, NDIF will make personalised payments on deposit and interest claims… Read More
Continue ReadingKDIC visit at NDIF
Four members of the Korean Deposit Insurance Corporation (KDIC) visited us Nov 4. The group which is focused on the Hungarian legal system relating to the responsibility investigation of bank failures was led by Mr. Seok Jae KIM (Managing Director, Chief Prosecutor, Head of the Insolvency Investigation Division, KDIC)
Continue ReadingIndonesian visit in Budapest
Four members of working group of the Indonesia Deposit Insurance Corporation (IDIC) led by Mr. Suharno Eliandy, Director of Risk Management had been visited NDIF’s office between October 1-3. Themes of the IDIC’s study visit were the risk assessment methodology, risk control system as well as business continuity management among other issues.
Continue ReadingEFDI CRWG in Budapest
Crises Resolution Working Group of the European Forum of Deposit Insurers (EFDI) held a one-day of workshop at the NDIF’s office in Budapest on October 4. Themes of the working group was the Role of DGSs Within the Institutional Framework for Banks Resolution; The Borrowings and Mutualization Between Schemes and Funds as well as DGSs’ Contribution to Resolution Funding. The working goup was led by Thierry Dissaux, President of the French Deposit Insurance and Resolution Fund.
Continue ReadingTHE LAST LAWSUIT OF REALBANK COMPLETED
Finally completed the last case is of litigations brought by shareholders and bond owners of Realbank agains NDIF 15 years ago. Winning rate of NDIF is 100 percent regarded Realbank what shows that NDIF and its all previous operational decisions are full comply with the legal requirements while reimbursing depositors. NDIF defended assets that insure depositors against unauthorized payment demands.
Continue ReadingNew guide for member institutions
New guide is available for members institution on SCV data providing requirements (only in Hungarian). For English version please contact NDIF staff.
Continue ReadingFrench visit in Budapest
Delegation of the Fonds de Garantie des Depots (FGD) took a two-days of working visit at OBA. Group of the delegation was led by Thierry Dissaux President of FGD who spoke about the visit and the current challenges FGD has recently. 1, The crisis has not spared only to the CEE region but also the Western part of the EU. Despite this fact we have not heard news about any bank closures in France. Are the French financial authorities so efficient and effective in the crisis management and prevention, or the banks are so stables? Yes, despite the turbulences and with the exception of Dexia, a Belgian-French bank, the… Read More
Continue ReadingThe lessons of Cyprus
The deposit insurance system of Cyprus has become obsolete In response to the request of Portfolio.hu, István Tóth, PR&IR Manager of the National Deposit Insurance Fund (NDIF) has described in detail the deposit insurance system of Cyprus and provided information on the common talk on deposit insurance in Europe. With the relevant directive Brussels carved the protection of deposits under EUR 100,000 in stone. With the directive the EU promises that European citizens’ bank deposits worth maximum EUR 100,000 are sacrosanct irrespective of the depositors’ nationality. Therefore, neither the Cyprian banks, nor the credibility of the EU benefited from the idea of a standard surtax coming especially from this direction… Read More
Continue ReadingDIFK visits Hungary
Delegation of Europe’s youngest country took a three-days of visit at OBA. Group of the Deposit Insurance Fund of Kosovo led by Violeta Arif Krasniqi Managing Director, visited OBA between March 18-20, 2013 in order to gain experience about technical (operational) and legal details of the Hungarian compensation (pay-out) cases.
Continue ReadingInfovideo on Deposit Insurance
If you wish to learn basics of the Hungarian deposit insurance protection, please see our latest video:
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