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MNB provides loan up to HUF 107 bln to cover DRB depositors compensation

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The Hungarian central bank is committed to providing a loan not exceeding HUF 107.1 bln to the National Deposit Fund (OBA) to ensure liquidity for the compensation of depositors of the DRB bank group, the National Bank of Hungary said today.

The National Bank of Hungary recently withdrew the licenses of brokerage firm Buda-Cash as well as of members of the DRB banking group, which have close ties with Buda-Cash. It also revoked the operating licenses of the DRB group's members on Monday, paving the way for the depositors' compensation. The central bank, also the financial market regulator, said it would ensure that OBA had sufficient liquidity to compensate depositors.

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