OBA to start compensating DRB group depositors
Hungary's National Deposit Fund (OBA) said today that it will begin compensating depositors of the DRB banking group as of tomorrow, for an amount not to exceed the European Union threshold of €100,000 or HUF 30,461,000, which will be paid automatically within 20 working days, Hungarian news agency MTI reported.
The exact number of depositors affected will be known by Thursday or Friday, OBA spokesman István Tóth said.
The Hungarian central bank revoked the operating licenses of the DRB group's members on Monday, paving the way for the depositors' compensation. Last week, the central bank, also the financial market watchdog, put a limit on withdrawals from DRB members after suspending the activities of Buda-Cash, which had close ties with DRB. The initiation of a criminal procedure followed.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.