OBA to start compensating DRB group depositors

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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.

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