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MNB: Measures against Széchenyi Bank were in clients’ best interest

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The National Bank Of Hungary's (MNB) imposed limits on client account transactions initiated on December 4 against Széchenyi Bank were in line with EU directives, an MNB press release said Saturday.

According to MNB, clients should have be given access to their deposits within 25 days of the accounts being frozen. The bank’s clients, however, were given only two working days to access their accounts at the troubled bank before MNB withdrew Széchenyi Bank’s license.

The account holders who left their deposits at the bank will be compensated by the Országos Betétbiztosítási Alap (OBA), up to HUF 30.705 mln during a 20-day period, beginning on December 8, the press release added.

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