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Indemnification of investors may start next week

Competition

Indemnification of the clients of banks whose licenses were withdrawn on Tuesday in connection with the Buda-Cash scandal and which are being investigated by the Hungarian National Bank (MNB) on suspicion of criminal activity, can begin as early as next week, hvg.hu reported yesterday. 

Ninety thousand clients could turn up at the offices of the Investor Protection Fund (IPF), which will provide the indemnity. Other sources estimate that the IPF does not have enough funds to compensate all investors, each of them being entitled to up to €20,000 in the case of brokerage accounts, and as such the IPF must either ask members – banks and brokerage firms – for additional contributions or apply for government-guaranteed loans in order to fulfill all claims.

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