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Beva to compensate Buda-Cash clients

Telco

Clients of Buda-Cash Brókerház who were insured by the Investor Protection Fund (Beva) will be eligible to submit applications for compensation for the period of one year as of next Friday, the fund announced today.

The fund said it would pay compensations up to €20,000 per client and would awards 100% of losses up to 1 mln and 90% over that until they reach their threshold. According to Beva the euro threshold would be calculated using the official National Bank of Hungary (MNB) fixing on March 5, when the scandal-ridden brokerage began winding up.

The exchange rate of the day was 305.27 forints to the euro. In accordance with this rate, the threshold is determined at HUF 6,105,400

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