OBA starts compensating Tisza depositors

Initiatives

Hungary's National Deposit Insurance Fund (OBA) said it started paying compensation to account holders of failed Tisza Savings Cooperative on Thursday. OBA will complete the payouts within 20 working days, by January 13, 2015.

The National Bank of Hungary withdrew Tisza's licence on Friday, after savings cooperative integrator SZHISZ excluded the institution from among its members.

Tisza, which operated in Jasz-Nagykun-Szolnok County, in central Hungary, had 10,860 depositors at the end of September. Its total assets accounted for about 0.4pc of the banking sector's total.

Tisza is the fourth savings cooperative to have its licence withdrawn this year. OBA insures deposits up to EUR 100,000 or about HUF 31 mln.

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