OBA starts compensating Tisza depositors
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Tisza is the fourth savings cooperative to have its licence withdrawn this year.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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.