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OBA repays MNB bridging loan for Sberbank depositor compensation

Banking

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Hungary's National Deposit Insurance Fund (OBA) on Thursday said it repaid a HUF 147 billion bridging loan from the National Bank of Hungary (MNB) for payouts to covered Sberbank depositors, according to a report by state news wire MTI.

OBA had used the bridging loan to pay the compensation by the March 18 deadline. The bridging loan had to be repaid by June 8. 

OBA noted that its members had paid a HUF 73.6 bln one-off contribution to the fund by the May 25 deadline, and it issued a HUF 75 bln, five-year bond that was subscribed by lenders on June 2. The bond pays a floating rate of 1.05% over BUBOR.

Sberbank Magyarország was wound up in March after its Austria-based parent failed amid international sanctions against Russia.

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