Sberbank Depositors to Receive Full Claim, MNB Dep. Governor Says

Banking

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The depositors of Sberbank will receive their full claim, with compensation starting next week, Csaba Kandrács, deputy governor of the National Bank of Hungary (MNB), told television channel M1 on Monday.

He added that the liquidator will contact the victims individually. Around 2,500 customers had deposits of over EUR 100,000 with the bank, and they will now receive their money.

On March 2, the MNB said that after the European resolution authority had opened a winding-up procedure for Sberbank Hungary's parent company, the Austrian Sberbank Europe AG. The central bank had also withdrawn the license of Sberbank Hungary Zrt. and ordered its liquidation.

Some HUF 160 billion will now be paid out to clients.

Those affected will not be able to receive their money until the mandatory data reconciliation is completed under the law on the prevention and deterrence of money laundering and terrorist financing, the deputy governor said.

The payout process is handled by Pénzügyi Stabilitási és Felszámoló Nonprofit Kft (Financial Stability and Resolution Nonprofit Ltd.), all information can be found at www.psfn.hu and www.sberbank.hu. Compensation may take one to two months, he said.

Previously, the National Deposit Insurance Fund (OBA) paid out HUF 146.8 billion in compensation to 65,158 depositors of Sberbank. So far, the deposits that could be paid out were those that did not exceed EUR 100,000, M1 noted.

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