Quaestor compensation to start soon
Hungaryʼs Investor Protection Fund (Beva) will pay HUF 88 bln in compensation to some 32,000 buyers of unsanctioned bonds issued by failed brokerage Quaestor, Beva said on its website yesterday.
The compensation, up to Bevaʼs EUR 20,000 coverage threshold, will start being paid on July 13, Beva said. Further compensation of almost HUF 100 bln from a top-up fund earlier approved by Parliament and raising the threshold to EUR 100,000 can start after a case before the Constitutional Court is wound up, Beva added.
"The Constitutional Court procedure is such a circumstance that, as a result, financing of the [top-up] compensation is solvable neither from the central bank nor the market," Beva said. Beva noted that it is taking out a HUF 110 bln three-month bridging loan from the National Bank of Hungary to cover compensation of up to EUR 20,000 each for clients of Quaestor, as well as its failed peers Buda-Cash and Hungaria Securities.
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