Quaestor compensation to start soon

MNB

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.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

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.