MNB initiates compensation of Quaestor bond holders
The National Bank of Hungary (MNB) will launch, in association with the Investment Protection Fund (Beva), the compensation of investors who subscribed "fictitious bonds" issued by a member of the Quaestor group, central bank deputy governor László Windisch said at a press conference yesterday, according to Hungarian news agency MTI.
In an investigation conducted earlier in March, the MNB, acting as financial market watchdog, discovered that Quaestor had sold HUF 150 bln over the approved limit of securities in a HUF 70 bln bond issuing program.
In the course of its legal analysis, the MNB found that, since client money was transferred in the framework of an investment service, this "qualifies as an activity insured by Beva", Windisch said. Central bank governor György Matolcsy said recent scandals at brokerages Quaestor and Buda-Cash were not on a scale that would present systemic risk to Hungaryʼs financial sector.
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