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New deposit insurance limit to come into force

Legislation raising the limit on deposit insurance in Hungary from Ft 6 million to Ft 13 million will come into force from Wednesday, the latest electronic issue of the official gazette Magyar Közlöny reveals.

Parliament passed the legislation on Monday with 369 votes in favor and just one opposed.

Parliament charged the House Speaker to ask the president for the urgent promulgation of the law.

The proposal for the Ft 13 million limit - more than €51,000 at the current exchange rate - was initiated after EU finance ministers endorsed a minimum €50,000 of deposit insurance in member states at a summit in Brussels a week ago.

The government has undertaken a guarantee of all deposits over the Ft 13-million limit. (MTI – Econews)