Government backs proposal to raise Beva investor coverage

EU

The government said it would support a proposal by the National Bank of Hungary (MNB) to raise the insured threshold of the Investor Protection Fund (Beva) from €20,000 to €100,000, cabinet chief János Lázár said at a weekly press conference yesterday, news agency MTI reported. 

The threshold could be raised retroactively, to ensure that investors hit by the recent Quaestor brokerage scandal would be duly compensated, Lazar added. According to the MNB, €20,000 is the minimum threshold established by a European Union directive, but the directive does not exclude the use of national regulations that would provide investors with greater coverage.

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