Deposit insurance Hungary
What is protected?
2:56 PM, January 7, 2004
Domestic deposit insurance protection covers registered bank
deposits (deposit documents, deposit account receivables)
placed with banks licensed in Hungary or with their branches
abroad, and bonds and certificates of deposit issued by
banks after 1 January 2003. (For simplicity's sake,
henceforth we refer to the above types of savings as
deposits, unless there is some significance regarding the
difference between them.)
We would also like to remind you here that the Fund's
insurance covers only its member institutions, i.e. banks,
savings and credit co-operatives and building societies and
their branches abroad, if the regulations of the host
country allow it.
Caution! Deposits may only be collected by credit
institutions, and only such institutions may be members of
the Fund or of a foreign deposit insurer. Certificates of
deposit may only be issued by credit institutions. Bonds,
however, may be issued by other bodies such as local
governments and business associations as well. In terms of
deposits, the condition for insurance is that they must be
registered, and for bonds and certificates of deposit, a
further criterion is that they must have been issued after 1
Is my bank insured?
3:03 PM, January 5, 2004
The deposit insurance system comprises the member institutions of the
National Deposit Insurance Fund, i.e. banks, savings co-operatives, home
savings banks and credit co-operatives.
The Act refers to all of these collectively as credit institutions, but
for the sake of brevity we will use the term 'bank' throughout this
leaflet. Only member institutions of the Fund may accept deposits. If
you wish to take advantage of deposit insurance protection, before
placing your deposit make sure that the institution you have selected is
a member of the Fund, or find out what official deposit protection
guarantee it offers. Should you have any doubts, do not hesitate to
contact the National Deposit Insurance Fund.
Once a deposit is frozen, what must a client do to receive the money as
soon as possible?
Besides the bank, the Fund is also obliged to inform depositors. Based
on current practice, daily press and announcements provide information
on where indemnity claims can be submitted and when the payments start.
On this basis the depositor must submit the indemnity claim at the
designated location. The claim will be checked by the Fund with the
bank's records then the depositor will receive notification on where and
when the money will be available.
Do deposit insurance claims ever expire?
Deposit insurance claims can be made for as long as the original claim
could have been recovered from the bank. Savings deposits, for example,
do not expire, while other deposit claims are valid for five years,
provided the contract does not stipulate a shorter deadline.
Certificates of deposit expire after ten years following the passing of
the payment deadline, bond claims do not expire. However, registered
certificates of deposit and bonds issued by banks are only insured if
they were purchased after 1 January 2003.