NBH moves to compensate Quaestor bond holders
Budapest (MTI) – The National Bank of Hungary will initiate 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 Laszlo Windisch told a press conference on Tuesday.
In an investigation conducted earlier in March, the NBH, in its capacity as financial market watchdog, found Quaestor had sold 150 billion forints (EUR 455m) of securities over the approved limit in a 70 billion forint bond issue programme.
In the course of a legal analysis, the NBH found that because client money was transferred in the framework of an investment service, it “qualifies as an activity insured by Beva”, Windisch said.
Central bank governor Gyorgy Matolcsy said recent scandals at brokerages Quaestor and Buda-Cash were not on a scale that would present systemic risk to Hungary’s financial sector.
Source: http://mtva.hu/hu/hungary-matters
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