On Tuesday, Parliament adopted an Act on the establishment of a claims fund for Quaestor victims, according to which clients will have to file for compensation between 6 May and 5 June.

The Act covers bonds issued by Quaestor Financial Hrurira, sold by Questor Securities and Investment Ltd. or its affiliated undertakings. Under the Act, claims must be considered up to HUF 30 million in capital value, and bonds at nominal value.

The legislation confirms the establishment of the Claims Fund for Quaestor Victims, which – together with compensation from the Investment Protection Fund (Beva) – will compensate clients up to HUF 30 million each. This is assumed to be a significantly higher amount than clients could receive in individual claims or winding-up proceedings.

The resources of the fund will be ensured by bond issuance and borrowing. It may issue bonds with a maximum maturity of ten years, and loans may be sought from credit institutions with a maximum maturity of ten years, or from the Hungarian National Bank (MNB) with a maximum maturity of three years. Bond issuance and MNB loans will be covered by a state guarantee. In order to ensure its liquidity – for repaying of loans and supplementing its own resources – the fund may require pre-payments from the members of Beva, with a repayment obligation. Beva members will be obliged to pay this pre-payment in proportion to their outstanding annual payment obligations with Beva.

(MTI/kormany.hu)