Hungary's OTP Challenges Quaestor Law
- 18 May 2015 9:00 AM
OTP bank plans to go to the Constitutional Court to question the law ordering banks to pay into a fund set up to compensate investors in failed financial group Quaestor, chairman and CEO Sándor Csányi said on Friday. OTP will have to pay Ft 57 billion to the fund, Népszabadság estimates.
The bank has already filed suit in court against the decision to have the deposit guarantee fund OBA compensate holders of unauthorised bonds issued by Quaestor.
Deputy CEO László Bencsik told a Friday press conference that OTP will repay Ft 170 billion to clients in the frame of the foreign currency recalculation rules.
Source: Hungary Around the Clock
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