The deadline for paying compensations to deposit holders of abank undergoing liquidation will be shortened from three months(more than 60 working days) from the start of the bankruptcyproceedings as of the end of next year, according to the BankingDeposits Guarantee Fund, the institution that guarantees depositsof 34 banks on the Romanian market. "As of December 31st 2010, theterm for the Fund to start awarding compensation will be reduced to20 working days," reads a document of the institution. Depositholders will also have to be informed on the duration and on themeans of payment within 10 days from the same date. At present, thedata must be published on the Fund's website and in at least twonewspapers with national circulation within 30 calendar days (21working days) by the credit institution that entered bankruptcyproceedings and by the credit institution in charge of paying thecompensations. The deposit guarantee limit is 50,000 or theequivalent sum in RON, as of July this year, whilst previously thelimit was 20,000 euros.
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