MNB withdraws license of Alba Takarék bank

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The National Bank of Hungary (MNB) has withdrawn the operating license of savings cooperative Alba Takarékszövetkezet after an investigation revealed serious deficiencies in the cooperative's functions, the MNB announced on Friday.

The MNB said that it had prohibited payments from deposits held at Alba Takarékszövetkezet as a result of the withdrawal of the cooperative's operating license. The MNB said that SZHISZ, the organization coordinating the government-mandated integration of Hungary's savings cooperatives, had revoked Alba Takarékszövetkezet's membership in the organization.

The MNB added that it had assigned a supervisory commissioner to handle issues related to the savings cooperative based in Székesfehérvár. The MNB said TakarékBank, which acts as a "central bank" for Hungary's savings cooperatives, had conducted the investigation exposing the operational deficiencies at Alba Takarékszövetkezet. 

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