Constitutional Court verdict: Saving coops transformation to continue

Analysis

Transformation of the savings cooperative sector can be continued as it is in line with the constitutional requirements, the verdict made by the Constitutional Court of Hungary yesterday reveals.

The decision paves the way for the continuation of the restructuring process, including the soon to be concluded sale of the formerly state-owned majority stake in the umbrella organization TakarékBank.

The act passed by the parliament found the transformation of the sector to be constitutional, though with the exception of two clauses bearing minor importance. As regulated by the new act, the state is now allowed to impose restrictions on the freedom of association and right of ownership if it serves a greater public good.

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