Are you sure?

Bill would tighten savings coops integration

The government submitted a bill to Parliament late Tuesday that would establish tighter integration among Hungaryʼs savings cooperatives, Hungarian news agency MTI reported.

The bill would give TakarékBank, the "central bank" for Hungaryʼs integrated savings cooperatives, powers to decide on uniform products and conditions of service for all savings cooperatives.

The bill would also broaden and simplify access to a central IT system that contains client and transaction information for the entire integration.

In addition, the bill would grant SZHISZ, the savings cooperative integrator and watchdog, powers to take measures immediately, without announcing a probe, if it finds shortfalls in cases in which "the state of affairs can be fully clarified."

Hungaryʼs savings cooperatives were integrated under a government initiative launched in 2013 with the aim of creating synergy and helping savings cooperatives meet stricter European Union capital adequacy requirements, recalled MTI.