Another 27 savings coops join cross-guarantee pool

Initiatives

Accordingh to recent reports, another 27 savings cooperatives joined a cross-guarantee pool, raising the total number of participants to 78, including TakarékBank, which counts as the "central bank" for savings cooperatives in Hungary and savings cooperative integrator SZHISZ, TakarékBank said today.

Assets of SZHISZ are backed by the Savings Cooperatives Integration Fund, which was established with the help of HUF 136 bln in state support and is managed by the state-owned Hungarian Development Bank (MFB).

The cross-guarantee pool is expected to offer savings cooperative clients dual deposit protection. TakarékBank said the reform of the savings cooperative sector is expected to conculde on December 10.

The government launched the integration of the sector last year, in an attempt to create synergy and help savings cooperatives meet stricter European Union capital adequacy requirements.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.