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.

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