The bonds were subscribed to by savings cooperatives, and the private placement was managed by Takarékbank, the central bank of the savings cooperatives, the bank said in a short statement. MFB did not reveal other conditions or the purpose of the placement. MFB manages the Savings Cooperatives Integration Fund, a state fund which backs the assets of SZHISZ, the organisation established to implement the government-mandated integration of Hungary’s savings cooperatives in the summer 2013. The fund, established in autumn 2013, received state funding of HUF 136 bln late last year.
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