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OTP-backed foundation to educate middle schoolers on financial basics

Initiatives

The OTP Fáy András Foundation will start offering middle schoolers courses in basic financial concepts from December, with European Union support and the assistance of Hungary's biggest commercial lender OTP Bank, daily Magyar Nemzet said on Thursday.

The foundation's education centre will offer programmes - free of charge - for parents and teachers as well as groups of students, managing director Péter Schrankóo told the paper. A €1.1 billion EU grant, matched by HUF 5-6 billion from OTP Bank, is going toward the establishment of the centre. It will launch with a staff of 35-40 and a budget of HUF 1.7 billion. EU funding will cover the costs of the first two years of the education programme and the foundation will finance its own operations in the three years after that. The foundation's long-term operation is guaranteed by the support of OTP Bank, Schrankó said.

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