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PM’s office: Savings cooperatives' cross-guarantee pool complete

Initiatives

The changes made to the savings cooperative system were completed as another 39 savings cooperatives joined a cross-guarantee pool on Friday, bringing the total number of participants to 117, the Prime Minister's Office announced.

The pool includes TakarékBank, which acts as a central bank for savings cooperatives, and savings cooperative integrator SZHISZ as well as cooperatives.

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

SZHSZ excluded Tisza, because of “intransparent management and severe operational shortcomings, and Magyar Vidék chose to leave the integration because it has no depositors”.

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