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Savings cooperative assoctiaion board member resigns

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Ilona Török-Lepsenyi has resigned from the board of the National Savings Cooperative Association (OTSZ), spokesman Ferenc Dávid said today.

Török-Lepsenyi said in a letter that the association's communications made in the name of savings cooperatives did not represent the financial institutions' interests. She said communications by OTSZ chairman Sandor Demján last November were "especially damaging".

Dávid said Török-Lepsenyi took an honest decision to resign when she could not agree with the association's position. Her resignation does not change this position, he added.

The integration of Hungary's savings cooperatives was earlier mandated by the government to create synergy and help the institutions meet stricter European Union capital adequacy requirements.

Demján alleged last November that some HUF 1 trillion of the cooperatives' deposits were being "outsourced" to fund manager Diófa, a charge dismissed by savings cooperative integrator SZHISZ.

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