Savings cooperative assoctiaion board member resigns


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.


Hungarians Want to Live to 96 Analysis

Hungarians Want to Live to 96

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Wizz Air Malta Names Managing Director Appointments

Wizz Air Malta Names Managing Director

Muni Council Organizing Meeting to Improve Air Quality City

Muni Council Organizing Meeting to Improve Air Quality


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.