Savings coops group to take case to int'l forums

Initiatives

Hungary's National Savings Cooperative Association (OTSZ) will take its case seeking compensation for the integration of the country's savings cooperatives to international forums, association spokesman Ferenc Dávid said on Monday, after a ruling against it by the Budapest Municipal Court.

In the ruling, the court said there was no obligation to pay OTSZ damages for the legally-mandated integration because it had caused no damages.

Dávid said the decision "closed the matter in domestic legal forums", but noted that OTSZ chief Sandor Demjan had said earlier that the case would be brought to Brussels or Strasbourg.

Dávid alleged that minority owners of TakarékBank, the umbrella bank for savings cooperatives, had been "ripped off", savings cooperatives had been "demoted" and a small group would now "skim" their profit.

The government-mandated integration aimed to create synergy and help savings cooperatives meet stricter European Union capital adequacy requirements.

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