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SZHISZ acquires additional supervisory powers

Many of the prudential supervisory powers of the National Bank of Hungary (MNB) over savings cooperatives will be transferred to savings cooperative integrator SZHISZ during the summer, the latter said Tuesday, according to Hungarian news agency MTI.

Parliament voted in favor of the changes to the law governing the management of cooperatives yesterday that would transform SZHISZ into a “gatekeeper” institute, with 113 ayes, 36 nays and 19 abstentions.

SZHISZ had HUF 2.7 billion income in 2016, which was put into reserves. The integrator had HUF 166.3 bln capital at the end of last year, up by HUF 3 bln compared to 2015.

The savings cooperative integrator said that, by the end of the year, 51 savings cooperatives would merge together into 12 regional institutions. Takarékbank would manage the business functions within the integration, while SZHISZ deals with prudential matters. FHB Bank would be in charge of commercial and mortgage banking.