SZHISZ acquires additional supervisory powers

Telco

MNB headquarters in Budapest (Image by Jessica Fejos)

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.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.