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PM sees bigger role for savings cooperatives

Savings cooperatives' share of Hungary's financial market should at least double in the next ten years, though it would be better for it to triple from the current 5%-6%, Prime Minister Viktor Orbán said at a forum of savings associations and SMEs in Budapest on Thursday.

Savings cooperatives could play a bigger role in Hungary's financial sector by taking advantage of the New Széchenyi Plan and becoming more involved in local government financing, intermediary payment of farm subsidies and financing developments supported with grant money, Orbán said.

The government stands prepared to ensure long-term loans to support the “expected increased activity” of savings cooperatives, he said. (MTI-Econews)