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PSzÁF withdraws savings cooperative's license

Hungarian financial market regulator PSzÁF said it withdrew Jógazda savings cooperative's license to provide financial services and initiated its liquidation citing severe infringements of rules on capital adequacy.

Jógazda has about 6,500 depositors who will be compensated by the national deposit insurance fund OBA, PSzÁF said.

A week earlier, PSzÁF said it assigned commissioners to take over management of Jógazda for six months.

Jógazda’s total assets account for around one-ten thousandth of the financial sector market. (MTI – Econews)