Mohács bank takes Takarékbank battle to Strasbourg

Initiatives

Shareholders of Mohácsi Savings Bank have turned to the European Court of Human Rights seeking compensation for the nationalization last year of Takarékbank, the “central bank” for Hungary’s savings cooperatives, daily Népszabadság reported on Saturday.

Managing director and owner Gábor Pavkovics said the owners of savings cooperatives deserved compensation, without being more specific.

Takarékbank was taken over by the state last year as part of a government-mandated integration of the savings cooperative sector. The bank was given powers to determine standards for risk management, business policy and strategy for all savings cooperatives that are members of the integration.

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

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