Hungary Bankers Slam Government Savings Cooperatives Policy
- Banking group chief protests co-ops’ advantages, hvg.hu says
- Co-ops, FHB, post office, Takarekbank in state-backed alliance
This article is for subscribers only.
The Hungarian Banking Association criticized a government push to support savings cooperatives, citing an uneven playing field that has contributed to subdued lending by commercial banks, hvg.hu news website reported.
The government policy distorts competition and "endangers financial stability," banking association Chairman Mihaly Patai said in a letter to Economy Minister Mihaly Varga, hvg.hu said Wednesday. A group of savings cooperatives rejected the charges, while the Economy Ministry and the banking association declined to immediately comment on the report.
Have a confidential tip for our reporters? Get in Touch
Before it’s here, it’s on the Bloomberg Terminal
LEARN MORE
Up Next
Hungary Bankers Slam Government Savings Cooperatives Policy