The Hungarian National Bank has stripped the Alba Takarékszövetkezet savings cooperative of its operating license following revelations that the company’s business had “serious deficienties” in its functions. The Budapest Business Journal is reporting that the country’s financial watchdog had banned all payments being made from accounts in the coop bank, which is located in Székesfehérvár. The bank’s membership in a national organization for savings cooperatives has likewise been revoked. The central bank’s move followed an investigation by TakarekBank, which serves as a central bank for Hungary’s savings cooperatives.
