The Association, with 105 of Hungary’s 124 savings co-operatives as members, plus umbrella institution Takarékbank, has also asked President János Áder not to sign the relevant legislation and urged civil rights ombudsman Máté Szabó to intervene.

“We believe we have a good chance at the Constitutional Court, but if rejected, we will take the case to the EU,” Dávid said.

Dávid argued that the government is also violating the rights of savings co-ops by forcing them to sell their shares in Takarékbank.

If this practice is tolerated now, it could be done to anyone, he warned.

From now on, he added, if the state sets its sights on an insurance company, or a newspaper, for example, it can take control of them simply by passing legislation.

Source: Hungary Around the Clock

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