Hungary: Government gives Postabank's state-owned shares to Post Office

The Hungarian Post Office has welcomed the government decision
that 100 per cent of the state-owned shares of Postabank [a
large retail bank formerly in difficult position before it was
consolidated from large state funds under the current
government] will be given to the Hungarian Post Office, the
director-general has said. He said the aim of this decision was turn Postabank into a real
people’s bank. According to the Hungarian Socialist Party [HSP, the largest
opposition party], however, the decision violates the law
because, currently effective laws do not allow the Hungarian
Post Office to acquire more than 15 per cent stake in any
financial institution. Source: Hungarian Radio, Budapest, in Hungarian 1900 gmt 20 Jun
01 BBC Monitoring. Copyright BBCBBC INTERNATIONAL REPORTS (EUROPE ECONOMIC), 20th June 2001