LMP proposes lifting bank secrecy rules on bankrupt financial institutions

Budapest (MTI) – The green opposition LMP party has submitted a proposal on exempting financial institutions announcing bankruptcy from rules banning the disclosure of banking secrets, the party’s co-chair said on Sunday.

Under the proposal these institutions should release to the public information about any withdrawal of more than 200,000 forints (EUR 639) from their accounts over a period of 60 days before declaring bankruptcy, Andras Schiffer told a press conference.

The regulation would guarantee transparency, enabling the public to learn about customers who took out money from a bank or brokerage firm just before it went bankrupt, he said.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters