Hungarian Banking Association
During the reorganization of the Hungarian banking system in 1987, a number of new commercial banks and specialized financial institutions were created. The establishment of the two-tier banking system necessitated the formation of a professional advocacy body for commercial banks, thus, in 1989 the Hungarian Banking Association (HBA) was founded on a voluntary basis. (The history of its predecessor was founded in 1903.) The Association currently covers 99% of the Hungarian financial sector, with 46 members, 3 associate members and hundreds of indirect members.
The Association’s key responsibility is to represent and enforce the professional interests of its members, to set up the economic and legal regulatory frameworks supporting the operation and development of the banking sector, to establish work committees with specialists from individual banks with a view to elaborating general professional positions, as well as to cooperate with the various stakeholder advocacy bodies. The Hungarian Banking Association in collaboration with the Central Bank of Hungary is a founding member and supporter of the Money Compass Foundation aiming to develop financial literacy, awareness and education.
To duly represent the interests of its members, the Association involves experts and regularly participates in the reviewing and discussion of legislation, provisions of law and programs that directly or indirectly affect the banking sector. In the preparation of new legislation and provisions of law it represents consensus-based positions. One of its key responsibilities is close cooperation with the Ministry for National Economy, Ministry of Justice, as well as the Central Bank of Hungary and other advocacy organisations, to represent the views of commercial banks concerning current economic, financial and other issues.
“Economy and Finance” – a scientific journal published by the HBA
The Hungarian Banking Association is a member of several international organizations, such as the European Banking Federation (Brussels), European Money Market Institute, (Brussels), European Payment Council (Brussels), European Mortgage Federation (Brussels), European Covered Bond Council (Brussels), European Association for Secure Transactions (Edinburgh), “V8” Group (cooperation of Central and Eastern European banking associations) and SWIFT. The Hungarian Banking Association is proud to join the Asian Financial Cooperation Association as a founding member and member of the Executive Board.