Bill would grant MFB exclusive rigths

Initiatives

State-owned Hungarian Development Bank (MFB) would be granted exclusive rights to provide certain services to state-owned companies under a bill submitted to Parliament yesterday by governing alliance KDNP, according to reports. The bill would also clear the way for MFB to lend to churches.

The justification of the bill says that the exclusive rights would be “in a narrow range” and are intended to support “transparency” and “management befitting state ownership”, Hungarian news agency MTI reported. The justification also says that the changes are not expected to have any distorting effect on the market and “will not affect commerce between European Union member states”, MTI added.

“The bill contributes to the establishment of a strong, harmoniously operating corporate group that, in addition to professionally conducting its basic scope of activities, can integrate and efficiently manage development policy goals and tasks,” MTI quoted the authors of the bill.

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