MARK, the so called “bad bank”, could start acquisitions, with the commendation of Brussels, at the end of September, the MNB said. The central bank acknowledged a recent recommendation by IMF experts to involve professional investors in MARK, but said that drawing in market financing and private equity to MARK would take too much time and delay the launch of the companyʼs acquisitions, planned for the end of September.
The MNB added that it aims to make MARK a market-based, independent asset manager that can refinance itself from the market, thus it supports the implementation of the IMFʼs recommendations in the mid-term. In a recently released report, an IMF mission that visited Hungary early in June said that attracting “one or two international professional equity partners to bring MARK closer to the preferred private ownership model” was a high, near-term priority.
They also said that the majority of MARKʼs board members should be independent of the companyʼs owners and knowledgeable of MARKʼs business.
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