Law: Only MFB can serve some needs of state firms

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Parliament today approved legislation that gives the state-owned Hungarian Development Bank (MFB) exclusive rights to provide certain services to state-owned companies, Hungarian news agency MTI reported.

The exclusive rights to provide the services are “in a narrow range” and intended to support “transparency” and “management befitting state ownership”, the lawʼs authors said. The provision of such services will “not have a market distorting effect” and “will not affect commerce between European Union member states”, they added. 

The law “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,” they said.

The law also clears the way for MFB to lend to churches.

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