Gov’t to mandate municipalities to invest in gov’t securities

History

The government is in the process of preparing a proposal that will require municipalities to put their long- and short-term savings in government securities with the Hungarian State Treasury, cabinet chief János Lázár (pictured) announced at a weekly press conference yesterday.

The government is looking to curtail the “horse trading” activities of government institutions and municipalities with regards to their savings, Lázár said.

Lázár added that the government plans to re-establish the Treasury Legal Affairs Directorate next year, a corps of lawyers that has the authority to represent the state in domestic and international cases. In the past, the government spent as much as HUF 10 bln on outside legal counsel, he said.

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