Government assists EU funding recipients to prevent delays caused by broker scandal

History

The Prime Minister’s Office has asked EU funding recipients to report without delay if they are unable to meet deadlines set in their funding contracts or have difficulties paying out contractual obligations due to the recent broker scandal, an announcement on the government funding website palyazat.gov.hu revealed.

The Hungarian government decided that the authorities must handle each case on an individual basis and give all possible support to complete the affected projects in full, the PMʼs office said.

The National Bank of Hungary (MNB) recently revoked the licenses of Buda-Cash and the DRB banking group and reported suspected criminal activity to the police. It also recently partially suspended the operating license of Hungária Értékpapír after finding irregularities. The scandal affected businesses which held deposits or securities with the brokerages or the banking group.

Cabinet Chief János Lázár said earlier that the government is doing its best to complete the 2007-2013 EU budgetary period without losing any available funding. Hungary has drawn 80% of the HUF 8.7 trillion in funds available from Brussels in the seven-year period, and not a penny will be lost if it is able to accept invoices for another HUF 2.2 trillion this year, Lázár said.

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