Govt measures will not scare off banks, says official

History

National Economy Ministry state secretary Zoltán Cséfalvay said in an interview with Gazdasági Rádió on Wednesday that he did not expect a single bank to pull out of Hungary because of government measures affecting the sector.

Banks will not leave the country because the region is the only one in which they can count on growth to support recovery from the crisis, Cséfalvay said.

Hungary's government introduced a bank levy last year and most recently forced banks to foot the cost of a discounted exchange rate in an early forex mortgage repayment scheme.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Culture