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Ministry: Lower bank tax to mean HUF 82 bln drop in revenue by 2017

History

Revenue from the bank levy is expected to fall by approximately HUF 60 bln in 2016 and HUF 22 bln in 2017, the National Economy Ministry reported yesterday, according to Hungarian news agency MTI. 

The European Bank of Reconstruction and Development (EBRD) and the Hungarian government signed a memorandum of understanding on Monday that outlines a reduction in the bank levy to 31 bp of adjusted total assets from the beginning of 2016 and to 21 bp from the start of 2017 to the end of 2018. This decision is apparently what made it possible for the government and EBRD to buy into Erste Bank Hungary. Details on that purchase were announced on Monday.

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