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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