Orbán: Banks should agree to lend more if tax is cut
The Hungarian government hopes to sign agreements with banks under which they would increase lending in exchange for the reduction of the bank levy, Prime Minister Viktor Orbán said on Friday.
Hungary's bank levy is to be reduced starting in 2016 under a memorandum of understanding (MoU) signed by the government and the European Bank of Reconstruction and Development (EBRD) on February 9.
The MoU, downloadable as an English-language PDF, did not contain any conditions for the reduction but it did specify the new lower rates for 2016 and 2017 and set June 19 as a deadline to submit the necessary legal amendments to parliament.
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.