Varga accepts Töröcskei's resignation

History

National Economy Minister Mihály Varga accepted the resignation of István Töröcskei from his position as CEO of Hungary's Government Debt Management Agency (ÁKK), the minister said today on public television channel M1, adding that Töröcskei will remain in his position only until a replacement is found.

Töröcskei issued his resignation after the Hungarian central bank and financial market regulator withdrew the license of Széchenyi Bank and ordered its winding up in early December. Széchenyi Bank is majority owned by T&T Ingatlanforgalmazó és Vagyonkezelő, a company with which István Töröcskei is affiliated. In December the National Economy Ministry blamed the majority owner — Töröcskei's company — for the problematic situation at the Széchenyi Bank.

In accepting the resignation, Varga today praised Töröcskei’s work at the AKK, saying that he had reduced state debt and ensured the financing of that debt.

In December the National Economy Ministry said in its website that Töröcskei’s "activities as chief executive officer (of Széchenyi Bank) have no connection with the situation of financial institutions" and "he did not participate directly in their management".

The statement added that "under the leadership of István Töröcskei, the Government Debt Management Agency (ÁKK) has functioned reliably, with the interests of the country and secure financing in mind, and had gained a good international reputation".

Although Varga has not yet nominated Töröcskei's successor, Hungarian online daily napi.hu speculates that Töröcskei’s position will be taken over by Roland Nátrán, the former CEO of Hungarian Eximbank.

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