IMF recommends international professional partnership in MARK

Conferences

The staff of the International Monetary Fund (IMF) have recommended that Hungary involve one or two international professional partners in the Hungarian Reorganization and Receivables Management Company (MARK), established by the National Bank of Hungary (MNB) last November to buy bad commercial real estate loans and properties from banks, Hungarian news agency MTI reported today.

The IMF staff said attracting "one or two international professional equity partners to bring MARK closer to the preferred private ownership model" was a high, near-term priority, according to a technical assistance report published following a visit by a mission to Hungary in early June. The staff said financing MARKʼs operations with bonds issued by MARK was another high priority.

The staff also recommended restricting the power of MARKʼs owner(s) to write the companyʼs mission statement and to appoint MARKʼs board members. They also said that the majority of MARKʼs board members should be independent of the companyʼs owners and knowledgeable about MARKʼs business.

In the report, the IMF staff acknowledged the progress achieved in adopting recommendations made after a visit to Hungary by the IMF in January, such as formulating a clear mission statement for MARK and the full delegation of asset management functions to MARK by the central bank.

ADVERTISEMENT

Czech economic confidence weakens in September Analysis

Czech economic confidence weakens in September

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.