State vows big effort to restore proper operation at Széchenyi Commercial Bank

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The National Economy Ministry on Tuesday said the state would make every effort to put Szechenyi Commercial Bank back on the right track. The ministry made the announcement after the National Bank of Hungary ordered an oversight commissioner for the bank in which the state holds a 49% stake.

"The state has taken advantage of all opportunities in the past and will continue to do so in the future in the interest of restoring proper banking operation," the ministry said. As the state has a minority stake in the Széchenyi Commercial Bank, the "possibilities in the management of the bank are limited", the ministry added. The state acquired the stake in June 2013.

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