ECB notes Hungaryʼs conduct in consultations

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In its 2014 annual report, the European Central Bank (ECB) yesterday noted the Hungarian governmentʼs conduct during consultations, and aired its concern over possible monetary financing by the National Bank of Hungary (MNB), according to Hungarian news agency MTI. 

"The Hungarian draft law on certain measures relating to consumer loan contracts, as well as the draft law on the rules applicable to specific consumer loan contracts, were submitted to the ECB for consultation, but enacted shortly thereafter, before the ECB could adopt its opinions.

Likewise, the Hungarian authorities did not afford the ECB sufficient time to adopt its opinions on a draft law establishing a resolution framework for credit institutions and investment firms, a draft law on the general terms and conditions of consumer loan contracts and a draft law on the conversion of foreign exchange loans," the ECB noted.

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