Government would merge ctrl bank, market regulator in one

Deals

The government plans to merge the National Bank of Hungary (MNB) and financial market regulator PSZÁF into one organisation, the website origo.hu reported on Tuesday. The MNB's staff has already prepared the respective draft legislation, work on which was directed by Márton Nagy. Nagy, who was appointed executive director for financial stability and lending by new governor György Matolcsy, is tipped to be one of the future leaders of the new integrated institution, origo.hu said. When asked to confirm the information, the central bank's press department told the website that "international experience show that such mergers have made the regulation and control of the financial system more efficient". Legislation passed late 2011 established the framework for a possible merger of MNB and the PSZÁF in the future, but Parliament withdraw the possibility of such a merger in June 2012, after European authorities expressed doubts concerning the independence of the central bank, governed at that time by the predecessor of Matolcsy, Andras Simor, under whose leadership MNB's monetary policy was perceived by the government as being at odds with its economic policies. Allowing the possibility of a merger was one of the points of contention in infringement procedures launched against Hungary by the European Commission in 2012. Prime Minister Viktor Orbán said as early as January 2012, after a meeting with European Commission President Jose Manuel Barroso, that the possible merger between PSZÁF and the MNB was shelved.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.