Hungary’s state assets worth Ft 50 trillion

Initiatives

The inventory of state assets will be completed by the end of 2008, promised János Nagy, chairman of the National Asset Management Council (NVT). Nagy assumes that the real value of the state assets, now registered at over Ft 10,000 billion, might well prove to be closer to Ft 50,000 billion (about $289 billion)

NVT will revise all the privatization contracts, hopefully within a year. Nagy sees the first task is to integrate the three predecessors: privatization authority ÁPV Zrt, National Land Fund Management and treasury asset directorate KVI. The integration will result in a 30% decrease of the current staff of 600, which will result in an additional 25% in savings. The next step would be to deal with the loss-making state-owned companies, e.g. bus service group Volán. NVT expects about Ft 8 billion ($46 million) dividend next year from the companies belonging to the council. (Gazdasági Rádió, NG)

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