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President intros László Windisch as MNB deputy

Initiatives

President János Áder formally appointed László Windisch the new deputy governor of the National Bank of Hungary (MNB) at a ceremony in the presidential palace yesterday. Prime Minister Viktor Orbán had nominated Windisch for the position last week, per an announcement from Fidesz parliamentary group leader Antal Rogán.

Speaking at a hearing before a parliamentary committee on Monday, Windisch said restoring the public's confidence in the financial intermediary system and ensuring strong consumer protection would be important tasks if he were appointed deputy-governor in charge of microeconomic oversight and consumer protection in the area of finance.

Windisch stated that he would approach monetary policy “conservatively, with necessary caution and maximum care,” keeping price stability and financial stability in focus. He said society could not function properly without a stable operating system of financial intermediaries, adding that the central bank must never lose sight of the fact that the banking system exists for the economy and for people and not the other way around.

Windisch said Hungary's financial market regulator PSzÁF had to handle complaints efficiently, but just as important was preventing complaints. He said he wanted to crack down on “innovations harmful outside of the banking sector,” such as forex-based loans.

The appointment of a third deputy governor at the MNB required the number of external rate-setters on the Monetary Policy Council to be raised by one. Csaba Kandrács, the former head of the Hungarian State Treasury, was picked to become the new external member.

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