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Banking Assoc Protests Defense Contribution

Banking

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"Serial" burdens the government has placed on the banking sector "severely limit" lenders' role in boosting economic growth, the Hungarian Banking Association said in a press release on Tuesday, a day after the government announced a "defense contribution" on the wartime windfall profits of banks, multinationals, and energy companies.

"Serial burdens imposed by the government and the unpredictability of government measures severely limit the banking sector's ability to lend, its international competitiveness, and its role in stimulating the economy," the association said.

The association said the new measures boosted the regulatory advantage of fintech companies offering cross-border services, distorting competition.

The association said banks had been among the government's most important partners in implementing economic policy, from stimulus during the pandemic to family support, to SME financing, and had demonstrated their commitment on a day-to-day basis.

The association rejected the presumption that banks had made wartime windfall profits.

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