PM: Bank levy could decrease if banks lend more

Banking

Hungary’s Prime Minister Viktor Orbán reiterated this morning that the government’s plans to reduce the special levy on the financial sector, known as the “bank tax”, are dependent on banks agreeing to lend more money locally.

In his fortnightly interview with state-owned Kossuth radio, Orbán noted that the Hungarian governmentʼs agreement in February with the European Bank for Reconstruction and Development (EBRD) to lower the bank tax was contingent on the agreement of banks to lend more. He also suggested that, the more banks lend, the lower the tax could be.

In the agreement reached with the EBRD in February, the government said that in 2016 it would reduce special taxes on banks that were put into effect in 2010.

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