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Gyurcsány says EBRD ought to raise lending limit

  It would be worthwhile in the mid-term to change the charter of the European Bank for Reconstruction and Development (EBRD) to allow it to lend two or three times more, Prime Minister Ferenc Gyurcsány said on Tuesday, after meeting with members of the EBRD’s board. The EBRD’s charter limits its lending to €20 billion.

The increased lending limit could contribute to a €180 billion support package for the region outlined by Gyurcsány at an EU summit in Brussels on Sunday. Gyurcsány said the proposal, which was opposed by Germany, was not intended to give German taxpayers the bill for central Europe.

Gyurcsány also proposed at the summit shortening the period countries are required to be in the ERM II, the waiting room for euro zone accession. As a result, the thought of shortening the two-year wait is no long considered sacrilege, he said.

Gyurcsány had talks with London investors and analysts at a meeting organized by JP Morgan. He was accompanied by Finance Minister János Veres and National Development and Economy Minister Gordon Bajnai. (MTI-Econews)