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National asset manager upgrades business administration system

The Hungarian National Asset Management Company (MNV) has completed a HUF 218 million upgrade of its business administration system, deputy CEO Zoltán Molnár said in Budapest on Friday.

The upgrade, supported with a HUF 185 million grant from the Norway Fund, aims to prevent adverse possession, the transfer of ownership of property and assets to the party using it. Adverse possession may take place in Hungary if a party uses real estate for an uninterrupted period of 15 years or assets for an uninterrupted period of ten years.

The upgrade of the inventory system is expected to prevent state assets worth some HUF 26.5 billion from undergoing adverse possession.

The book value of state-owned real estate comes to HUF 9,000 billion Molnár said. This includes 212,000 plots of land, 14,678 buildings, 95,310 structures and more than 10,000 homes.