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State, not banks, to manage "baby bonds" - paper

The government is drafting an amendment that would take management of "baby bonds" from banks and give it to the state.

Since 2006, the Hungarian State Treasury has made available a HUF 42,500 "start-of-life subsidy" available to all Hungarian born citizens who reside in the country. Parents may contribute to the bond, benchmarked to the five-year government bond, until their children turn 18.

So far the state has paid HUF 60bn for the bonds and parents HUF 15bn, the paper said.