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State Treasury takes over all new "baby bond" accounts from October 1

Hungarian parents who wish to receive a "baby bond" for their newborn may only take receipt of the "start-of-life subsidy" on the account of the State Treasury from October 1, under an earlier approved amendment to legislation, business daily Világgazdaság said on Tuesday.

Since 2006, the State Treasury has made the subsidy - now HUF 42,500 - available to all Hungarian-born citizens who reside in the country. Parents may make additional, subsidised, contributions to the bond on a "Start" account until their children turn 18. The paper noted that the cap on parents' contributions has been scrapped. Until now, contributions could not exceed an annual HUF 120,000 with a maximum subsidy of HUF 6,000. The change in legislation does not affect Start accounts set up earlier at commercial banks. Parents have put about HUF 20 billion on Start accounts since 2006.