Banking Association says had no knowledge of extending transaction duty to ctrl bank

Parliament

The Hungarian Banking Association has had no knowledge of extending a new financial transaction duty on monetary policy instruments, the association told in a statement to MTI on Thursday.

The association said that many elements in an amendment proposed to a bill on the new financial transactions duty are in line with results of talks between the association, the Ministry of National Economy, and PSzÁF and the National Bank of Hungary.
Measures affecting the National Bank of Hungary have not been, however, part of the consultations, and the association would be able to take a stand on these measures only after a detailed impact study, the statement said.
Amendments submitted to the bill by Parliament's budget committee on Thursday would introduce a HUF 6,000 per transaction cap and would extend the duty to the National Bank of Hungary and to the State Treasury.
National Economy Minister György Matolcsy said earlier in the day that the cap was proposed by banks, and they agreed that no financial transaction would leave Hungary because of the duty after it was capped.
Matolcsy said there were no detailed consultations with the MNB governor on extending the duty to the MNB, although the ministry mentioned the plan at an expert-level, and informed Ecofin members of the plan as well.

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