Simor request to devote more time to new Central Bank Act snubbed

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Antal Rogan, the chair of Parliament’s Economy and IT Committee, on Monday rejected a request by National Bank of Hungary governor Andras Simor to devote more time to drawing up the new Central Bank Act.

Speaking at a committee meeting, Mr Rogan told Mr Simor there was time enough to prepare the new law. He added that more motions to amend the bill on the act were being prepared and would come before the committee in the afternoon.

Mr Simor voiced his support at the meeting for two other motions modifying the bill that Mr Rogan submitted earlier.

One of the motions submitted earlier expand the MNB’s power to prevent, reduce or eliminate systemic risk. The other removes a cap on the salaries of MNB employees at the level of that of the bank’s deputy governors.

The European Central Bank said last week the bill on the new Central Bank Act could be detrimental to the MNB’s independence.

Hungary’s new Constitution, which comes into force on January 1, 2012, makes the new Central Bank Act necessary.

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