Hungary
Sale by Hungarian central bank challenged on transparency grounds
Hungary’s central bank announces it has sold a nationalised bank to three groups of private investors; defends process as ‘transparent’, but local campaigners question move
Prospective eurozone members fail to meet convergence criteria, ECB says
Seven prospective member countries show greater convergence in their economic indicators but fail to meet requirements for their legal frameworks, ECB report says
Hungarian governor launches lawsuit against politician
Hungary's governor launches defamation lawsuit against Socialist law-maker over alleged accusations of misuse of central bank funds by foundations
Hungarian central bank plans offices in New York, Buenos Aires and Beirut
Hungarian central bank formally opens Paris office; bank also runs Hamburg and Rome offices and plans to open more in New York, Buenos Aires and Beirut
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others
ECB voices concerns over Hungarian National Bank
ECB expresses concern over recent actions by Hungary’s central bank, including purchase of art, land and Budapest stock exchange; says foundation money must not be used for state financing
Hungarian constitutional court strikes down central bank law
Hungary’s two highest courts rule that a law limiting the disclosure of information on central bank assets is unlawful and unconstitutional
President refuses to sign Hungary central bank law
Hungary’s president has referred a law on the governance of the country’s central bank to the constitutional court; critics allege law would greatly reduce scrutiny of central bank’s funds
Hungary central bank action ‘distorting’ swaps curve
The Central Bank of Hungary has offered up 1 trillion forint notional of cheap interest rate swaps, driving down bids for receiver swaps and government bond yields, say dealers
Hungarian ‘bad bank’ gets Brussels go-ahead
European Commission authorises Hungary’s ‘bad bank’ to begin purchasing distressed real estate assets; Hungarian government and EBRD to buy up part of Erste Group operations
Hungarian central bank eases by scrapping deposit facility
The central bank announces the closure of its two-week deposit facility in April, in a move it hopes will lead banks to buy government bonds and lower long-term yields
Researchers find ‘strong evidence’ of ECB policy spillovers to CEE countries
Working paper examines the spillover effects of the ECB’s ‘non-standard’ measures since 2007 on the Czech Republic, Hungary, Poland and Romania
Hungarian central bank buys controlling stake in Budapest stock exchange
Hungary’s central bank buys 68.8% share in country’s stock exchange, saying the move was necessary to ensure adequate flows of capital to domestic businesses
CLS starts settling Hungarian forint payments
After two years of preparation and testing, the forint joins the CLS universe
Hungarian central bank mulls lower capital requirements for SME-friendly banks
Central bank looks to incentivise lending to small businesses; risk-absorbing swaps and 'preferential' deposit facility could be supplemented by lower requirements
CLS sets go-live date for Hungarian forint
CLS and Hungary's central bank launched the forint project in February 2014
Hungarian central bank to bid for country’s stock exchange
Hungary’s central bank is in talks with Austrian banks to buy a majority shareholding in the country’s stock exchange
Hungary aims to implement LCR ahead of schedule
Announced timetable is quicker than the minimum outlined in Basel III and the accelerated timetable agreed under the capital requirements directive
Hungarian council reflects on gradual pace of rate cuts
Several council members suggest the Central Bank of Hungary was able to make a series of ‘cautious reductions’ in the interest rate because it had gained credibility
Hungarian deputy quits to head commercial bank
Ádám Balog will leave his post on July 22 to become chair and CEO of MKB Bank; joined central bank in March 2013 alongside governor György Matolcsy
Croatian governor: Europe has a way to go with structural reforms
Boris Vujčić points to benefits of greater labour market flexibility and easier equity financing at IIF conference; Hungarian council member stresses need for productivity growth
Hungarian central bank to adopt new policy rate
From September it will use the rate on a new deposit facility with a longer maturity, to encourage banks to park funds with the government instead of the central bank
Czech director: US dollar helps compensate for impact of oil prices on CEE countries
Luboš Komárek discusses the outlook for Central and Eastern European countries, including the favourable outlook for Germany, which is a "crucial trade partner" for many in the region
Hungary adopts 'tolerance band' around inflation target
Band gives policy-makers greater flexibility and reflects willingness to tolerate temporary deviations from target; central bank cuts rates to resist negative inflation