Briefing news agency MTI on the Government’s latest cabinet meeting, Government Spokesperson Zoltán Kovács said that the Government has reviewed the Buda-Cash and Quaestor brokerage firm cases, and has concluded that the steps taken since 2010 regarding the financial and banking system have created the conditions enabling the country to finally rid itself of the consequences of financial corruption which has existed for decades.

Mr. Kovács explained that one of the first measures introduced was the “fair-banking law”, which brought order to the banking sector by phasing out foreign-exchange loans and preventing banks’ unfair practices. The second step was settling the status of savings cooperatives. In this regard, he pointed out that only two of the nine savings cooperatives that had not been involved in the settlements are still in operation. The third step is that the Hungarian National Bank and the financial supervision functions relating to it can also establish the conditions necessary for creating order among financial organisations.

Mr. Kovács added that the Government is monitoring the developments related to the operation of financial organisations and to abuses, as well as to the procedures of judicial bodies with supervisory and procedural rights.

He also pointed out that the Government had noted that opposition parties in the National Assembly had not in any way supported the Government in its efforts to establish order in the financial sector.

Furthermore, the Government Spokesperson underlined that the Cabinet’s standpoint is that – working within the available institutional frameworks and safeguards – compensation should also be paid from the personal assets of individuals guilty of abuses.

(Prime Minister's Office/MTI)