There have been attempts by certain opposition politicians to attribute a series of criminal offences, which are suspected to have been committed predominantly under socialist governments, to different periods. It is particularly awkward that – instead of the perpetrators – opposition party leaders are making accusations against the Magyar Nemzeti Bank (MNB) in relation to the events which occurred at the brokerage firm, even though the MNB, a mere 16 months after taking over responsibility for financial supervision, revealed the abuses that had been committed for a good decade and a half.
It is a false allegation that the credit institutions associated with the DRB Bank Group were acquired by the owners of Buda-Cash in the period of the MNB’s supervision. On the contrary, the truth is that individuals associated with Buda-Cash acquired a controlling interest in the 11 savings cooperatives from which the members of the DRB Bank Group were subsequently formed on behalf of the owners of the brokerage firm in 2008–2009, i.e. essentially under the Gyurcsány government, through a series of capital increases involving their shares and thus gradually displacing previous members.
The findings of the investigations initiated by the MNB which are currently being conducted at Buda-Cash and the DRB Bank Group clearly show that the series of abuses, which is suspected to have led to the disappearance of a substantial amount of customer funds, started a decade and a half before the central bank took over responsibility for financial supervision in October 2013.
Allegations that the MNB should pay some sort of “state” compensation to the victims of the brokerage firm and the banks are rooted in ignorance and malevolence and betray a complete lack of understanding of the Central Bank Act. Nevertheless, the MNB has already indicated that it will provide the required amount of liquidity to the National Deposit Insurance Fund (NDIF) should its funds be insufficient for this purpose. Consequently, the NDIF will be able to fulfil its obligations of indemnification completely.
The MNB resolutely rejects any attempts to influence its measures regarding Buda-Cash and the four small banks. The central bank, whose independence is guaranteed by law in Hungary, will continue on its path of establishing transparency in the financial system even if this interferes with the direct financial or political interests of certain groups.
Looking to the future, the MNB firmly warns opposition politicians to refrain from the extremely irresponsible conduct of trying to undermine the financial stability of Hungary for the sake of obtaining political benefits by false allegations and attempting to deceive the public.