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Gov Not Considering Bank Tax, Parliamentary Leader Says

HUNGARY
  • Contrary to comments from the finance minister earlier today, Hungary’s government is not planning to raise the bank tax, the ruling party’s parliamentary leader Mate Kocsis said according to MTI.
  • Raising bank levies or cutting subsidised loan programs run counter to government plans to boost lending activity, Kocsis said after a two-day ruling party meeting attended by the Prime Minister. He added that comments that run counter to this should be treated as “personal opinion.” In addition, he said the government aims to increase lending in 2024 and will keep the measures supporting that trend in place.
  • Earlier today, shares of OTP Bank plunged close to 8% after finance minister Varga said that that the government could consider imposing higher taxes on banks with the state budget off-course amid the recession and high inflation levels. The decline led the Budapest Stock index to its lowest levels since Sep 1, though roughly half of its intraday losses have now been pared following clarification from Kocsis.
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