President of the Banking Association: the operation of the banking sector is stable even with the temporary tax burden

According to the announcement today by Minister of Finance Mihály Varga, a one-off tax will be imposed on the financial sector: the tax rate will be 0.19 percent of the part of the tax base above HUF 50 billion, the total amount entering the budget will be HUF 55 billion and it is to be paid in three equal parts.

András Becsei, President of the Hungarian Banking Association, made the following statement after a ministerial meeting at the Ministry of Finance today:

"During the emergency, the banking sector has to perform 4 roles:

1. We ensure the financial circulation of the country; operate the cash flow and payment systems stably and securely. Bank branches are still available, but apparently many of our customers manage their banking from the security of their homes on computers and mobile phones.

2. We ensure the greatest possible safety for our clients and tens of thousands of our employees, and we take all reasonable precautions.

3. We maintain lending, as it is important that, apart from the financial circulation, the engine of the economy also continues to operate - this is greatly helped by the government's economic protection and economic stimulus programs announced this week, and these programs are further supported by the significant measures of the Hungarian National Bank which were also announced this week. These programs make a significant contribution to mitigating the negative effects of the emergency and to the subsequent economic recovery.

4. We show solidarity with the whole society, so, in addition to the other kinds of tax paid in the order of one hundred billion forints a year and the 9-month loan moratorium period, we are also prepared to pay the temporary burden mentioned by the Minister of Finance. Even so, the Hungarian banking sector can operate stably, which is very much needed, as in a few months it will have a significant task in stimulating the economy. "