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    Hungary announces unlimited guarantee for bank

    AFP
    08.10.2008 - 17:29 | Son Güncelleme:

    The Hungarian government will guarantee all bank deposits with immediate effect, Finance Minister Janos Veres said Wednesday at a meeting with the president of the Hungarian central bank in Budapest.

    "Hungary’s government will guarantee all bank deposits from Wednesday," the Socialist minister announced, following similar decisions in Austria and Slovakia in response to the financial meltdown.

     

    The Hungarian move comes after European finance ministers agreed Tuesday in Luxembourg to more than double deposit guarantees to 50,000 euros from 20,000 euros.

     

    Hungary will thus raise its bank deposit guarantees next week to 13,000 forint (51,543 euros) per person from six million forint, although the proposal must be adopted in parliament on Monday, and the government has also vowed to guarantee deposits above the stated limit.

     

    The head of Hungary’s central bank (MNB) Andras Simor, for his part, declared that "there is neither demand nor need for the intervention of MNB."

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