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Exclusive: Hungary's central bank reels from sweeping takeover

The biggest meeting room at the National Bank of Hungary, once a sanctuary for academic debate between the bank's experts and leaders, is now the preserve of one of new Governor Gyorgy Matolcsy's closest aides.The change of use is symbolic of a sweeping takeover during which some of the bank's most respected economists were dismissed within less than a week, several sources at the bank told Reuters on condition of anonymity.Investors expressed concern about the bank's independence with the appointment of Matolcsy, a close associate of Prime Minister Viktor Orban who has been accused by the European Union and United States of undermining Hungary's young democracy.The new governor, who hiked taxes on banks and key sectors and nationalized private pension assets in his previous role as economy minister, is only in his second week in the job.He has not yet outlined what the bank will do, although he says he is considering new tools to help the sickly economy. The bank says the dismissals w...

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  1. ECB says Hungary central bank needs its independence

    European Central Bank President Mario Draghi said on Friday that Hungary's central bank needs to retain its independence to be credible, an indirect warning against ...

  2. Hungary, E.ON Agree MVM to Buy E.ON's Hungary Gas Operations

    Hungary and German utility E.ON agreed Friday to allow Hungary's state-owned energy group MVM Zrt to buy E.ON's Hungarian natural gas operations, the Hungarian prime...

  3. Hungary "further from IMF deal" than a year ago: central banker

    Hungary's central bank cut rates again on Tuesday to help the shrinking economy even though the bank's Governor said the country was drifting away from an IMF and EU...

  4. "Life would go on" without IMF deal, Hungary says

    Hungary appeared to cast doubt on Monday on prospects for an International Monetary Fund/European Union funding pact, with Budapest's negotiator saying "life would g...

  5. Don't try to do without IMF, Fitch tells Hungary

    Fitch Ratings warned Hungary on Wednesday not to go without International Monetary Fund support after months of wrangling which has failed to resolve the future of t...

  6. East EU manufacturing dips as policymakers respond

    Central European manufacturing shrank in September, signaling a deeper than feared recession in the Czech Republic and a slowdown in Poland that economists said auth...

  7. Hungary Discussed Buyout Terms with E.ON

    Hungary's government held negotiations Wednesday with E.ON AG (EOAN.XE) on buying out the local interest of the German energy group, government officials confirmed W...

  8. Hungary Minister: E.ON Buyout Part of National Strategy

    Hungary's plan to buy out the local business of German energy major E.ON AG (EOAN.XE) is part of a broader strategic consideration aimed at making energy services no...

  9. Hungary Declines Discussing Details of E.ON Buyout Plan

    The Hungarian government doesn't wish to go into details about ongoing negotiations to purchase the local business of German energy group E.ON AG (EOAN.XE), the prim...

  10. Hungarian State to Buy Out E.ON Local Business -PM

    Hungary is "minutes" away from buying out the local business of German energy group E.ON AG (EONGY), Prime Minister Viktor Orban said at a weekend event.The German u...

  11. Hungary's MOL Latest To Rethink Nabucco

    Hungary's oil and gas company MOL Nyrt (MOL.BU) Tuesday raised serious concerns about the viability of the Nabucco pipeline project, in yet another blow to an EU pri...

  12. Hungary PM Says Nabucco Gas Pipeline Is 'In Trouble' -Report

    Hungarian Prime Minister Viktor Orban on Monday expressed strong doubts regarding the future of the Nabucco natural-gas pipeline, the Origo.hu news website reported....

  1. EU worried by Hungary's changes to constitution

    Changes to Hungary's constitution adopted on Monday are a concern, the European Union said and called on Budapest to work with Brussels to overcome any conflicts wit...

  2. Hungary, defying EU, pushes on with constitutional changes

    Hungary's ruling party is set to push through law changes on Monday that critics say will limit the powers of the constitutional court, one of the few institutions t...

  3. Hungary, Czechs contract in fourth quarter, outlook stays grim

    Falling domestic demand and weak exports pushed the Czech and Hungarian economies further into the red at the end of 2012, deepening a grim picture for countries pos...

  4. Russian Firms Look to Expand Hungary Energy Production, Putin Says--Report

    Russian companies are ready to increase their presense in renewing and building energy production plants in Hungary, Russian President Vladimir Putin said Thursday i...

  5. Daimler adds new coupe model to Hungary line-up

    Daimler said it would build a new four-door Mercedes coupe, one of three new compact models it is launching in a bid to win back its premium car crown, at a plant in...

  6. ECB's Draghi Stresses Central Bank Independence

    European Central Bank President Mario Draghi delivered a thinly veiled warning to Hungary Friday, stressing that central bank independence is key for a credible mone...

  7. ECB warns Hungary again over central bank independence

    ECB President Mario Draghi said on Friday that Hungary's central bank must retain its independence to be credible - a rare public warning about undue political influ...

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