Almost all sectors, including the banking sector, have been victims of the war. As well as bearing the market consequences of economic uncertainties, the banking sector has been disciplined and cooperative in bearing the burden of many government measures, and therefore refuses to claim that it has made extra profits in wartime.
The unpredictability of a series of government burdens and measures severely limits the banking sector's lending capacity, international competitiveness and stimulative role.
In addition, the measures published in the Hungarian Gazette on Monday night will further increase the competitive regulatory advantage of fintech providers of cross-border services. The extra profit tax, bank tax and ATM deployment rules originally introduced for two years (2022 and 2023) will not apply to these providers, while the tightening transaction levy rules have been shown to have limited enforcement effect on them.
Meanwhile, the Hungarian banking sector, as the operator of the financial intermediary system, is one of the government's most important partners in the implementation of economic policy: from pandemic management to family policy, from SME financing to digitalisation and infrastructure building, it has proven and continues to prove its commitment every day.
9 July 2024
Translated with DeepL.com