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Hungarian govn't in dispute with Eurostat

D&T
April 6, 2016

The Hungarian government is in a professional dispute with Eurostat, the European Union’s statistical office, over lending by Eximbank, Hungarian Economy Minister Mihály Varga is quoted by the financial website portfolio.hu.

According to Portfolio's reliable sources, Eurostat raised its concerns about Eximbank almost two years ago. Earlier this week, Eurostat made a recommendation for Hungarian authorities to classify Eximbank inside the general government, a move that could increase the country's calculated debt by HUF hundreds of billions.

The basic point in dispute is whether the assets and debts of Hungary's eximbak count into the country's balance of payments.

According to the European Union's Manual on Government Deficit and Debt, "as a general rule, such entities controlled by government [...] should be classified in the general government sector and not in the financial corporations sector."

Minister Varga says his government is ready to turn to court to defend its position.

D&T

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