The court noted that the central bank offers a public service and the funds it manages are all public, therefore, under the constitution, it is obliged to keep its operations transparent and account for those funds to the public.

The court also noted that the NBH can only set up foundations or companies that are connected to the bank’s primary function, therefore the funds donated to those organisations will not cease to be public funds. Nagy said that the foundations were going to shift towards a more transparent operation regardless of the top court ruling. Separated from the central bank, they will be given every power to guarantee this transparency, he said.

The green opposition LMP called on the central bank to make data connected to its foundations and companies public and wind up those that are “specialised in scattering money”. Deputy group leader Erzsébet Schmuck said the central bank must restore lawful operation.

In recent years, its operation involved purchasing overpriced property and collecting artworks, which goes against the constitution, she added. Schmuck said the bank’s supervisory board should be disbanded as it “failed to raise its voice when the bank wanted to hide data of public interest”.

Source www.hungarymatters.hu - Visit Hungary Matters to sign-up for MTI’s twice-daily newsletter.