Local councils applying for the privatisation scheme will have to compete with well-capitalised companies like oil and gas company MOL, OTP Bank, pharmaceutical company Gedeon Richter, Magyar Bankholding and ICT group 4iG, Lazar said.

The minister said the upkeep of castles "tends to be the hobby of the richer localities" because of how much it costs, adding that the state had also made attempts to save Hungary's castles, but it was necessary to involve private capital.

He said the Wenckheim Palace in Szabadkigyos, in the southeast, still needed 7.7 billion to 8.6 billion forints (EUR 19.1m-21.3m) worth of renovations. "A well-capitalised partner is needed that can invest in both its renovation and upkeep," he said, adding that this would cost around 8-10 billion forints over the next ten years.

Lazar said there was a level playing field for all bidders for the Wenckheim Palace. He pointed out that the bidding companies also considered the preservation of historical monuments a part of their corporate social responsibility.

Photo of Kinizsi Castle - for illustration purposes only

Source: 
MTI - The Hungarian News Agency, founded in 1881.

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