MPs submit bill deepening scrutiny of Quaestor-MFB transactions

Governing and opposition MPs submitted a bill to the Hungarian Parliament yesterday that would amend legislation on the state-owned Hungarian Development Bank (MFB) to exempt a broader range of its dealings with failed brokerage Quaestor from rules on banking secrecy.

The bill was designed to broaden the scope of data that does not qualify as a banking secrets in order to “expose the background of fraud committed at the Quaestor group to the public”. MFB earlier – under the previous government, the bill noted – loaned a member of the Quaestor group HUF 17 bln. The bill was submitted by MPs of governing Fidesz, right wing opposition party Jobbik and the opposition Socialists.