Shares in GIRO offered for sale

Budapest, 16 March 2011 – The Magyar Nemzeti bank is offering for sale its stake in GIRO, the automated clearing house of the Hungarian payments system. The Bank intends to sell its 182 shares split into four parcels.

The primary objective of the Magyar Nemzeti Bank is to achieve and maintain price stability. In addition, the Bank monitors the safe and efficient operation of the payment and securities settlement systems as well as the smooth execution of payment transactions. It performs this activity both as an overseer and as a regulator. Consequently, the Bank is able to influence the settlement and performance of payment transactions without having an ownership stake in GIRO.

In the long term, the Magyar Nemzeti Bank aims to be an owner only in companies where ownership is related to the performance of fundamental central bank tasks or where ownership is indispensable for the performance of such tasks. Therefore, the Bank invites offers for its stake (of a total of 7.3%) in GIRO. According to the invitation available on its website, the Bank is offering for sale its 182 shares in four parcels containing 46, 46, 45 and 45 shares. The deadline to submit bids is 13 April 2011.

MAGYAR NEMZETI BANK

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The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.