Mihály Varga: The establishment of foundations was correct, the problem was caused by the abuse of foundations

Mihály Varga, the current head of the Hungarian National Bank (MNB), addressed a parliamentary committee investigating the MNB scandal. He emphasized the independence of the central bank from the government and defended the establishment of MNB-related foundations as compliant with European norms. Varga noted that the issue arose from abuses related to these foundations. He mentioned that an internal investigation confirmed the proper establishment of the foundations and that he had previously proposed extending the supervisory board's powers to investigate them, although this proposal was removed from the government agenda. Varga outlined five achievements since becoming MNB president, including measures to prevent asset loss and restructuring the foundations' management. He reiterated the MNB's commitment to lawful operations and support for a thorough investigation of the scandal.