National Bank of Hungary appoints deputy governors

They join Gyorgy Szapary and Werner Riecke, existing deputy governors.

The bank can have up to six deputy governors at the same time, serving a term of six years each.

President Ferenc Madl appointed Henrik Auth and Peter Adamecz as deputy presidents of the National Bank of Hungary (MNB) for a six-year term on 2 July, the MNB said.

The appointment of the two deputies was cleared by parliament's relevant committees two weeks ago, at the time of the passing of Hungary's new Central Bank Act. Their appointment will round out the MNB's monetary council to the minimum seven members required by the new law, which is expected to take effect in the near future. The current central bank council, whose members will form the monetary council when the law comes into effect, consists of MNB president Zsigmond Jarai, deputy presidents Riecke Werner and Gyorgy Szapary, now joined by Auth and Adamecz, and outside experts Bela Kadar and Gabor Oblath.

The central bank president and deputy presidents are automatically members of the monetary council. The new law also stipulates that council members will be employees of the MNB during their tenure. The council recently lost one member, as outside member Janos Kornai resigned following the passage of the law, protesting the working conditions imposed on the council by the new Central Bank Act.