HUNGARY - Hungary will cancel about 1.5trn forint ($7.5bn) of bonds after taking over the assets of privately managed pension funds to "immediately" cut indebtedness, according to the Debt Management Agency.
HUNGARY - Hungary's decision to bring the majority of private-pension savings under state control was "credit negative" and a key factor behind downgrading the country's debt rating, Moody's Investor Service said.
EUROPE - The CEE Stock Exchange Group, which includes bourses in Vienna, Budapest, Prague and Ljubljana, said trading volumes may drop this year in the Hungarian capital following the nationalisation of private pension funds.
HUNGARY - Hungarian private-pension funds retained 102,000 clients, or about 3.2% of their previous membership, by yesterday's deadline in the government's drive to funnel their assets to the state, said Gabriella Selmeczi, the government commissioner...
HUNGARY - Hungary's Stabilitas Fund Association has written to the European Commission requesting "immediate help" in fighting the government's pension reform plans.
HUNGARY - Hungarian lawmakers yesterday backed a government bill that may force most of the Ft3trn ($14.5n) in private pension fund portfolios to move to the state as the Cabinet works to reduce public debt.
HUNGARY - Moody's Investors Service has downgraded Hungary in part because of its decision to nationalise its private pension system.
HUNGARY - Hungary's shares fell for a third day, sending the benchmark BUX index toward its lowest closing level in nine months, as the bailout package for Ireland failed to quell concern other countries will need assistance.
HUNGARY - Hungary's plan to take over some pension assets held by fund management companies will "frighten" investors and may drive investment firms out of the country, Pioneer warns.
HUNGARY - Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your government pension.
HUNGARY - Hungary would use excess budget income from private pension portfolios returning to the state to reduce government debt, said Gyorgy Naszvadi, a state secretary in the Economy Ministry.
HUNGARY - Hungary's parliament has approved the suspension of social security payment transfers to private pension funds as the government seeks to meet a deficit goal approved by the nation's creditors.
HUNGARY - Hungary should not use pension savings to fix current budget financing problems, the country's central bank said.
HUNGARY - Hungarian stocks dropped the most in the world, leading the benchmark BUX stock index to the steepest decline in more than two months on concern regarding the government's pension plans, a trader said.
HUNGARY - Hungarian pension-fund companies will protest against the government's plan to suspend contributions to workers' retirement accounts for a year, an industry association said.
HUNGARY - Hungary must make further progress on reforming its pension system to reduce cost pressures on its national budget, the Organisation for Economic Co-operation and Development said.
The Hungarian pensions system has been on the sharp end of the recent economic downturn and it faces a tough situation ahead, as Dorothee Gnaedinger reports
HUNGARY - The long term problems of Hungary's pensions system have been highlighted and exacerbated by the current financial and economic crisis, according to the Organisation for Economic Co-operation and Development head of pension policy analysis Edward...
HUNGARY - AEGON has announced it is to merge its AEGON Hungary Pension Fund with UNIQA and Public Service Pension Fund
HUNGARY - Pension reforms in Hungary have been branded 'half-baked' by a senior official from the European Bank for Reconstruction and Development (EBRD).
Pensions are in the news at the moment in Hungary, with flaws increasingly evident in the country's current system. Tibor Parniczky explains
Compared to its European neighbours, Hungary finds itself in dire financial straights. John Dawe explains
HUNGARY - AXA Real Estate Investment Managers (AXA REIM) has opened an office in Budapest as the next stage of its expansion into Central Europe.
HUNGARY - Reforms need to be advanced in Hungary to move the country "further up the value added chain", a report from the Organisation of Economic Cooperation and Development (OECD) has suggested.