Debt consolidation firm

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Debt consolidation firm

With the changing role of local governments – the maintenance of institutions was replaced by the promotion of economic development –, new local government functions could be based on the technical infrastructure base, realised with the help of foreign currency loans.

For practical reasons, local governments concluded the debt consolidation agreements with the state in nominal value rather than on a percentage basis. This is how the Ministry of the Interior responsible for consolidation wanted to prevent any “hairsplitting bargain ing” and overscrupulous debates that lack any professional basis. So, the trilateral agree ments were concluded by 28 July 2013 and the contracting parties had to conclude finan cial settlement by the end of 2013.

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The state assumed HUF 612 billion in debts from 1956 local governments during the consolidation process which took place over the summer of 2013, which created very favourable conditions for bank portfolios. If the government had not acted, banks would have suffered significant losses. The assistance provided by the state resulted in the improve ment of bank portfolios and better earnings, whose related public dues were resolved.

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The laststage of the consolidation of local governments took place in the spring of 2014.

Thestate assumed the remaining debts of the local governments with populations over 5 thousand as well. This stage involved the consolidation of debts due on the outstand ing transactions of all local governments and their associations to financial institutions as at 31 December 2013. In accordance with appli cable regulations, these transactions may have involved a credit, loan or security constituting a credit relationship (bond), financial lease, deferred payment at least for a period of 365 days and instalment payment. HUF 64 bil lion in uncapped appropriation was allocated in the 2014 central budget for state grants re lated to the debt consolidation of town local governments. HUF 4 billion of this amount was planned to cover the consolidation of lo cal governments which would conclude their debt settlement procedure in 2014. The actual amount paid out was HUF 67.4 billion. The payment was recorded as expenditure in the budget and as revenue in the subsystem of lo cal governments, so its effect on the balance of public finances – and government debt – was neutral. The last round of debt consolidation concluded on 28 February cost HUF 456 bil lion, HUF 30–40 billion more than estimat ed, eventually amounting to a total of HUF 1344.4 billion.

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