Fidesz MP Ferenc Papcsák elected chairman of MNB supervisory committee

July 8, 2015

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Fidesz MP Ferenc Papcsák

On Monday, the Hungarian parliament voted on and approved the Hungarian National Bank’s new supervisory committee. The committee’s chairman will be none other than Fidesz MP Ferenc Papcsák.

A lawyer by profession and the owner of a law firm that bears his name, Papcsák is reportedly the highest paid member of parliament.  His law firm reportedly does a lot of advocacy work for companies seeking access to high-ranking government officials.

While mayor of Budapest’s 14th district  Papcsák presided over the assignment of the district’s ownership rights of the Budapest City Park to a development authority which has announced plans to build a number of museums in the park over the objections of, well, just about everybody.

Other members of the committee include the Fidesz-backed László Madarász, KDNP-backed Gábor András Szényei, and Jobbik-backed László Nyikos.

Ferenc Papcsák was elected along party lines, receiving 126 votes in favor and 60 against.

The National Bank supervisory committee’s mandate lasts until the end of the current parliamentary cycle.

Parliament also voted in favor of appointing economist Gusztáv Báger to the National Bank monetary council for six years, replacing Csaba Kandrács.

Kandrács resigned from the monetary council to focus on his new job as CEO of Magyar Reorganizációs és Követeléskezelő Zrt., a state-owned company incorporated by the Hungarian National Bank in 2014 following the disastrous purchase by the government of the Hungarian Trade Bank (MKB).

According to propeller.hu, the governing coalition may appoint three delegates to the National Bank’s supervisory committee. One delegate can be appointed by opposition parties, and two delegates can be appointed by the cabinet.