MNB-owned security firms employ 150 people

February 8, 2016


National Bank of Hungary (MNB) governor György Matolcsy has his own personal army, reports Hungarian news site Né The central bank launched MNB-Biztonsági Zrt. in 2014 which, in turn, launched its own wholly owned subsidiary, Qualitas-Védelmi Kft., the following year.  The two companies tasked with protecting the governor and his staff reportedly employ more than 150 individuals at an annual cost of HUF 2 billion (USD 7.3 million).

According to Hungarian television channel RTL, the two state-owned security companies have spent more than HUF 132 million (USD 475,000) on clothes, cars, furniture, software, computer gear, guns and some 200,000 rounds of ammunition.

Né reports that MNB-Biztonsági Zrt. was incorporated in August 2014 with starting capital of HUF 200 million (USD 720,000 at the current exchange rate). Qualitas-Védelmi Kft. was founded a year later with starting capital of HUF 120 million (HUF 504,000).

The MNB’s facilities are already under the protection of Hungarian security services but Matolcsy thought it necessary to create a separate security force for Hungary’s central bank. Its new security services reportedly provide full-time personal protection for Matolcsy, his family, his staff and MNB’s vice-presidents and their families.