The government will recover the wasted state property!

The government will recover the wasted state property!

👉Gyurcsánys sold everything they could, state-owned companies, utilities, valuable real estate, zeroed in on gold reserves, took out an IMF loan, and charged Hungarian taxpayers with 40-year PPP contracts. This era is over! We hope forever.

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The government is recovering the wasted state property

The state's assets must include elements that are strategically important, their operation is economical and profitable, and absolutely necessary for the performance of state tasks, said Andrea Bártfai-Mager, according to the latest summary, the value of state assets is close to HUF 18,000 billion. The minister without portfolio responsible for managing national wealth stressed that the increase was the result of government policy since 2010.

The assets of the Hungarian state are approaching 18,000 billion, which means that the book value has increased by 52 percent, or about 6,000 billion forints, compared to 2010, the minister without the portfolio responsible for managing national assets said. Andrea Bártfai-Mager said: the Hungarian state manages public property in a good way, which has been growing steadily in recent years.

While the value of state assets was HUF 11,650 billion in 2010, it reached HUF 17,743 billion by 2020.

The Minister recalled, all this is the result of the fact that the primary goal of the government's property policy since 2010 is to increase, rationally and economically utilize state property.

- The composition of the dynamically growing state property is 62 percent real estate and 21 percent corporate share. The remainder is supplemented by other assets such as movables. The 6,000 billion in wealth growth comes from real estate purchases on the one hand, and real economic growth for companies on the other, which is a consequence of the strengthening after the crisis, he added.

Among the transactions of the last decade, the Minister highlighted acquisitions in the energy sector.

- In order to preserve the results of the overhead reduction, we established the National Utilities (NKM) operating the electricity, natural gas and district heating business lines of the national utility service through targeted acquisitions.

With the rethinking of the strategic and managerial role of MVM Magyar Villamos Művek Zrt. And the reorganization of the support activities in NKM, the integration of the MVM Group and NKM was achieved. The resulting national service provider is able to implement a successful regional strategy and contributes greatly to Hungary's security of supply and the utilization of renewable energy sources - justified Andrea Bártfai-Mager.

The Minister called it a significant step forward that the member companies of the MFB Group are working to enable Hungarian companies to access more extensive financing solutions. In the field of lending, they perform development institutional tasks by expanding the range of own-source products, increasing their risk appetite, and channeling European Union funds to a dynamic market.

In the cooperative credit institution sector, the merger process was completed in 2019, as a result of which all savings cooperatives were merged into Takarékbank Zrt., Thus creating the fifth largest banking group in Hungary. Thanks to the merger, the unified Takarékbank, both in terms of business and IT, will provide better, more up-to-date products and services to its customers throughout the country.

"The result of the increased state's role in strategic sectors since 2010 is that the number of state-owned companies is now close to six hundred," said Andrea Bártfai-Mager. He stressed that the basic expectation for companies is to manage effectively.

Turning to the public service providers, the Minister said that their primary task is to create security of supply and, ultimately, to serve the interests and well-being of Hungarian families. They should also contribute to the effective achievement of national economic and governmental goals.

- It is necessary to get rid of assets that do not serve social purposes. Thanks to the public and transparent online auction interface created in 2015 for the purpose of portfolio cleaning, the state has received nearly HUF 60 billion in revenue so far, the minister said. - We have moved closer to the goal that the scope of state assets actually includes such elements of assets that are strategically highlighted, their operation is profitable, their ownership is absolutely necessary for the performance of state tasks. In the course of our work, we strive to ensure that the state has a clean, value-creating asset portfolio that can greatly contribute to increasing the country's competitiveness, said Andrea Bártfai-Mager.

Enrichment instead of cerebral palsy
"Left-liberal politicians who are supporters of the European United States think that nation-states are bad farmers, so everything must be swept out, sold, privatized," Imre Boros told the Hungarian Nation. However, according to the economist, the state can indeed be a good farmer. Imre Boros believes that it was a good step that half of the banking system operating in Hungary fell into Hungarian hands. According to him, it is best to acquire property in the field of public services (water, gas, electricity) and in strategic sectors. This also happened in Hungary after 2010: the state bought gas storage facilities and became the owner of large energy companies. László Parragh also mentioned energy transactions and the repurchase of Mol shares when contacting our paper about acquiring positions in sectors of national economic importance.

According to the President of the Hungarian Chamber of Commerce and Industry, the Orbán government manages national property according to completely different principles than did the pre-2010 cabinets, which have squandered many assets. "There was a spectacular privatization during the Bokros package, but the Gyurcsány government was also at the forefront of the sale of national assets," László Parragh remarked, emphasizing that the assets that were not wasted or repurchased were also characterized by natural growth. "In addition to recoveries, new elements have emerged and become more valuable among state property, the importance of which has really come to the fore in recent years, such as property rights related to IT and digitization," he explained. He added that both the transport infrastructure and the vehicle fleet have developed tremendously in recent years. (Gergely Kiss – Balázs Pintér)

Castles in private hands
The hotel industry was a typical area of ​​privatization during the so-called spontaneous privatization from 1989 to 1992 and during the decade. In 1992, the Hungarian National Holiday Foundation was established as the legal successor of the Directorate-General for Recreation of the National Council of Trade Unions, which registered a total of 365 properties with less than twenty SZOT resorts, valued at HUF 4 billion. Mikosszéplak, Szilvásvárad, Tóalmás, Zalakomár).

Most of the castle assets are still in private hands: for example, Taurus Rt., Which listed the Zichy castle in Seregélyes, was sold in 1996 by ÁPV Rt. To Compagnie Financiere Michelin. By 1998, 88 castles and palaces remained in state ownership, by which time the castles of Abony, Bodajk, Kéked, Kisbér, Sopronhorpács, Sülysáp and Vál had been privatized. Later, the foundation established Nemzeti Üdültetési és Vagyonkezelés Kft., Which later became Hunguest Vagyonkezelő Rt. In 1996, with the help of a bond issuance scheme, the holiday property became essentially privately owned by Tamás Leisztinger, who owned the hotel until 2016, which, after several changes, is now owned by Opus Global Zrt., The largest domestic hotel company with 22 own and partner hotels.

The Hungarian listed company also owns the company operating Balatontourist campsites, most of which are still municipally owned due to the ill-considered privatization in this area. Last year there was a favorable turn in the navigation on Lake Balaton, instead of the previously fragmented and resource-poor management, the role of the state came to the fore again. In order to ensure the competitive operation of shipping on Lake Balaton, the state acquired a 75% majority stake in Bahart with a capital increase of HUF 6.6 billion. (Katalin Thurzó)


Tags: Economy  Nation