The resolution asset management vehicle has been established

30 November 2015, 3:19 pm

With the establishment of MSZVK Magyar Szanálási Vagyonkezelő Zrt. (MSZVK Zrt.), the domestic institutional framework of financial stability has been expanded with a new element.

MSZVK Zrt. was registered in the register of companies on 26 November 2015. The company, which operates as a financial enterprise with a registered capital of HUF 200 million, is 100% owned by the Resolution Fund. However, according to the applicable legal regulations, the Central Bank of Hungary (MNB) acting in its capacity as resolution authority, is entitled to exercise ownership rights.

The task of the resolution asset management vehicle is to manage the assets separated from the institutions being under resolution. As an asset manager performing special resolution tasks, MSZVK Zrt. may only take over portfolios from an institution being under resolution, which portfolios will be transferred to it by an official decision of MNB acting in its capacity as resolution authority.

The establishment of MSZVK Zrt. is an important milestone in the completion of the resolution framework and in the service of financial stability, in which respect the Resolution Fund and the Central Bank of Hungary will continue to work closely together.

Dated: Budapest, 27 November 2015

Resolution Fund

Central Bank of Hungary