Government mandates ATMs for every settlement in Hungary, and the cost is passed on to the banks 🔄
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National Economy Minister Marton Nagy called for ATMs for every settlement in a Monday post on his Facebook page. Now, government and bank leaders are looking for a solution:
“We have decided: all existing ATMs must be operated, not a single one can be dismantled!” the minister said yesterday.
Minister, banking leaders discuss expanding ATM network
Top officials of the Hungarian Banking Association have met with Minister Nagy to discuss expanding the nationwide network of ATMs, the association said in a statement issued on Tuesday.
At the meeting, the association affirmed its commitment to expanding ATM coverage geographically and acknowledged constructive cooperation and a common will to boost economic growth.
The association also highlighted the importance of proportionality and pressed for foreign-based bank card issuers to participate in efforts to boost the availability of ATMs.
As we wrote earlier, margin regulation on certain food products came into effect in Hungary, and the government was so eager to introduce it that it threatened the banks with similar regulations, details HERE.
This government is using Soviet socialist methods to regulate business. Like the Soviets Fidesz is doomed to economic failure. If Orban wants an ATM in every settlement then he needs to pay the banks the cost of providing that service where it is a money losing one for any bank. Meanwhile Fidesz is cutting train and bus service in rural areas where it is not economical because it doesn’t want to subsidize the service.