Former Hungarian National Bank (MNB) governor György Matolcsy received a gross departure package of more than HUF 170.8 million (approximately EUR 483,000) when he left office after 12 years at the helm of Hungary’s central bank, according to information obtained through a public data request.
The unusually large payment has now become the subject of an internal review ordered by the MNB’s new leadership under Governor Mihály Varga.
More than HUF 170 million in compensation to the former head of the national bank
Matolcsy served as governor of the Hungarian National Bank (MNB, Magyar Nemzeti Bank) from March 2013 until March 2025. Following the end of his mandate, he became entitled to two substantial payments.
The first, worth HUF 48 million (EUR 135,800), was compensation linked to a post-employment restriction that prevents former central bank governors from taking up positions at financial institutions for six months after leaving office. The amount corresponds to six months of salary.
The larger portion of the payout—more than HUF 122 million (EUR 345,200)—was paid as compensation for unused annual leave as head of the national bank. Based on estimates derived from his salary, Hungarian media reports suggest the sum could represent several hundred accumulated leave days, raising questions about how much holiday Matolcsy officially took during his 12-year tenure.
Central bank launches internal investigation
As Index reported, Governor Mihály Varga has ordered an internal examination to determine whether the calculation and payment of the package complied fully with legal requirements and the MNB’s internal regulations.
The review forms part of a broader effort by the central bank’s new leadership to reassess a number of decisions and practices inherited from the previous administration. Among other measures, the MNB has reportedly been reviewing its leave management and record-keeping systems, a matter directly relevant to the largest component of Matolcsy’s payout.
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Wider scrutiny surrounding the former leadership
The controversy comes amid ongoing investigations linked to foundations associated with the Hungarian National Bank during Matolcsy’s tenure. Authorities are currently examining separate cases involving suspected money laundering and alleged breach of fiduciary duty.
Despite more than a year of investigative work, no suspects have yet been formally identified. Police recently stated that investigators had to collect and process a database containing more than 80,000 records before moving to more visible investigative actions.
Law enforcement authorities have also reported the seizure of assets worth tens of billions of forints since April 2025. Meanwhile, the central bank’s current leadership says it has recovered more than HUF 100 billion (almost EUR 253 million) in assets connected to previous cases under review. The examination of Matolcsy’s departure package is just the latest chapter in the list of investigations and audits that are about to reveal the final years of the former governor’s administration.
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