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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Mihaly Varga, at the time, held the position as Minister of Finance under the Prime Ministership of Victor Mihaly. Orban.
Mihaly Varga – was along with Victor Mihaly. Orban and “others” a major co-founder of the Fidesz Political Party very “inner sanctum” with Victor Mihaly. Orban and his “Oligarchy” support base.
Mihaly Varga, the near on (10) ten years he held the position as Finance Minister and previous to that position that had influence on the economic and financial position future of Hungary, at the time of his departure as Finance Minister left the economic and financial “picture” economy of Hungary resembling CHAOS in a state of RAMPAGE.
Mihaly Varga – his “move” by Victor Mihaly. Orban to the position wrongfully he holds to-day and need’s REMOVAL – as the Governor of the Central Bank of Hungary, with the additional “gift” of being the next in line as the President of Hungary just FURTHER fact’s why this individual Mihaly Varga who remains with FIDESZ flowing through his blood system – must be REMOVED.
The gargantuan PAY check paid out to the former Governor of the Central Bank of Hungary – at the time of its DRAWING, its APPROVAL – the name Mihaly Varga – as Finance Minister “in the ear” of Victor Mihaly. Orban – the name Mihaly Varga – was INVOLVED in the PAY out to Gyorgy Matolcsy who “moving on” was replaced by Mihaly Varga.
Mihaly Varga, left our country in a economic SHAMBLES, as our Finance Minister – lost all respect of any confidence in economic and financial management that was “viewed” by those of “greater minds” both in Hungary and in-side the Economic and Financial areas of the European Union – as being somewhat of an incompetent individual.
Mihaly Varga – must be REMOVED in the Clean Out – the NEED to rid us of individuals who as Mihaly Varga did for (20) twenty plus years under the name of the Political Party – Fidesz which he Varga “part” wrote its CREED – he MUST be “rid off”.
Mihaly Varga “favours in return” still a fully paid up life member of the Fidesz Party like the present Hungarian President.
Varga – must be REMOVED for look, look at the LEGACY his creation look at what he alone as Finance Minister left the “ravaged” and “mauled” – state of the Hungarian Economy in – at the time of his “departure” to the “favoured” position appointment by Victor Mihaly. Orban as the present and wrongful – Governor of the Central Bank of Hungary.
Mihaly Varga – Hungarians we have long memories and Varga “scared” us – failed us, set the course of our economy “blessed” off by Victor Mihaly. Orban – that was a FABRICATED picture of the TRUE Hungarian economic picture – under his Minister of Finance portfolio – that Mihaly Varga “design” was to “fatten” the pockets of those of the “inner sanctum” and Oligarchy – the power brokers membership of Fidesz at the EXPENSE of millions upon millions of Hungarian citizens by exploitation and taking from them stealing from us – that “Bleed” us – and left at the time of his “in-glorious” moving on from being the “Dud” – Minister of Finance – his Legacy HIGHLIGHTS for our country Hungary – he left 2 million Hungarians through the FAILED economic and financial policies of Mihaly Varga – living in POVERTY.
Mihaly Varga – can not – will not – not capable of acting in a position of INPARTIALITY.
Fidesz – like a process undertaken of an Ordination – in his “vows” – Mihaly Varga – will FAVOUR.
Prime Minister – Peter Magyar and the Tisza Party – must HAPPEN like yesterday that the name – Mihaly Varga is removed – sent off departed with out of any affairs associated in the “new era” – the new exciting FUTURE we have commenced in our country – Hungary.
“A Leopard NEVER changes its Spots” – that these words FIT – so RIGHTFULLY – the name – Mihaly Varga.