National Bank of Hungary vice president Julia Kiraly essentially shrugged off the latest international financial market crisis, at least as far as it would affect Hungary.
Speaking in Budapest on Wednesday, Kiraly said that although it was a bit early to see exactly what the repercussions would be, neither Hungarian consumers nor the market needed to worry. This is the fifth peak in the crisis, which will have an indirect effect, albeit no worse than the other four produced.
The central bank is carefully monitoring the international as well as the domestic market, and keeping in touch with players, she added.
The statement follows Lehman Brothers filing for bankruptcy protection and the takeover of Merrill Lynch by Bank of America, the latest wave in a 14-month-old financial crisis.
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Mr. Kiraly has to paint a positive picture – HU doesn’t have the funds to stage a US buy out ala AIG; or the clout to force 2 banks to merge.
The best defense is a strong offense; though offending the intelligence of the public is likely to be remembered.