At a recent Fidesz forum held at the Mátra Museum in Gyöngyös, Hungarian MP Lajos Kósa addressed media questions not about the event’s official topic—Ukraine’s potential EU membership—but rather about the controversy surrounding the foundations of the Hungarian National Bank (MNB), led by Governor György Matolcsy.
The discussion revisited long-standing concerns about transparency, luxury spending, and political accountability connected to the MNB’s network of foundations and the 2016 legal changes that redefined public funds.
Lavish Lifestyles and Fidesz’s Silence
When asked about Matolcsy’s son Ádám Matolcsy and his reported luxurious lifestyle, Kósa responded:
“It was obvious that Ádám Matolcsy and his circle lived a luxurious lifestyle. The press has long reported on all kinds of suspicious deals.”
Asked by 444.hu why Fidesz had never publicly condemned the issue, Kósa replied:
“The truth is, I don’t usually [speak out], because I believe if someone has money earned honestly, they can spend it as they wish.”
However, he added:
“If someone owns six Ferraris, that’s not normal, in my opinion.”
When journalists pointed out that there really were Ferraris involved, Kósa shrugged:
“I said it’s not normal. And it’s not something… how should I put it… worth celebrating. It’s just madness.”
“Stealing Is Forbidden—Even More So with Public Money”
When pressed on why Fidesz, with its parliamentary supermajority, hadn’t taken a stronger stance, Kósa deflected:
“Should we speak out against everyone who has billions and spends them on nonsense? Why does [businessman] Gattyán do this or that? Why does [banker] Sándor Csányi do that? I don’t know. What matters isn’t the Ferraris—it’s if the money was stolen. Then that person must be caught and punished, no matter who they are. Whether it’s Ádám Matolcsy or anyone else.”
He concluded:
“Stealing is forbidden. Even more so with public money.”
The 2016 Law That Reclassified Public Funds
Kósa was among the lawmakers who supported the controversial 2016 legal amendment that effectively removed MNB foundation assets from the definition of “public money.”
In a previously recorded statement, Kósa had said:
“Foundation money should be seen only one way: as foundation money. That’s it. No other status. If MNB foundation funds are considered public, then they can’t be foundations.”
He continued:
“The money is mine until I place it into a foundation. After that, I have no rights, no claim, no connection to it. That’s the essence of a foundation.”
Pointing to the European Central Bank
Kósa also claimed that the Hungarian government had attempted to implement oversight over the MNB’s foundations but was blocked by the European Central Bank (ECB):
“Years ago, we proposed that the Supervisory Board of the central bank should be allowed to monitor its foundations. The ECB rejected that. So there were no tools to inspect them.”
He argued that the ECB’s firm stance on central bank independence made external scrutiny impossible:
“Unfortunately, we couldn’t challenge the central bank’s independence through any sort of investigation.”
When reminded that the 2016 law made the financial flow of foundation funds intentionally opaque, Kósa denied political responsibility:
“We tried to fix the situation. We pushed for the ECB to allow the Supervisory Board to oversee the foundations. They refused. We don’t know why. That left everyone in an impossible situation.”
Accountability and Investigations
When asked whether Fidesz bears political responsibility for the disappearance of hundreds of billions of forints under non-transparent circumstances, Kósa said:
“There will be accountability. Everything must be thoroughly investigated. The State Audit Office has filed a report, the Chief Prosecutor is proceeding, and only then can we draw conclusions. Until we know the facts, it’s hard to say. There are two narratives right now—clearly something happened, but nobody knows exactly what.”
Matolcsy’s Role
Kósa praised Matolcsy’s early years as central bank governor, particularly for lowering interest rates:
“Reducing interest rates significantly lowered the national debt burden. That was absolutely the right move.”
But when it came to the foundation scandal, he acknowledged potential responsibility:
“I don’t know exactly what happened, but yes, he certainly bears responsibility. He established the foundations. In that sense, it’s unquestionable.”
