Opinion of the European Central Bank of 27 January 2026 on the required reserve ratio of the Magyar Nemzeti Bank (CON/2026/4)
OPINION OF THE EUROPEAN CENTRAL BANK of 27 January 2026 on the required reserve ratio of the Magyar Nemzeti Bank (CON/2026/4) Introduction and legal basis
On 15 January 2026 the European Central Bank (ECB) received a request from the Magyar Nemzeti Bank (MNB) for an opinion on a draft MNB decree amending the MNB decree on the required reserve ratio (hereinafter the ‘draft MNB decree’). The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 2, Functioning of the European Union and Article 2(2) of Council Decision 98/415/EC as the draft decree relates to instruments of monetary policy of a Member State that has not adopted the euro. In accordance with Article 17.5, first sentence, of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.
1. Purpose of the draft MNB decree
1.1 Currently, the required reserve ratio decided by the MNB is a uniform 8 % for certain liabilities . The draft MNB decree aims to decrease the required reserve ratio from the current 8 % to 6 %. 1.2 According to the explanatory memorandum accompanying the draft MNB decree, this planned amendment has two purposes. First, the average interbank liquidity is expected to decrease as central bank programmes introduced during the COVID-19 pandemic mature, and the reduction of the required reserve ratio aims to contribute to counterbalancing this effect. Second, the MNB aims to support the continued effectiveness of reserve requirements in steering short-term interest rates to ensure effective monetary policy transmission. As also noted in the explanatory memorandum accompanying the draft MNB decree, under the proposed change, the required reserve ratio would converge toward the minimum reserve requirements established by the ECB.
2. General observations
This opinion will be published on EUR-Lex following its adoption and in any case no later than six months following its adoption.
Done at Frankfurt am Main, 27 January 2026.
[signed]
The President of the ECB
Christine LAGARDE
Fotnoter
- 1 A kötelező tartalékráta mértékéről szóló 52/2023. (XI. 20.) MNB rendelet, Magyar Közlöny 2023/164 (XI. 20.). 2 Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42, ELI: http://data.europa.eu/eli/dec/1998/415/oj). 3 Article 1(b) of MNB decree 52/2023. (XI. 20.) on the required reserve ratio. The liabilities concerned are all liabilities included in a credit institution’s reserve base, except: (1) deposits and loans taken, the original maturity of which exceeds two years according to the MNB decree on data provision in force; (2) debt securities, provided that the maturity of the securities at the time of the issuance exceeds two years; and (3) repos.
- 4, 2.1 As previously noted by the ECB Member States whose currency is not the euro retain their powers in the field of monetary policy according to national law . On the introduction of the euro, Hungary’s monetary policy would be the single monetary policy for the euro and would need at that time to be consistent with the Eurosystem’s operational framework. The ECB’s minimum reserve framework currently includes reserve base components similar to those applicable in Hungary. A 1 % reserve ratio applies to short-term deposits and debt securities with an original maturity of up to and including two years, except where those liabilities are to other institutions subject to minimum reserve 6. requirements In addition, reserves complying with minimum reserve requirements are not 7. remunerated Credit institutions should therefore be familiar with the requirements that will apply to them once the single monetary policy is implemented in Hungary.
- 4 See, for example, paragraph 2.1 of Opinion CON/2022/33, paragraph 2.6 of Opinion CON/2022/38, paragraph 2 of Opinion CON/2023/6, paragraph 2.2 of Opinion CON/2023/16, paragraph 2.1 of Opinion CON/2023/36 and paragraph 2.1 of Opinion CON/2025/16. All ECB opinions are published on EUR-Lex. 5 Article 282(4) of the Treaty and Article 42.2 of the Statute of the European System of Central Banks and of the European Central Bank. 6 See Article 6(1) of Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/378/oj). These requirements are subject to amendment or repeal by the ECB. 7 See Article 9(1) of Regulation (EU) 2021/378 (ECB/2021/1). These requirements are subject to amendment or repeal by the ECB.