Prime Minister Viktor Orbán has nominated Ferenc Gerhardt to replace outgoing National Bank of Hungary Deputy Governor Júlia Király.

The Prime Minister informed the President of the National Assembly on Thursday that, as required by the Act on the Central Bank, he intends to nominate Ferenc Gerhardt, member of the central bank's rate-setting Monetary Council since March 2011, as new Deputy Governor.

According to the Act on the Central Bank, the Governor of the Central Bank is assisted by a maximum of three Deputy Governors who are nominated by the President of the Republic on proposition of the Prime Minister for a six-year term. This nomination process is in line with Western European practices (e.g. German, Spanish and Italian Deputy Governors of the respective Central Banks are all appointed by head of government) and fully complies with international as well as EU norms and principles.

Júlia Király was appointed Deputy Governor in 2007. Accordingly, her mandate would have expired in summer 2013, which she anticipated with her decision to step down from her office three months in advance.

(Prime Minister’s Office)