Orbán forces banks and large companies to transfer profits to crisis fund for Hungarian families

Banks and big companies profiting from the war in Ukraine and the economic crisis will be forced to transfer their “excess profits” into state funds for the benefit of Hungarian families. This was announced by Hungarian Prime Minister Viktor Orbán.

On Tuesday, a state of emergency was declared in Hungary because of the war in Ukraine. It gives the government more powers to take emergency measures.

Prime Minister Viktor Orbán announced on Wednesday that two state funds will be set up to bolster defense forces and offset price hikes hitting the population.

Banks, insurance companies, major distribution chains, energy and trading companies, telecommunications companies and airlines will be forced to hand over "a large portion of their excess profits" to these funds, Orbán said.