Disadvantageous Fitch Evaluation

In December of 2005 a relatively quiet atmosphere dominated the money market.

Even the unfavorable grade given to Hungarian government debts could not cause serious alarm in the market of shorter than one year government securities. Monetary Council of the Hungarian National Bank has not change the basic interest rate during December, which coincided with the market expectations. More and more investors shared the opinion that the National Bank would not change the 6% basic rate in the coming months.