▪  Up to 1995 debt management tasks – domestic and foreign currency securities issuance, loan raising
   etc. – were split among the different departments of the Ministry of Finance and the National Bank of
   Hungary (NBH). In May 1995 the ÁKK (Government Debt Management Agency) was founded within
   the Ministry of Finance with the objective of placing all debt management tasks into one
   organization.

▪ In 1996 the State Treasury was founded, and in April 1996 the ÁKK became a partly independent
   organization within the Treasury, assuming all tasks of domestic debt management at the same time
   and taking over the relevant back-office work from the NBH. From this time on the strategic
   decisions concerning debt management and financing were made by a special forum of top-level
   officials of the Ministry of Finance, the Treasury, the ÁKK and the NBH.

▪ Since 1 November 1996 retail investors can buy and sell government securities in the branch network 
   of the Hungarian State Treasury. This  activity is co-ordinated by the ÁKK.

▪ In 1997 ÁKK began the management of the foreign currency debt as well, and since 1999 ÁKK has
   been issuing foreign currency bonds and raising loans in the name of the Republic of Hungary (previously
   this was done by the NBH).

▪ In March 2001 the ÁKK within the Treasury ceased to exist as a budgetary institution and all its
   responsibilities were taken up by ÁKK Rt. (Government Debt Management Agency Ltd.) a
   corporation whose sole shareholder is the Minister of Finance. The board of directors and in certain
   cases the Minister of Finance are responsible for the main decisions about debt management.

▪ In 2003 ÁKK Rt. became responsible for financing the central government and also acquired the task of
   liquidity management of the State’s account balance. This activity was started in January 2004.