The goals and the activities of ÁKK

The mission of ÁKK is to finance the government debt and the central government deficit at the lowest costs in the long run taking account of risks, at a high professional level and by using sophisticated methods.

Pursuant to the Act on Public Finances the minister responsible for public finances (hereinafter the Minister) is responsible for financing the budget deficit and debt management. The Minister carries out these tasks through ÁKK.

Thus, the main duties of ÁKK are to

· ensure the solvency of the central budget on the basis of the annual Budget Act and by taking into account the forecasts given by the State Treasury;

· ensure that the central government deficit and debt redemptions are financed, and that the government debt and the temporarily free cash-funds of the state are properly managed;

These include:

· the elaboration of the long-term financing strategy;

· the preparation of the annual financing plan of the central government in line with the strategy;

· the execution of the necessary funding operations in the domestic and the international financial markets (organisation of auctions and subscriptions, issuance of foreign exchange bonds and raising foreign exchange loans);

· effecting coupon payments and debt redemptions;

· organisation of the secondary market of government securities;

· dealing on own account on the secondary government securities market, concluding securities lending, repo and reverse repo transactions, concluding prompt, forward, hedge- and swap, and derivative transactions;

· the continuous development of the government securities market;

· the release of information on government debt financing and the government securities market in a timely and easily accessible way.