Pursuant to the Act on Public Finances the minister responsible for public finances (currently the Minister for National Economy) 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 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;

·          record the central government debt.

 

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 and the planning of the annual interest expenses;

·          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;

·          the management of the central government debt using marketable instruments and methods;

·          the liquidity management of the Single Treasury Account;

·          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.