Source document
A letelepedési államkötvények szerepe a magyar állam finanszírozásában (The role of residency bonds in financing the Hungarian state)
Has everything in it been taken?
CompleteReviewed 10 Oct 2026
Reviewed. Everything in it that belongs in the tables has been taken.
What the document holds
TI Hungary/KFIB study (2018): series table (issue/maturity dates, yields, year-end outstanding 2013-2017), relative cost per series vs market bonds and vs EIB loans, proceeds by year and total, shares of financing need/debt/FX debt, 8 intermediaries (3 revoked), 6,621 bonds, 19,855 permit holders, bond terms. 16 charts have no printed values. Macro figures (deficit, debt repayment, KESZ, reserves, EIB lending) out of scope; "about 90% issue price" is an illustrative calculation.
What it supports
111 rows on this site come from this document. Each one opens with the page and the exact words.
Other documents give different figures in 1 case involving this one. Both are kept.
Numbers (95)
- Agents deregistered or not renewed3 firms (stated in words)2013-2017 · TI Hungary / KFIB 2018Reported by othersStated in wordsHungary · Residency bond programme
- CBI government bond purchasesHUF 154.9 billion2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesHUF 114.0 billion2016 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesHUF 94.7 billion2015 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesHUF 122.5 billion2014 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesEUR 1.666 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesHUF 514.3 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesMeasure: Per quarterHUF 30 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesMeasure: Max per yearHUF 0–150 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesMeasure: Cash per bondEUR 271 thousand2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- CBI government bond purchasesHUF 28.2 billion2013 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2022/T3EUR 7.5 million2017-07-12 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2022/T2EUR 30.7 million2017-04-12 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2022/T1EUR 9.9 million2017-01-11 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2021/T4EUR 18.5 million2016-10-05 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2021/T3EUR 7.8 million2016-07-13 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2021/T2EUR 3.9 million2016-04-06 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2021/T1EUR 1.0 million2016-03-09 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2021/TEUR 0.4 million2016-01-13 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2020/TEUR 10.3 million2015-01-14 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2019/TEUR −11.9 million2014-01-15 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsEUR −11.5 million2014 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsEUR 66.4 million2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsHUF 30 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsMeasure: Vs market bondsLimit: HUF 21 billion2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsMeasure: Vs eib loansEUR 90 million2013-2017 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsEUR −22.5 million2013-2014 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsItem: 2018/TEUR −11.7 million2013-06-19 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Extra financing cost of investor-programme bondsEUR −11 million2013 · TI Hungary / KFIB 2018EstimateHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T32.00%2017-07-12 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T3 · Measure: Market comparator0.10%2017-07-12 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T22.00%2017-04-12 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T2 · Measure: Market comparator0.10%2017-04-12 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T12.00%2017-01-11 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2022/T1 · Measure: Market comparator0.16%2017-01-11 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2021/T42.00%2016-10-05 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2021/T4 · Measure: Market comparator0.17%2016-10-05 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2021/T32.00%2016-07-13 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2021/T3 · Measure: Market comparator0.29%2016-07-13 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
- Implied annual cost of investor capitalItem: 2021/T22.00%2016-04-06 · TI Hungary / KFIB 2018Reported by othersHungary · Residency bond programme
Showing 40 of 95. See all 95 in the table
Rules and prices (4)
- Government bondsinvestor (bond face value until 31 Dec 2014)EUR 250,0002013 – 31 Dec 2014 · TI Hungary / KFIB 2018Hungary · Residency bond programme
- Government bondsinvestor (state bond held for five years; money returned at maturity)EUR 300,0001 Jan 2015 – 30 Jun 2017 · TI Hungary / KFIB 2018Hungary · Residency bond programme
- Holding period for the investmentinvestor (bond term)5 years2013 – 30 Jun 2017 · TI Hungary / KFIB 2018Hungary · Residency bond programme
- Minimum bond discount rateresidency bond yield: 1.5 points below 5-year euro government bonds, at least 2%2%2013 – 30 Jun 2017 · TI Hungary / KFIB 2018Hungary · Residency bond programme
Timeline (12)
- Report: Hungary's bond scheme cost the state about 30 billion forintsOct 2018ScandalHungary · Residency bond programme
- Residency bond series 2022/T3 opens12 Jul 2017ContextHungary · Residency bond programme
- Residency bond series 2022/T2 opens12 Apr 2017ContextHungary · Residency bond programme
- Residency bond series 2022/T1 opens11 Jan 2017ContextHungary · Residency bond programme
- Residency bond series 2021/T4 opens5 Oct 2016ContextHungary · Residency bond programme
- Residency bond series 2021/T3 opens13 Jul 2016ContextHungary · Residency bond programme
- Residency bond series 2021/T2 opens6 Apr 2016ContextHungary · Residency bond programme
- Residency bond series 2021/T1 opens9 Mar 2016ContextHungary · Residency bond programme
- Residency bond series 2021/T opens13 Jan 2016ContextHungary · Residency bond programme
- Residency bond series 2020/T opens14 Jan 2015ContextHungary · Residency bond programme
- Residency bond series 2019/T opens15 Jan 2014ContextHungary · Residency bond programme
- Hungary issues first residency bond series19 Jun 2013ContextHungary · Residency bond programme
About the document
What it covers Bond series with issue dates, yields and year-end stock 2013-2017 (from ÁKK); estimated proceeds by year; estimated relative cost versus market borrowing; intermediaries and their territories.
Notes Author Romhányi Balázs (KFIB), editor Ligeti Miklós (TI). NGO study, not stored. Year-end stocks are ÁKK data; proceeds and losses are KFIB estimates assuming even sales within each series' sale window.
Source id hun-ti-kfib-lmak-2018 · accessed 10 Oct 2026