Hungary denies involvement in €9.2 million loan to Spain’s far-right Vox party

The Hungarian government denied any knowledge or involvement in the loan granted by Magyar Bankholding (MBH) to Spain's far-right Vox party on Tuesday (8 October). 

When asked what role Prime Minister Viktor Orbán played in Vox securing the loan, Hungary’s State Secretary for National Economy, János Fónagy, stated the government "has neither played any role nor has any information" regarding the matter.

“The decision on a possible loan to Spain by a commercial bank could only have been taken as a commercial matter,” he said, Euractiv's partner Telex.hu reported.

In September 2024, Vox acknowledged to El País that it had financed its 2023 general and municipal elections campaigns with a €9.2 million loan granted by MBH.

MBH is Hungary's second-largest bank and is 30.5% owned by the Hungarian state.

Yet, Hungarian independent media report that another 50% of the bank is owned by shareholders and companies close to tycoon Lörinc Mészáros, Orbán's close ally.

Vox Spokesperson Pepa Millán justified the move by explaining that the party had been unable to secure a loan from Spanish banks to finance the elections campaign.

MBH then provided the loan to the party in two instalments: €6.7 million and €2.6 million. Vox stated that the loan has since been repaid in full. 

This is not the first time that Vox's internal finances have featured in the Spanish press. The party, led by the controversial Santiago Abascal, was fined last July for violating Spain's law on political party financing.

Friends in the bubble

Orbán's party, Fidesz, and Vox have recently strengthened their ties at the European level.

Last July, Vox announced it was leaving the Conservatives and Reformists Group (ECR) in the European Parliament, led by Italian Prime Minister Giorgia Meloni (Fratelli d'Italia), to join Patriots for Europe (PfE), EuroEFE reported.

PfE also includes Hungary's Fidesz and Marine Le Pen's Rassemblement National, among others. In 2022, MKB Bank, which later merged to form MBH, also granted a €10.7 million loan to Le Pen's Rassemblement National.

This financing of other European far-right parties comes despite the Orbán government's repeated criticism of external interference in Hungary's internal affairs, particularly in election campaigns. In Hungary, it is forbidden for political parties to be financed from abroad, which the government considers a matter of national security.

[Edited by Martina Monti]