180 milliárd Ft for two motorways on terms Hungary's own regulator called disadvantageous.

Indoklás

This line — 180,000.0 millió Ft — funds the availability fees on the M5 and M6 motorways, which are financed under separate, older public-private-partnership concession contracts predating the 2022 network concession. The M5 concession was concluded in 1994 and comprehensively modified in 2004; the M6 sections were contracted between 2004 and 2008 on terms of 22 to 30 years. The M6 Budapest-Dunaújváros section's 22-year concession period, counted from the start of construction, reaches its end in October 2026. These contracts are the textbook case of the political-risk and calculation problems an availability-fee PPP concentrates. The fees are predominantly euro-denominated, with the Hungarian state bearing the exchange-rate risk — contrary to the international practice in which such risk is shared — and the Hungarian regulatory authority's own analysis found that the disadvantageous financial models cost the state over 100 milliárd Ft more than planned in the 2008-2012 period alone, with the contracts deviating from international practice in ways systematically unfavourable to the state. The classification again separates the asset from the financing arrangement. The M5 and M6 are durable motorway infrastructure; the PPP concessions through which they were financed are a contractual form that loaded exchange-rate risk and a protected investor return onto the taxpayer. The honest classification of the financing arrangement is Phase-Out, and the horizon here is shorter than for the 2022 network concession because these contracts are already reaching their natural expiry across this period — the M6 section in October 2026, the M5 by 2031, the remaining M6 sections by the later 2030s. The phase-out is therefore largely the disciplined non-renewal of expiring contracts: as each concession reaches its term, the motorway it covers reverts to direct, competitively-tendered operation and maintenance rather than being rolled into a successor availability-fee concession. An 8-year horizon spans the cluster of expiry dates and treats the line as the run-off of a set of finite, expiring contracts.