U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Securities Act of 1933
Schedule B

September 28, 2007

Response of the Office of International Corporate Finance
Division of Corporation Finance


Republic of Hungary (the "Republic")
Incoming letter dated September 20, 2007

Based on the facts presented, this Division would raise no objection if the Republic files with the Commission annual reports on Form 18-K under the Securities Exchange Act of 1934 and amendments to those annual reports on Form 18-K/A, and if the Republic incorporates by reference such filings into registration statements, including shelf registration statements, and related prospectuses filed with the Commission under the Securities Act of 1933, all as described in your letter.

Because this position is based on the representations made to the Division in your letter, it should be noted that different facts might require a different result. Further, this response only expresses this Division's position on enforcement action and does not express any legal conclusion on the questions presented.


Michael Coco
Special Counsel

Incoming Letter:

The Incoming Letter is in Acrobat format.


Modified: 10/02/2007