Ireland is entering into a period of much more privatisation and it could take useful lessons from Hungary in how best to achieve it, according to Mr Alan Dukes TD, Fine Gael spokesman on the environment. Speaking at the Irish-Hungarian Economic Association annual lunch, Mr Dukes said Hungary's private sector accounted for 10 per cent of GDP in 1990 and this rose to 70 per cent last year. Hungary's privatisation process involved manufacturing enterprises, all major banks and a significant proportion of public utilities.

"Perhaps there is a lesson for us in Ireland where we are now, at long last, reviewing our position in relation to the major semi-state companies and public utilities," Mr Dukes said.

The association's annual award was presented to Mr Paddy McEvoy, chairman of K&H Bank, the second largest bank in Hungary. It was privatised last year when Irish Life and Kreditbank won a competitive bid to become its majority shareholders.