Hungarian Prime Minister Gordon Bajnai said on Thursday that he would nominate former finance minister Janos Veres, a Socialist Party stalwart, for an important office.

Speaking to reporters Bajnai said that he would name the post once it has become vacant.

MTI learned from sources speaking on condition of anonymity that Veres would be nominated for vice-president of the European Bank for Reconstruction and Development (EBRD).

The ruling Socialist Party's board put Veres first on a five-member list proposed for Hungary's European commissioner. Bajnai, however, nominated EBRD board member Laszlo Andor, the third on the list, for the post.

"As finance minister, Veres has contributed to Hungary's stabilisation and a decrease in its budget deficit since 2006, enabling the government to manage the subsequent economic crisis effectively," Bajnai said.