The Hungarian State Treasury is a central budget agency with a separate financial management, forming an independent legal entity with a national scope of competence. Its activities and functions are supervised by the Minister of Finance. The establishment of the treasury management was an important element during the process of modernization of the general government's financial system. With the centralization of the cash management and the decrease of the financing burden, the treasury system has created a strong basis to a transparent, regular and controlled execution of the state budget. The Treasury performs its tasks through the Central Office and the Regional Directorates. The Treasury is in charge of financing tasks, money circulation, clearing of accounts, data supply, cash, deficit and state debt management, management of guarantees and loans extended by the state during the budget execution.