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51-414: It went through a complete renovation between 2009 and 2011, in which the main building was restored to its 19th-century look. The skating area was expanded to 12,000 square metres (130,000 sq ft) and a standard ice hockey rink was set up as well. The skating rink re-opened on 16 December 2011 and it was the home of the 2012 European Speed Skating Championships from 6 to 8 January. The memorial of

102-485: A 180×67 metres skating rink and an international standard ice hockey rink. The quality of the largest ice surface in Europe is ensured by the about 210 kilometres (130 mi) long embedded cooling tube system. The interior of the main building, which is a national monument, was restored to the 1926 state with its gilded pillars and banisters, and went through further expansions: a culture and tourism center, and an event hall

153-480: A 75% capital levy in December 1945. However, this did not stop the hyperinflation, and prices continued spiraling out of control, with ever-higher denominations introduced. The denominations milpengő (one million pengő) and bilpengő (short: b.-pengő , one trillion ( 1 000 000 000 000 ) P) were used to simplify calculations, cut down the number of zeros and enable the reuse of banknote designs with only

204-426: A Hungarian graphic artist. New 5 P, 10 P, 20 P, 50 P and 100 P pengő notes were printed and a 1000 P banknote was added to this series — however, the latter had such a high value that it was rarely used except for large cash transactions between businesses and banks. This new series had almost the same features as the previous ones. 5 P notes were soon replaced with silver coins. After

255-501: A new track record in 3000 metres with a time of 4:16.09. Further two records were beaten over the weekend, both in 500 metres. On the first day of the championships, Sáblíková's compatriot Karolína Erbanová set a new best time, and a day later Konrad Niedźwiedzki of Poland ran a track record on the shortest distance. The competition took place at the City Park Ice Rink , an outdoor artificial skating rink situated in

306-473: A non-commemorative 5 P coin issued in 1939. During the Second World War, the 1 f. coin ceased production, the 2 f. coins were issued in steel and then zinc, the 10 f. and 20 f. coins were minted in steel and the 1 P, 2 P and 5 P pieces were struck in aluminium. In 1945, the provisional government introduced new aluminium 5 P coins, the last issued before

357-572: A skating opportunity at nights. Budapesti Korcsolyázó Egylet, as Pesti Korcsolyázó Egylet was known since the unification of Buda, Pest and Óbuda in 1873, was one of the five founding members of the International Skating Union (ISU) in 1892 and it won the organization rights of the 1895 European Figure Skating Championships , which took place at the City Park Ice Rink. For 1893 due to the increasing number of

408-551: The Great Depression . Until then the pengő was the most stable currency of the region. The war caused enormous costs and, later, even higher losses to the relatively small and open Hungarian economy. The national bank was practically under government control, and the issue of money was proportional to budgetary demands. By this time, silver coins disappeared from circulation, and, later, even bronze and cupro-nickel coins were replaced by coins made of cheaper metal. In one of

459-662: The Hungarian Ice Hockey Hall of Fame is also found at the City Park Ice Rink since its inauguration in February 2012. In the second part of the nineteenth century the pleasant environment of the City Park became a beloved place for relaxation, entertainment and freetime activities. On the City Park Lake boating and rowing were popular sports to practice and during the winter skaters also appeared on

510-569: The 1944 bombings the rink suffered serious damages. After the end of the war works began to reconstruct the skating rink and for the autumn of 1945 bigger part of it became serviceable again. Further expansions took place in the 1960s when the skating area was enlarged, and standard, 400 metres long speed skating tracks were adapted. It is the only ice surface for bandy in Hungary and the Bandy World Championship 2004, Group B ,

561-621: The Austro-Hungarian gulden ( Hungarian : forint ) in Hungary, the term pengő forint was used to refer to forint coins literally meaning 'ringing forint', figuratively meaning 'silver forint' or 'hard currency'. At the beginning of the First World War precious metal coins were recalled from circulation, and in the early 1920s all coins disappeared because of the heavy inflation of the Hungarian korona. The name pengő

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612-559: The Czech Republic one place. The entries for the 2013 European Championships were also determined using the results of the European Championships. Countries with at least three skaters in the first twelve earned four entry positions (Netherlands), countries with at least two skaters in the first sixteen earned three quotas (Czech Republic, Germany, Norway, Poland, Russia), and countries with at least one skater in

663-596: The European Championship, while the Emilia Rotter – László Szollás duo won four World Championships between 1931 and 1935. The latter ones also won bronze medal both at the 1932 and 1936 Winter Olympics. By that time the seats of the grandstand was heated by electric plates. Prices were high, a seating place cost 5 pengő , from which one could buy a pair of shoes. During the World War II, in

714-710: The Latin script Serbo-Croatian version was also added. The symbol of the pengő was a capital P placed after the numerals and it was divided into 100 fillér (symbol: f.). After the First World War , according to article 206 of the Treaty of Saint-Germain , the Austro-Hungarian Bank had to be liquidated and the Austro-Hungarian krone had to be replaced with a different currency, which in

765-533: The Vienna Award, Hungary had to supply its recovered territories with money. Since increasing the amount of silver coins would have been too expensive, 1 P and 5 P notes were issued in 1941 and 1938, respectively. These notes were of simple design and poor quality. Meanwhile, a series of new banknotes including 2 P, 5 P, 10 P and 20 P denominations was issued. The designs represented ornaments based on Hungarian folk art and people. At

816-517: The World event, Norway and Poland got two, and Belgium, France, Germany, Latvia and Russia got one each. The places for the 2013 Allround European Championships were also distributed using the classification of the European Championships. Countries with at least three skaters in the first twelve earned four spots (Netherlands), countries with at least two skaters in the first sixteen earned three (Norway and Poland), and countries with at least one skater in

867-566: The artificial skate rink was handed over on 26 November 1926. The season grew for 105 days long, which offered more time for exercising and organizing competitions that gave a boost for the sport. In 1929 Budapest hosted the Figure Skating World Championship for ladies and pairs and in the 1930s Hungarian figure skaters won a number of European and World titles: the Olga Orgonista – Sándor Szalay pair won

918-705: The banknotes was indicated in the languages of ethnicities living in the territory of Hungary. The name of the currency was translated as follows: Pengö ( pl. Pengö ) in German , pengő ( pl. pengi ) in Slovak , пенгов ( pl. пенгова) in Cyrillic script Serbo-Croatian , пенгыв ( pl. пенгывов, later пенге) in Rusyn , and pengő ( pl. pengei , later penghei ) in Romanian . Later pengov ( pl. pengova ),

969-496: The case of Hungary was the Hungarian korona . This currency suffered a high rate of inflation during the early 1920s. A stabilisation program covered by a League of Nations loan helped bring down inflation, and the korona was replaced on 1 January 1927 by a new currency, the pengő , which was introduced by Act XXXV of 1925. It was valued at 12,500 korona, and defined as 3,800 to one kilogram of fine gold – which meant that

1020-401: The championships, not including the substitutes, in the following distribution: Although registered for the event, Kaitlyn McGregor from Switzerland and Joel Eriksson from Sweden did not participate at the European Championships. The women's European Championship were held over three days, with the 500 metres and the 3000 metres event in the first day, followed by the 1500 metres event on

1071-415: The colour and denomination name changed. The hyperinflation was so out of control that at one stage it took about 15 hours for prices to double and about four days for the pengő to lose 90% of its original value. The Hungarian government introduced the adópengő ( lit.   ' tax pengő ' ) on 1 January 1946, originally as an indexed unit of account for budget planning: the idea was that by setting

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1122-470: The country's financial situation. On 1 August 1946, Hungary reintroduced the forint at a ratio of 400 octillion pengős to 1 ( 4 × 10 = 400 billion billion billion), dropping 29 zeroes from the old currency, or 200 000 000  adópengős to 1. According to Bomberger and Makinen, the circulation of regular pengő notes peaked at around 76 septillion pengős ( 7.6 × 10 = 76 million billion billion) on 15 July 1946. The conversion rate therefore reduced

1173-512: The downtown of Budapest. Prior to the championships, the rink went through a renovation and modernization for a fee of 4.7 billion Hungarian Forint (approximately €16 million), of which 3 billion came from the European Regional Development Fund . As a result, the main building was restored to its 19th-century look, the ice surface was expanded by 15 percent and a 210 kilometres (130 mi) embedded cooling system

1224-567: The end of the Second World War, the Szálasi government and the occupying Soviet army issued provisional notes in the territories under their power, exacerbating inflation. In 1945 and 1946, hyperinflation caused the issuance of notes up to 100 million b.-P (100 quintillion or 10  P). During the period of hyperinflation, note designs were reused, changing the colour and replacing the word pengő with first milpengő, then b.-pengő , to generate higher denominations. The largest denomination produced

1275-508: The first day, the best 24 out of the 29 skaters got the change to participate in the 5000 meters event, while the best 12 competitors after three events took part in the 10,000 meters race. According to the ISU rules, the fourteen best placed skaters won for their country an entry spots for the 2012 Allround World Championships. Based on the final result, the Netherlands earned four places for

1326-417: The first twenty earned two places for the next continental championship (Austria, Belgium). All other European ISU members have the right to delegate one skater, subject to the qualifying time limits are met. The men's event took place on Saturday and Sunday, with the 500 metres and the 5000 metres race at the first day and the 1500 and 10,000 meters final race in the second day. After

1377-485: The first twenty earned two starting places (Austria, Belgium, France, Germany, Italy, Latvia, Russia). All other European ISU members have got one spot, subject to the time limits set are met. Hungarian peng%C5%91 The pengő ( Hungarian: [ˈpɛŋɡøː] ; sometimes spelled as pengo or pengoe in English) was the currency of Hungary between 1 January 1927, when it replaced

1428-529: The frozen Danube. The king was personated by Count Károly Andrássy. In the same year in the Városliget was held the 1909 World Figure Skating Championships , the first ever World event in Hungary, in which local skater Lily Kronberger triumphed. Because of the World War I skating life experienced a setback, as skaters began to return to the City Park Ice Rink slowly at first, however, it speeded up after

1479-518: The frozen lake. In the end of 1869, with the guidance of Géza Kresz the Pesti Korcsolyázó Egylet (Skating Association of Pest) was founded, and they also obtained the permission of the city council to create an ice rink on a part of the City Park Lake. A wooden pavilion was built on the shore of the lake as well, where the visitors could warm up and change their skates. The official opening ceremony took place on 29 January 1870 in

1530-629: The hyperinflation. The Hungarian National Bank issued the first series of 5 P, 10 P, 20 P, 50 P, 100 P banknotes in the last days of 1926. These were offset prints on watermarked paper (except for the 5 P note). The banknotes featured notable Hungarian people on the obverse and either different locations in Budapest or paintings on the reverse; the banknotes also served educational purposes. A new series of banknotes soon had to be printed to meet higher security standards. The engravings were executed and designed by Endre Horváth,

1581-467: The korona , and 31 July 1946, when it was replaced by the forint . The pengő was subdivided into 100 fillér . Although the introduction of the pengő was part of a post- World War I stabilisation program, the currency survived for only 20 years and experienced the most extreme hyperinflation ever recorded. The Hungarian participle pengő means 'ringing' (which in turn derives from the verb peng , an onomatopoeic word equivalent to English 'ring') and

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1632-601: The last acts of World War II, the Szálasi government took control of banknote printing and issued notes without any cover, first in Budapest, then in Veszprém when Budapest had to be evacuated. The occupying Soviet army issued its own military money according to the Hague Conventions . The pengő lost value dramatically after World War II , suffering the highest rate of hyperinflation ever recorded in human history. There were several attempts to slow it down, such as

1683-475: The last pengő banknotes, for 100 million B-pengős ( 10 = 100 quintillion); the Bank also printed banknotes for one billion B-pengős ( 10 = one sextillion), but they never entered circulation. The last adópengő banknote, for 100 000 000  adópengős, followed on 25 July, and was equal to 200 octillion pengős ( 2 × 10 = 200 billion billion billion) on 31 July. Ultimately, only a new currency could stabilize

1734-490: The men's European title. This was his fifth victory, having won previously four consecutive European Championships between 2007 and 2010. Kramer also ran track records both in the 1500 meters and 5000 metres event, and his overall score of 156.197 is the best ever result at the City Park Ice Rink as well. In the women's competition previous year's gold medalist Martina Sáblíková retained her title, achieving her third European success in row and fourth overall. Sáblíková also set

1785-426: The next year, due to that figure skating gained ground quickly among Hungarian skaters. In 1874 the wooden cottage was burnt down, following that a new stable building was erected by the plans of Hungarian secessionist architect Ödön Lechner . On the ground floor was found the changing room and warming room, while on the upstairs was placed the main hall and the music room. For 1879 floodlights were installed to ensure

1836-495: The peak value of all circulating pengő notes to 0.019 filler ( 19 ⁄ 100 000  forint), allowing the Hungarian National Bank to start over without having to redeem regular pengő notes. By contrast, the largest tax bill in circulation ( 100 000 000  adópengős) was worth 50 fillérs each, and remained in circulation for a short time after the reform. The reform also attempted to reduce

1887-406: The pengő was pegged to the gold standard , but was not convertible to gold. In the beginning the cover ratio (which included gold and – up to 50% – foreign exchange) was fixed at 20%, but this had to be raised to 33.3% within five years. This goal was reached quickly: the cover ratio was 51% on 31 July 1930. Later it decreased somewhat due to the economic and financial crisis caused by

1938-447: The presence of Rudolf, Crown Prince of Austria , and skating got underway immediately, with the first ever race held on 2 February. This time the association had only 35 members, which increased to 432 by the end of the year. The outset of figure skating in Hungary can be dated from 6 January 1871, when Jackson Haines , who is regarded as the father of figure skating, presented his show for the Hungarian audience. He repeated his visit in

1989-499: The risk of hyperinflation on the forint, by setting the exchange rate for gold at 13.21 forints per gram: however, nobody could convert forints at that rate. In 1926, coins of 1, 2, 10, 20 and 50 fillér and 1 P were introduced. The 1f and 2f pieces were bronze, the 10f, 20f and 50f were cupro-nickel and the 1 P coins were 64% silver. In 1929, 2 P coins were introduced, also in 64% silver. Commemorative 2 P and 5 P coins were also issued on anniversaries, with

2040-467: The same year, the tax bills became legal tender. According to William Bomberger and Gail Makinen in October 1983, the issuance of the tax bills escalated the hyperinflation that eventually affected both regular pengős and adópengős — but the adópengő nevertheless forced the regular pengő into disuse as prices expressed in the latter became unbearable. On 11 July 1946, the Hungarian National Bank released

2091-421: The second day. Skaters were awarded points according to their times, and the twelve best placed competitors after the second day were eligible to participate in the 5000 metres closing event on the last day of the championship. The first fourteen skaters earned a spot for their countries for the 2012 World Allround Championships, which means that the Netherlands got four, Russia, Germany Norway and Poland three and

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2142-493: The value of the adópengő in terms of regular pengős every day, the adópengő would try to protect the government budget from the effects of hyperinflation. The value of the adópengő in terms of regular pengős started at par, but the rate declined to 630 pengős by 1 May 1946, and then two sextillion pengős ( 2 × 10 = 1,000 billion billion) by 31 July the same year. On 29 May 1946, Ferenc Gordon (then Minister of Finance ) started issuing adópengő tax bills , and on 9 July

2193-514: The visitors the main building was proved to be too small and was replaced by a bigger neo-baroque style building designed by Imre Francsek . Beside sport events the skating rink gave home of ice feasts and shows. The fortieth anniversary of the foundation of the Pesti Korcsolyázó Egylet in 1909 was celebrated with a costume festival, in which the coronation of Matthias I of Hungary was performed, that originally took place on

2244-579: Was 100 million b.-P (100 quintillion or 10  P). The note was initially worth about US$ 0.20. Notes of one milliard b.-P (one sextillion or 10  P) were printed but never issued. The introduction of adópengő was an attempt to limit inflation. It slowed inflation somewhat, but did not stop the depreciation of the currency. Bonds were issued by the Ministry of Finance in denominations between 10 000 and 100 000 000 adópengő. These simple design notes on low-quality paper became legal currency in

2295-460: Was closed on 3 January 2012. Every European member federation of the International Skating Union (ISU), whose racer met the qualification criteria were eligible to delegate one participant to the event, and, according to the rules of the ISU, the following nations had the right to enter additional competitors in virtue of their results in the previous continental event: Eventually 54 competitors from 18 nations registered officially for

2346-435: Was established inside the building, which make enable it to host conferences and to offer other activities (exhibitions, cultural programs) beside skating and boating. The following major international events took place at the skating rink: These are the track records of the City Park Ice Rink as of 8 January 2012. 2012 European Speed Skating Championships The 2012 European Speed Skating Championships

2397-409: Was laid down as well. The races were held on a standard track of 400 meters with outer curves of 29 meters and inner curves of 25 meters radii. Both racing lanes were 4 meters wide, with an additional inside training track of the similar width. A provisional list of competitors and staff had to be presented until 19 December 2011, while the final deadline of applications for the European Championships

2448-495: Was played here, as well as the Bandy World Championship for women 2007 . Most recently the Városligeti Műjégpálya was renovated and expanded from 2009 to 2011. The total cost of the amelioration process was 4.7 billion Hungarian Forint (approximately €16 million), of which about 3 billion Ft came from the European Regional Development Fund . After the redevelopment the skating area grew by 15 percent, and now it consist

2499-513: Was probably chosen to suggest stability. However, there was some controversy when choosing the name of the new currency, though the majority agreed that a Hungarian name should be chosen. Proposals included turul (a bird from Hungarian mythology), turán (from the geographical name and ideological term Turan ), libertás (the colloquial name of the poltura coins issued by Francis II Rákóczi ), and máriás (the colloquial name of coins depicting Mary , patroness of Hungary). The denomination of

2550-547: Was the 37th continental speed skating event for women and the 106th for men, that was held at the City Park Ice Rink in Budapest , Hungary , from 6 to 8 January 2012. The competition was also a qualifying event for the 2012 World Allround Speed Skating Championships as the entry quotas were allocated according to the results of the European Championships. In the absence of defending champion Ivan Skobrev , who did not participate due to an injury, Dutchman Sven Kramer took

2601-405: Was used from the 15th to the 17th century to refer to silver coins making a ringing sound when struck on a hard surface, thus indicating their precious metal content. (The onomatopoeic word used for gold coins is csengő , an equivalent of English 'clinking' meaning a sharper sound; the participle used for copper coins is kongó meaning a deep pealing sound.) After the introduction of paper money of

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