Despite the launch of the second wave of the EU’s SAFE defence loan programme, the fate of Hungary’s “mega-loan” remains undecided. The assessment of the country’s EUR 17.3 billion request is unlikely to be concluded before February, and Brussels has tied approval to unexpected rule-of-law and anti-corruption guarantees. However, as reported by Portfolio, the package approved so far does not include Hungary’s substantial EUR 17.3 billion request, which is expected to be assessed only at the very end of the process. SAFE has a dual objective: on the one hand, to rapidly strengthen member states’ defence capabilities, and on the other, to promote joint procurement based on the European defence industry. In total, 19 EU member states have indicated their intention to participate in the SAFE loan instrument.