2 May, 1928
Prime Minister,
We have completed a preliminary analysis of documents discovered among the arms caches discovered near Timisoara, and of initial interrogations of Hungarian irredentists arrested near there. The documents and interrogations confirm that the Hungarian irredentrists there have benefited from a large degree of support from Hungarian intelligence services. Beyond that point, intelligence is incomplete and less reliable. Captured records show that the irredentists have conducted financial transactions not only at Hungarian banks, but at Swiss, Austrian, and Italian financial institutions as well. We have discovered no indication of involvement by these governments of intelligence services, but we have discovered no basis to rule this out either. We are continuing our efforts to penetrate these intelligence operations within the Hungarian intelligence services, but as you are well aware, such operations are time-consuming and fraught with peril.