MNB reallocates HUF 60 bln of FGS financing, extends deadlines

MNB

shutterstock

Policy-makers at the National Bank of Hungary (MNB) have decided to reallocate HUF 60 billion in cheap financing left over from the final phase of the Funding for Growth Scheme (FGS), while also extending the deadline for drawing credit under the program by six months, the central bank said today.

The HUF 60 bln from the part of the program targeted at companies with foreign currency revenues will be reallocated in equal parts to the programĘĽs FX and forint pillars.

The MNB launched the third and final phase of the FGS in January. It allocated HUF 400 bln of forint credit and HUF 300 bln of FX credit to lenders at 0% interest. The financing was intended to support corporate loans with APRs of no more than 2.5%.

The MNB also extended deadlines for drawing credit under the FGS II/FGS+ phase and the FGS III phase to June 30, 2016 and June 29, 2018, respectively.

Since the FGS was launched in the summer of 2013, some 34,700 businesses have gained access to a total of nearly HUF 2,360 bln in cheap loans, the MNB noted.

Scope Assigns MOL BBB- Issuer Rating Ratings

Scope Assigns MOL BBB- Issuer Rating

Budapest Residents to Weigh in on Rákosrendező Development P... Issues

Budapest Residents to Weigh in on Rákosrendező Development P...

AutoWallis Becomes Importer of Geely Group’s Commercial EV B... Automotive

AutoWallis Becomes Importer of Geely Group’s Commercial EV B...

These Are the Most Sleep-friendly Hotels in Hungary Hotels

These Are the Most Sleep-friendly Hotels in Hungary

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.