Govt takes decisions on National Asset Manager

Analysis

The government has taken decisions on the National Asset Manager Company (NET), established to buy the homes of troubled borrowers and allow them to continue to reside there as renters until they consolidate their financial position and can repurchase the properties, government spokesman Andras Giró-Szász said on Wednesday.

The state will buy 5,000 homes by the end of 2014, paying 35-55% of market value depending on location, Giró-Szász said. Rental fees will be determined by government decree, taking into account the social situation, he added.

The renters will be allowed to repurchase the homes at the same price the state paid banks, plus interest, level with the National Bank of Hungary base rate, he said. Repurchases may be initiated no sooner than six months after the state purchased the home, he added.

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