EBRD, Hungarian gov’t to set up working group


The European Bank for Reconstruction and Development (EBRD) and Hungarian authorities have agreed to set up a working group to analyze the impact on the banking sector of the recent amendment of the Judicial Enforcement Act, the organization said today, according national wire service MTI.

The EBRD said it is committed to continue its fruitful cooperation with Hungarian authorities and institutions such as the National Bank of Hungary and the Banking Association, and the working group will work to identify ways to mitigate any potential adverse consequences of the amendment.

At the start of March, Hungaryʼs Parliament approved amendments ensuring repossessed homes are offered at their full market value during the first year after foreclosure. If a repossessed home remains unsold after one year, the legislation lowers the threshold to 90% of market value. Earlier, repossessed homes could be sold for 70% of market value.

The EBRD noted that the Hungarian government signed a Memorandum of Understanding in February 2015 aimed at strengthening the countryʼs financial sector, improving its level of efficiency and profitability as well as boosting lending.

Under the MOU, the government pledged to “promote a stable and predictable framework to support macroeconomic stability”. The successful implementation of the memorandum had positive impacts on the development of the economy and strengthened the local banking sector, the EBRD added.


Minister Asks Banks to Introduce Voluntary Rate Caps Banking

Minister Asks Banks to Introduce Voluntary Rate Caps

Gov't Raises 2023 Deficit Target to 5.2% of GDP Government

Gov't Raises 2023 Deficit Target to 5.2% of GDP

Norbert Schőmer Appointed Atenor Hungary Country Director Appointments

Norbert Schőmer Appointed Atenor Hungary Country Director

Celebrating Music Music

Celebrating Music


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.