Varga, bank heads discuss economic growth

Conferences

Hungary’s National Economy Minister Mihály Varga and the heads of banks in the country met yesterday (October 5) in order to discuss their role in keeping Hungary’s economic growth above the EU average, Varga’s ministry said in a statement.

Participants at the meeting agreed that bigger lending activity is needed to keep the economy growing at a steady or accelerated rate. The parties also reviewed factors preventing lending growth at present. The minister said that lending could only be boosted through many smaller steps. Bank heads said that sufficient financing is available for lending purposes, however incentives are needed to boost demand for credit. The sides agreed that businesses that contribute most to the country’s economic growth should be offered such incentives.

Beyond lending, alternative financing, such as venture capital or stock exchange listings, should be strengthened, bank heads agreed.

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