ADVERTISEMENT

Banks to inform first borrowers eligible for NET programme after Jan 15

Food

Banks will inform the first clients of their eligibility to participate in the National Asset Manager (NET) programme for distressed borrowers after January 15, NET CEO Tamas Csillag said at a press conference on Friday.

Under the programme, NET will purchase the homes of distressed borrowers from banks and allow residents to remain as renters.

Mr Csillag said borrowers would have 30 days after they are informed of their eligibility to obtain the necessary documents and sign a declaration of intent on the sale of their property. The home could be purchased as soon as two days after the declaration is signed, he added.

NET is expected to buy about 5,000 homes but the government will closely observe the programme and could make changes based on a review six months from now, said state secretary for asset policy Sara Nemes Hegman.

The Hungarian Banking Association on Friday said it welcomed the establishment of NET and supported its operation. It noted that the principles for NET’s operation were the result of consultations between government and bank experts.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

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.