Members of the Hungarian Factoring Association bought about HUF 888 billion of receivables from about 3,000 clients in 2011, the association said on Friday.

The factoring companies bought 3.3% more receivables than a year earlier, but the market grew at a slower rate than expected. The companies supplied clients with more than HUF 113.3 billion of financing, down 6% from 2010.


The association estimates the financing exceeded 10% of bank outlays with maturities under a year to SMEs.


Factoring companies collected more than 62% of the amount due on the receivables they purchased, up from 60% a year earlier.


The Hungarian Factoring Association has 19 full members and three supporting members. Among the full members are four banks, four units of banks and eleven privately-owned companies. The banks have 45% market share and their units control 36% of the market.