Economy ministry welcomes Moodyʼs revision of bank system outlook

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Hungaryʼs National Economy Ministry welcomed a revision by Moodyʼs Investors Service of the outlook for the countryʼs banking system – to stable from negative – in a statement late Friday, Hungarian news agency MTI reported this morning.

The ministry reiterated the governmentʼs commitment, made in an agreement with the EBRD, to gradually reduce the bank levy and consult with lenders before introducing measures that could burden them, MTI said.

In Fridayʼs report Moodyʼs said it sees the banking sectorʼs operating environment stabilizing in the coming 12-18 months. 

"We expect that the operating conditions for Hungarian banks will improve in 2015-16, amid relatively strong economic growth and a shift in the governmentʼs policy stance towards banks," said Armen Dallakyan, a senior analyst at Moodyʼs. Moodyʼs said the improvements in banksʼ operating environment would help them return to profitability and stabilize their credit fundamentals, "albeit at weak levels".

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