MNV board approves charter of National Asset Management Company


The board of the Hungarian National Asset Management Company (MNV) on Monday approved the articles of incorporation of the National Asset Management Company, established as part of an assistance program for borrowers struggling to repay their foreign currency-denominated loans, the state secretariat for government communications told MTI on Monday.

The board named Tamás Csillag, CEO of student loan company Diákhitel Központ for a decade, to head the company.

The National Asset Management Company will buy at most 5,000 homes from distressed borrowers until the end of 2014, according to a government decree published earlier in the official gazette Magyar Közlöny.

The decree mandated the National Economy Minister to ensure funding for the National Asset Management Company's operation. It also reallocated HUF 2 billion from the budget chapter on the Office of the Prime Minister this year for the establishment and operation of the asset manager.

The National Asset Management company is part of a package of government measures that aim to assist borrowers with foreign currency-denominated mortgages by fixing exchange rates on payments.


Czech economic confidence improves in May Analysis

Czech economic confidence improves in May

Ministers in new Orbán gov't sworn in Parliament

Ministers in new Orbán gov't sworn in

Spring’s allergy season - the heat is on Interview

Spring’s allergy season - the heat is on

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500


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.