MNV board approves charter of National Asset Management Company

Deals

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.

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