Talks with EC on MARK pricing method to wind up soon
Image by Jessica Fejos
Talks with the European Commission on the pricing method to be used by the Hungarian Reorganisation and Receivables Management Company (MARK), established by the National Bank of Hungary (MNB) last November to buy bad commercial real estate loans and properties from banks, are expected to wind up soon, the central bank told MTI on yesterday.
(Photo: Jessica Fejos)
MARK, the so called “bad bank”, could start acquisitions, with the commendation of Brussels, at the end of September, the MNB said. The central bank acknowledged a recent recommendation by IMF experts to involve professional investors in MARK, but said that drawing in market financing and private equity to MARK would take too much time and delay the launch of the companyʼs acquisitions, planned for the end of September.
The MNB added that it aims to make MARK a market-based, independent asset manager that can refinance itself from the market, thus it supports the implementation of the IMFʼs recommendations in the mid-term. In a recently released report, an IMF mission that visited Hungary early in June said that attracting "one or two international professional equity partners to bring MARK closer to the preferred private ownership model" was a high, near-term priority.
They also said that the majority of MARKʼs board members should be independent of the companyʼs owners and knowledgeable of MARKʼs business.
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