MNB adds HUF 100 bln to Green Home Program allocation

Sustainability

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The Monetary Council of the National Bank of Hungary (MNB) on Tuesday decided to raise the allocation for the central bank's Green Home Program by another HUF 100 billion after the initial HUF 200 bln earmarked for the scheme was exhausted, according to a report by state news wire MTI.

The council also decided to tighten energy performance eligibility requirements for the scheme, to encourage the purchase and construction of "even greener" flats and homes. The scheme will continue to require a 'BB' energy efficiency rating, but the upper limit for the primary energy consumption of eligible homes will be lowered from an annual 90 kWh to 80 kWh per square meter.

At the same time, the council decided to introduce tighter requirements for the MNB's Green Mortgage Bond Purchase Programme. MNB will consult on the details of the modifications, which will enter force by July 1, 2022, with domestic lenders. Until the modifications take effect, the MNB will suspend purchases of mortgage bonds issued under the current conditions, with the exception of purchases already underway.

The two programs will contribute to achieving the MNB's goals related to environmental sustainability without prejudice to its primary objective: to achieve and maintain price stability, the central bank said.

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