Budapest Bank lends HUF 75 bln of phase II Funding for Growth Scheme credit

Telco

Budapest Bank's outlays of cheap credit from the second phase of the National Bank of Hungary's (MNB) Funding for Growth Scheme came to HUF 75 bln by the end of last year, the lender said on Monday.

The outlays accounted for 14% of the total made using the preferential central bank financing.

The average outlay was for HUF 67 mln. About two-thirds of outlays were for investment loans but credit for working capital was also popular.

The MNB launched the second phase of the Funding for Growth in October 2013 with an initial volume of HUF 500 bln. It raised the credit to HUF 1 trillion about a year later.

Hungary's government signed a preliminary contract to buy Budapest Bank from General Electric last December.

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