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Households account for less than half of gov't securities

Telco

Households accounted for less than half of the rise in outstanding stock of government securities targeted at retail investors last year, fresh data from the National Bank of Hungary suggest. Although the securities are designed for households, non-profit organisations may buy them, and institutional investors may purchase them on the secondary market.

Preliminary MNB data show that households bought HUF 319 bln of government securities, both retail and non-retail, last year. Including revaluation effects, their holdings rose by HUF 342 bln, which is 47% of the overall HUF 723 bln increase of retail government securities stock last year. The data imply that other investors account for 53% of the increase.

Hungary's Government Debt Management Agency (ÁKK) said late in January that the rise in the stock of retail government securities was in large part supported by purchases by non-profits and institutional investors.

Because households may buy non-retail as well as retail government securities, their purchases may have accounted for less than 47% of the total increase in retail securities.

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