Although the market of corporate financing significantly dropped both in 2009 and in 2010, OTP managed to increase its market share during those years, Wolf said. OTP gave out new loans in the corporate sector in a gross value of HUF 248 billion in 2009 and HUF 230 billion last year.
Over 64% of the projects planned by Hungarian companies would not have been realized without external financing, according to a recent survey on innovation by OTP Bank,. Innovation is most effective when state subsidies are coupled with external financing including the companies’ own resources as well as bank financing, he stressed.
More than 41% of the respondents in the survey said that they managed to complete bigger projects with the help of external financing, Wolf said. OTP aims to inform the government about the results of the survey and will use the findings at the development of the group’s products and services.
The government has earmarked HUF 132 billion to support research and development and HUF 172 billion for IT development at Hungarian companies, Wolf said. Since 2007, subsidies in value of HUF 112 billion and HUF 260 billion have been granted for R and D and IT development, respectively, he added.
Hungary spent approximately 1.2% of GDP on innovation in 2010, up from only 0.48% in 2006, Wolf said. This compares to an average spending of 2% of GDP in the EU. However, the success of K+F activities is best reflected in the competitiveness of the member states, he added. (GL)
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