Registration for MARK asset purchase scheme begins in March

Deals

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The Hungarian Reorganization and Receivables Management Company (MARK) said today that banks will be able to register for its asset purchase scheme for three months from March 21, Hungarian news agency MTI reported.

The so-called “bad bank”, MARK was established by the National Bank of Hungary (MNB) to buy bad commercial real estate loans and properties from banks.

Following the registrations, banks will have 12 months to reach an agreement with MARK and finalize asset sales, MARK CEO Csaba Kandrács said.

The European Commission authorized the operation of MARK last November and in February 2016 concluded that the pricing model used by the company will ensure non-performing loan purchases at market prices and will not constitute state aid.

MARK plans to buy entire bad commercial property portfolios rather than single properties from banks.

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