Garantiqa new guarantees worth HUF 282.1 bln in 2014

Initiatives

SME and local-council loan guarantor Garantiqa Hitelgarancia, which is part of the state-owned Hungarian Development Bank (MFB) Group, undertook new guarantees worth HUF 282.1 bln through 26,000 contracts in 2014, CEO Éva Buza told Hungarian news agency MTI.

The volume of guarantees totaled HUF 320.4 bln at the end of the year.

Garantiqa will become the centre for loan guarantees within the MFB Group and an active partner in lending to EU-co-financed projects in the 2014-2020 European Union budget period after MFB has been assigned a new role as the manager of EU funds in Hungary, Buza, who was appointed to head Garantiqa in January, said.

Garantiqa was founded in 1992 by the Hungarian state, the biggest Hungarian commercial banks, savings cooperatives and some entrepreneurs' associations to provide guarantees or counter-guarantees to SME loans and leasing or factoring transactions. Currently MFB holds 46.84% of Garantiqa shares. The government directly holds 30.7% and Hungarian financial institutions hold the remaining 22.46%.

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