Banks have till Feb 2014 to disburse investment loans under cbank scheme

MNB

Lenders who participate in the National Bank of Hungary's "Funding for Growth Scheme" must disburse just 30% of investment loans supported with the 0% refinancing from the central bank during the programme's run, from June 1 until August 30, MNB executive director Márton Nagy said at a road show in Balatonfüred on Friday. The banks will be able to call down refinancing for the remaining part of the loans when they actually disburse them, which must happen by the end of February 2014 the latest, Nagy said. Lenders are expected to send the MNB contracts on the credit to the MNB next week Tuesday. They have until next week Friday to determine the scale of the credit they need. The February 2014 deadline applies for investment loans granted by banks to SMEs from a HUF 250 billion central refinancing line. The central bank scheme includes another HUF 250 billion refinancing to be used by SMEs to convert their foreign currency-denominated loans into forint ones.

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