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Eximbank signs €400 mln FX refinancing agreement with commercial lenders

MNB

The Hungarian Export-Import Bank (Eximbank) on Wednesday signed an agreement with 14 commercial lenders on a €400 million foreign currency credit line to refinance export loans, CEO Roland Nátrán said, state news agency MTI reported. The financing will support mainly the exports of Hungarian SMEs, Nátrán said. Eximbank signed the agreement with Gránit Bank, Raiffeisen Bank, UniCredit Bank, MKB Bank, Takarékbank, Budapest Bank, K&H Bank, CIB Bank, OTP Bank, Széchenyi Bank, Volksbank, Erste Bank, Bank of China and the Hungarian branch of Deutsche Bank. The line, which the commercial banks may draw on until the end of March 2014, has a fixed rate pegged to the OECD’s Commercial Interest Reference Rate. At present, the CIRR is 1.39% for euro, and 1.40% for dollars for runs of 2-5 years. Last year, Hungarian SMEs borrowed €143 million under the construction.

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