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Hungarian banks unanimously commit to boosting lending activity

MNB

The Hungarian Banking Association has compiled and presented to the National Bank of Hungary (MNB) local banksʼ commitment to boosting their lending activity, the central bank said today.

"The MNB welcomes the remainder of the banksʼ commitment – albeit mainly without specific targets – to boosting lending activity, following the example of Erste Bank and in part due to the efforts of the central bank. The banks have unanimously expressed their commitment to boost lending and supporting the economy," the MNB said in a statement.

Hungaryʼs government committed to lowering the bank levy under an agreement with the EBRD signed in February. As part of that agreement, both parties agreed to acquire stakes in Erste Bank, which pledged to raise its lending activity.

Although some experts at the National Bank of Hungary have suggested the scale of the reduction in the bank levy should be tied to the degree of increased lending activity at individual banks, a government bill submitted to lawmakers a week ago is set to lower this tax unconditionally.

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