MNB clears Erste mortgage bank
The National Bank of Hungary (MNB) has cleared the establishment of a mortgage bank by Erste Bank Hungary, according to a resolution by the Financial Stability Council published on the central bankʼs website on Friday.
Erste Bank Hungary announced in August that it would establish its own mortgage bank, after the MNB said it would require lenders to back at least 15% of their net mortgage loans with long-term liabilities from October 1, 2016.
In addition to Erste, K&H Bank has said it will set up a mortgage bank.
At present, the only lenders in Hungary with mortgage banks are OTP, UniCredit and FHB.
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