MNB cracks down on unlicensed foreign factors
Image by Jessica Fejos
The National Bank of Hungary (MNB) outlined steps today for its crack down on the sale of impaired assets by local lenders to unlicensed foreign factors, Hungarian news agency MTI reported today.
Data requested by the MNB from more than 400 Hungarian financial institutions last year showed that almost 4,000 loans, with a gross value of more than HUF 10 billion, had been sold to unlicensed factors registered in Slovakia, probably with the aim of obtaining mortgage properties while leaving borrowers with limited recourse.
The MNB has launched a dozen procedures involving unlicensed factors so far.
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