MNB: ECB, EC to grant permission to MARK operation

MNB

The European Central Bank (ECB) and the European Commission (EC) are expected to approve the operation of the Hungarian Reorganization and Receivables Management Company (MARK), National Bank of Hungary (MNB) vice president László Windisch said yesterday.

MARK was launched by the MNB last November to buy bad commercial real estate loans and properties from banks.

The MNB will provide MARK with HUF 300 bln in initial funding to start its operations, he said.

The MNB said in the summer that MARK could start acquisitions – with the commendation of Brussels – at the end of September.

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