MNB mulls raising FGS cap by HUF 100 bln

MNB

Image by Jessica Fejos

The National Bank of Hungary (MNB) is considering raising this yearʼs limit for its Funding for Growth Scheme (FGS) by HUF 100 billion, a central bank spokesperson told journalists yesterday, according to Hungarian news agency MTI.

The Hungarian Banking Association is asking for the FGS limit to be raised in light of strong demand, said Balázs Hídvéghi. 

The FGS will wind up at the end of this year. Since its launch in 2013, some 31,000 businesses have availed of HUF 2.126 trillion in cheap credit available under the scheme. 

Hídvéghi reiterated that the central bank wants to see lenders return to market financing for their outlays in the future. 

Addressing a separate matter, Hídvéghi said the MNB had allocated HUF 30 bln for its program to purchase national art treasures till 2018. If necessary, the MNBʼs management is prepared to report on the program to lawmakers, such as Parliamentʼs cultural committee, he added.

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