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MNB spends 0.3% of FGSʼ budget to communicate program

MNB

Image by Jessica Fejos

The National Bank of Hungary (MNB) said yesterday that it spent 0.3% of its Funding for Growth Scheme (FGS) budget to advertise and communicate details of the program, Hungarian news agency MTI reported.

(Photo: Jessica Fejos)

Spending was below the 0.5%-1% communication budget of similar commercial bank or EU programs, the MNB said in response to criticism of the information campaign in the press, according to MTI.

The MNB said it had selected I.M.G Inter Media Group to carry out the national advertisement campaign at an open public procurement tender, according to MTI. It noted that, in addition to the FGS campaign it financed general communication tasks for more than two years from the HUF 6 billion allocation of the tender.

Some 32,000 businesses have availed of over HUF 2.1 trillion in cheap credit available under the scheme since its launch in the summer of 2013. Banks have provided credit, backed by zero-interest central bank refinancing, at capped total costs to SMEs under the program.

The FGS will wind up at the end of this year. 

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