MNB to continue meetings with banks on "Funding for Growth Scheme"
The management of the National Bank of Hungary will continue negotiations with banking industry leaders on participation in the central bank's recently finalised "Funding for Growth Scheme" on May 6-8, the MNB said on Friday. Meetings will take place with the heads of big banks on Monday, with representatives of about 30 savings cooperatives on Tuesday, and with officials from mid- and small-sized banks on Wednesday. Under the Funding for Growth Scheme, the central bank will make a combined HUF 500 billion of 0% financing available to banks for SME lending and the conversion of foreign currency-denominated corporate loans into forint ones. Lenders' interest margin will be capped at 2.5% on loans financed with the MNB credit. The central bank will also cut international reserves by €3 billion by reducing short-term external debt, thus lowering the stock of two-week bills from HUF 4,500 billion to HUF 3,600 billion.
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