National Bank of Hungary requires data provision on early FX repayment scheme

MNB

The National Bank of Hungary (MNB) has issued a decree requiring lenders of foreign currency denominated loans to supply it with information on an early forex mortgage repayment scheme on a weekly basis.

Under the decree, published on Monday, lenders will start supplying the data on October 11. Lenders must detail any rise or fall in foreign liabilities; the number and value of forex loans repaid early as well as current exchange rates; and the number of borrowers who applied to avail of the early repayment scheme, the value of their loans and details on forint loans taken out to repay the forex mortgages, including whether the loans involved are for an earlier client or replace a loan of another lender.

The government scheme, launched at the end of September, allows early repayment of foreign currency-based mortgages at a discounted exchange rate until the end of 2011. Lenders are covering the difference between the discounted exchange rate and the market rate.

The MNB on Monday held the first of a series of euro tenders to ensure banks have sufficient liquidity for the early repayment scheme. Provision of the data is a prerequisite for participation in the tenders.

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