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Sales designations of foreclosed properties under quota

Analysis

Hungarian lenders designated the sale of 5,050 foreclosed properties in the six months until the end of March, under a quota established by legislation in force from October 1, financial market regulator PSzÁF said on Tuesday.

The legislation limited banks to designating 2% of homes in their non-performing loan portfolios for sale in Q4 2011. The quota is 3% per quarter in 2012.

Banks used 78.4% of the quota in Q4 and 82.5% in Q1, PSzÁF said. Most of the homes declared for sale were in Budapest and Pest County, it added.

There are more than 100,000 homes in banks' NPL portfolios.

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