Early FX mortgage repayments boost net household savings in Q4
Early fx mortgage repayments under a government scheme boosted net household savings to 8.1% of quarterly GDP in the last quarter of 2011, but last year's transfer of assets private pension assets to the state still made them net borrowers to the tune of 4.3% of GDP for the full year.
Excluding the pension assets transfer, worth 9.5% of GDP, net household financial savings reached HUF 1,468 billion or 5.2% in 2011.
The figures were published in a second reading of financial accounts data by the National Bank of Hungary (MNB) on Monday, revising a first reading released on February 17.
Including the pension assets transfer, households had a net financing requirement of HUF 1,210 billion or 4.3% of GDP last year as the transfer, carried out in June this year and accounted back for January 2011, made them net borrowers.
The net financing capacity of households, or net household financial savings, reached HUF 639 billion or 8.1% of the quarter's GDP in the fourth quarter of 2011, boosted by early FX mortgage repayments which raised households' financing capacity by HUF 174 billion in the quarter.
The repayment happened under a government scheme gave retail FX mortgage borrowers the option to repay loans fully at preferential rate between the end of September until the end of February.
Hungarian members of private pension funds had until the end of January 2011 to opt out of a move, along with their retirement savings, back to the state pension pillar. About 97% of members returned to the state pillar, bringing some HUF 2,946 billion in assets with them.
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