Retail loan stock drops on early FX repayment scheme in Feb

Music

Stock of retail loans of Hungarian banks fell by HUF 259.9 billion to HUF 7,633.8 billion at the end of February from a month earlier as households availed of a scheme that allowed full early repayment of foreign currency-denominated mortgages at discounted exchange rates, fresh monthly data published by the National Bank of Hungary on Friday (MNB) show.

Total retail lending stock fell on net repayments of HUF 183.6 billion as well as HUF 76.3 billion of revaluations and other changes.

Retail forint loan stock rose HUF 79.0 billion to HUF 3,202.8 billion during the month, mostly on net borrowing of HUF 82.9 billion. The MNB noted that HUF 88.8 billion of forint loans were used to participate in the early FX mortgage repayment scheme.

At the same time, the retail stock of FX loans dropped by HUF 338.9 billion to HUF 4,431.0 billion. Transactions accounted for HUF 266.5 billion of the drop and revaluations for HUF 72.4 billion. The central bank said HUF 274.3 billion of the transactions were related to the early FX mortgage repayment scheme.

During the run of the scheme, from the end of September until the end of February, households repaid HUF 1,315.0 billion of FX loans. Calculating for the discount, they actually paid HUF 956.1 billion. Loans used to participated in the scheme came to HUF 298.1 billion.

Retail deposit stock fell by HUF 39.2 billion to HUF 7,490.4 billion. Households withdrew net HUF 47.2 billion from forint accounts but made net deposits equivalent to HUF 24.4 billion in FX accounts. Stock of forint deposits reached HUF 6,504.9 billion at the end of the month. About HUF 985.5 billion was in FX deposits.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.