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Fundamenta has 68,000 more home savings contracts in H1

Home savings bank Fundamenta had 68,000 more home savings contracts in the first half of 2010 compared to 65,000 new contracts in H1 2009, Fundamenta told MTI on Thursday.

The new contracts have combined value of HUF 137 billion, which means this year's annual target of HUF 290 billion seems achievable. In addition to clients' payments, this amount includes the home savings bank loans as well as the government subsidies.

The company had 591,000 deposit contracts at the end of last year, with combined value of HUF 1,217 billion. Clients accumulated deposits worth HUF 203.4 billion by the end of last year including interests and government subsidies.

Clients paid 90% of the savings pledged for the still active contracts concluded between 2004 and 2009, which shows people will not easily give up their home-related savings even at the time of an economic crisis.

Fundamenta disbursed normal home loans and home-related bridging loans worth HUF 5.6 billion in H1 2010, 13% more than in H1 2009, with 3.9% interest to clients with a record of four years of savings.

Fundamenta is to pay a special financial-sector tax of HUF 910m this year - on top of the HUF 627 million in corporate tax - as part of the HUF 200 billion general "bank tax" levied on financial institutions by parliament last week. The special tax will not cause the company any lending problems and results are still expected to be positive at the end of the year, the statement said. (MTI-ECONEWS)