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New forint corporate lending contracts reach new low in Feb

The value of new forint corporate lending contracts signed by Hungarian banks fell to another low in February, fresh monthly data published by the National Bank of Hungary (MNB) on Thursday show.

Banks signed new lending contracts for HUF 91.2 billion with companies in February, down from HUF 93.2 billion in January, the lowest level in ten years. New corporate lending contracts came to HUF 169.8 billion in February 2010 and they averaged a monthly HUF 157.7 billion in the twelve months to February.

New euro-based corporate lending contracts came to the equivalent of HUF 62.4 billion in February after falling to HUF 43.5 billion in January, the lowest level since the start of the statistical series in January 2005. The value of the new contracts in February was still well under the HUF 114 billion monthly average in the twelve months from March 2010.

Companies placed HUF 1,475 billion in forint fixed deposits in February, down from HUF 1,694.5 billion in the previous month, but over the HUF 1,375.8 billion in the same month a year earlier.

New euro corporate fixed deposits came to HUF 840.6bn in February, up from HUF 764.4 billion in January and HUF 596.4 billion n February 2010.