Hungarian households made net savings of HUF 371 billion in Q4 2008 after being net borrowers in each of the previous three quarters to a tune of HUF 152 billion, Central Bank (MNB) financial account figures show.
Net savings in Q4 resulted from HUF 637 billion in gross saving and HUF 266 billion in gross borrowing. Gross savings rose from HUF 256 billion in Q3, but were down from HUF 813 billion in the same period a year earlier. Gross borrowing dropped from HUF 358 billion in Q3 and HUF 458 billion in Q4 2007.
Households put HUF 628 billion into deposits, up from HUF 225 billion in Q3. They saved cash of HUF 118 billion, at the same time redeeming HUF 325 billion of investment fund units. Households bought listed shares for HUF 113 billion and other securities worth HUF 88 billion in Q4.
Households signed for HUF 231 billion of long-term, mainly home loans, in Q4, well under the HUF 352 billion in Q3 and the HUF 338 billion in the same period a year earlier.
As the balance of HUF 25,610 billion of financial assets and HUF 10,310 billion of liabilities, net financial assets of households stood at HUF 15,300 billion at the end of 2008. Households held more than one-third of their gross assets in shares and equities worth HUF 9,281 billion, including investment units with a value of HUF 1,780 billion, but listed shares worth just HUF 262 billion. Overnight and fixed deposits accounted for less than 29% of total household savings of HUF 7,344 billion. Insurance technical reserves accounted for HUF 4.314 billion of household assets, down HUF 277 billion from a year earlier. (MTI – Econews)