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Hungary: Households borrow net Ft 97 bln from banks in June

Hungarian households borrowed net Ft 97.1 billion from banks in June, after making net repayments of Ft 90.6 billion in May, bringing their total debt with the domestic banking sector to Ft 6,357.7 billion, up Ft 1,184.8 billion from twelve months earlier.

Most retail borrowing in June was denominated in foreign currency. Exhange rate changes cut retail debt during the month by Ft 9 billion, while Ft 3.7 billion was repaid on forint debt. In the twelve months to the end of June, retail foreign currency-denominated debt rose Ft 1,278.4 billion, while forint debts fell Ft 93.6 billion. The share of forex debt within total retail borrowing rose to 58.9% from 47.5%.

The average rate for forint home loans was 10.65%, up 61bp from May, but just 49bp higher than twelve months earlier. APR was 13.32%, up 64bp from May and 67bp higher than twelve months earlier. The average rate for consumer loans was 19.18%, down 67bp from May but up 191bp from twelve months earlier. APR for the loans was 24.6%, down 132bp from May, but dropping just 39bp from twelve months earlier.

The average rate on CHF-denominated home loans was 4.93% in June, up 25bp from May and 148bp more than twelve months earlier. APR on these loans was 6.83%, up 12bp from May and 110bp higher than twelve months earlier.

Retail forint deposits with domestic banks came to Ft 6,349.2 billion at the end of June, up Ft 22.8 billion from May and Ft 332.9 billion higher than twelve months earlier. Retail foreign currency deposit stock was Ft 998.7 billion at the end of June, up Ft 16.4 billion from May and Ft 104.1 billion more than twelve months earlier. (MTI-Econews)