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Hungary national asset manager to be set up by end of August

The National Asset Management Company (MNV) has started establishing the National Asset Manager, and the company, to be set up to buy homes selected for foreclosure, is expected to be set up by the end of August the National Development Ministry said on Friday.

In a July 18 resolution the government reallocated HUF 2 billion for the establishment and operation of the National Asset Manager. On August 10, the government instructed the minister of national development and minister of national economy to formulate by the end of August a proposal regarding the price at which the National Asset Manager would purchase the selected homes.

Establishing the company is part of a package of government measures to help troubled home loan borrowers.

About 70% of Hungarian retail loans are denominated in foreign currency, almost all of them in Swiss franc.