Gross state debt, according to the Maastricht definition, was HUF 22,204 billion or 78.6% of GDP at the end of Q3. The appreciation of the forint reduced the debt by HUF 148 billion and net borrowing increased it by HUF 182 billion, the MNB said. The debt ratio dropped from an upward revised 78.9% at the end of Q2 and from 83.4% one year earlier. The four-quarter net financing requirement was boosted by a high 6.8% ratio in Q4 2014, from where the quarterly ratio has dropped steadily to its lowest level measured since a 0.1% financing surplus posted in Q3 2008. Excluding the effect of the transfer of private pension fund assets to the state and of a preferential-rate early retail fx mortgage repayments under a temporarily operated government scheme, the four-quarter financing has dropped to 3.0% of GDP in the four quarters ending Q3 2012 after rising to 5.3% in 2011. Adjusted for seasonal factors, the net general government financing requirement reached a bottom since its calculation started in 1995, at 2.1% of GDP in Q2 2012 and rose to 2.6% in Q3 last year.