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New national asset manager mandated to buy 5,000 mortgaged homes

Hungary's soon to be established National Asset Manager may buy up to 5,000 mortgaged homes from troubled Hungarian borrowers by the end of 2014, according to a government decree published in the official gazette Magyar Közlöny.

The decree mandates the National Economy Minister to ensure funding for the National Asset Manager's operation. It also reallocates HUF 2 billion from the budget chapter on the Office of the Prime Minister this year for the establishment and operation of the asset manager.

National Economy Ministry deputy state secretary Roland Nátrán said earlier that the asset manager would be established by October 1 at the latest.

The National Asset Manager is part of a package of government measures that aim to assist borrowers with foreign currency-denominated mortgages by fixing exchange rates on payments.