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Value of new corporate EUR, HUF loans falls in Aug

The value of new corporate loans signed by Hungarian banks in August fell for both euro-based and forint loans, the National Bank of Hungary's monthly rates report shows.

The value of new forint loans signed by non-financial companies in Hungary dropped to HUF 158.3bn in august from HUF 170.8bn in July and HUF 222.1bn in the same month a year earlier. The amount was also well under the HUF 173.5bn monthly average in the twelve months to the end of August. Companies paid an average 7.95c on the loans, weighted for their size, down from 11.22pc twelve months earlier.

The value of EUR-based loans came to the equivalent of HUF 87.2bm in August, the lowest level in six months. New EUR-based corporate loan stock was HUF 196.4bn in July and HUF 121.1bn in August 2009. The monthly average for the twelve months to the end of July was HUF 126.4bn. Companies paid an average rate of 3.34pc on the loans, weighted for their size, in August, up from 3.28pc twelve months earlier.

Companies put HUF 1,291.6bn into forint sight deposits in August, up from HUF 1,227.0bn in July and HUF 1,213.3bn twelve months earlier. Companies put HUF 1,898.8bn into fixed deposits, compared to HUF 1,794.9bn in July and HUF 1,747.6bn twelve months earlier. Banks paid an average 4.81pc on the deposits, down from 8.19pc twelve months earlier.

Companies put HUF 584.4bn into sight EUR sight deposits in August, up from HUF 561.4bn in July. They put HUF 467.6bn into fixed deposits, roughly level with the HUF 465.7bn in July, but under the HUF 817.1bn in August 2009. Companies put a monthly average HUF 659.7bn into EUR fixed deposits in the twelve months to the end of August. Banks paid companies an average 1.74pc on the deposits, down from 2.11pc twelve months earlier. (MTI-Econews)