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Mortgage bank Unicredit bonds outstanding drop more than coverage in Q1

Including principal at nominal value and interest, Hungarian mortgage bank Unicredit Jelzálogbank had total liabilities worth HUF 70.63 billion on its outstanding forint and foreign currency denominated mortgage-backed bonds on March 31, 2010, the bank announced on the website of the Budapest Stock Exchange on Monday.

The bank had total forint and foreign currency coverage of HUF 128.66 billion at the end of March, plus a supplementary coverage of HUF 16.61 billion.

Total liabilities on mortgage bonds fell 11.1% and total coverage, excluding supplementary coverage, fell 3.2% from the end of December 2009.

The bulk or HUF 52.88 billion nominal value of the total HUF 56.88 billion Unicredit Jelzálogbank's outstanding were forint denominated mortgage bonds, which fell HUF 2.64 billion in three months. Liabilities on foreign currency denominated bonds hardly fell, to HUF 4 billion. Interest due on forint denominated bonds outstanding totaled HUF 13.60 billion at the end of March and interest owed on foreign currency bonds was worth HUF 149 million.

The total coverage included HUF 47.50 billion in forint loans' principal and HUF 45.16 billion worth of principal on foreign currency denominated mortgage loans, practically unchanged from three months earlier. Interest receivables on forint loans totaled HUF 23.16 billion on March 31, and interest receivables on foreign currency denominated loans totaled HUF 11.68 billion.

Supplementary coverage, kept in government securities, fell HUF 740 million from the end of December. (MTI-ECONEWS)