Are you sure?

Value of new corporate forint loans reaches year-high in August

The value of new forint lending contracts Hungarian banks signed with non-financial companies reached HUF 222.1 billion in August, the highest level since July 2008, fresh data from the National Bank of Hungary (MNB) shows.

The value of new forint-based corporate loans signed in August was well over the HUF 155.1 billion amount in July and slightly more than the HUF 219.3 billion in the same month a year earlier. The August figure was the highest since banks signed for corporate forint loans of HUF 239.4 billion in July 2008.

The average rate for forint-based corporate loans, weighted by end-of-month stock, was 11.19% in August, down from 11.63% in July, but up from 10.22% twelve months earlier. (The MNB lowered the base rate by 50bp to 8.00% at the end of July.)

Forint overdrafts came to HUF 725.4 billion in August, down from HUF 741.5 billion in July and HUF 869.9 billion twelve months earlier. The average weighted rate for overdrafts was 11.19% in August, down from 11.88% in July, but up from 10.20% in August 2008.

Companies put HUF 1,751.2 billion into forint fixed deposits in August, down from HUF 1,853.7 billion in July, but up from HUF 1,520.8 billion twelve months earlier. The average weighted rate for these deposits was 8.19% in August, down from 8.95% in July, but up from 7.58% twelve months earlier.

Companies put HUF 1,213.6 billion into forint sight deposits in August, up from HUF 1,173.6 billion in July, but down from HUF 1,287.0 billion twelve months earlier. The average weighted rate paid on the deposits was 2.74% in August, down from 2.82% in July, but up from 2.49% in August 2008.

The value of new euro-based corporate loans also rose sharply to HUF 121.1 billion in August from HUF 73.1 billion in July and HUF 83.3 billion twelve months earlier. The average weighted rate for the loans was 3.28% in August, practically level with the rate in July, but down from 6.15% twelve months earlier.

Euro-based overdrafts reached HUF 167.1 billion in August, down from HUF 171.4 billion in July, but up from HUF 149.4 billion twelve months earlier. The average weighted rate for overdrafts was 3.75% in August, down from 4.13% in July and 5.53% twelve months earlier.

Companies put into HUF 817,1 billion into euro fixed deposits in August, down from HUF 934.5 billion in July and HUF 1,310.0 billion twelve months earlier. The average weighted rate for the deposits was 2.11% in August, up slightly from 1.97% in July, but down from 4.30% twelve months earlier.

Euro sight deposits reached HUF 564.5 billion in August, up from HUF 525.2 billion in July and HUF 503.0 billion twelve months earlier. The average weighted rate for the deposits was 0.31% in August, little changed from July, but well under the 1.20% rate in August 2008. (MTI – Econews)