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Banks to inform first borrowers eligible for NET programme after Jan 15

Banks will inform the first clients of their eligibility to participate in the National Asset Manager (NET) programme for distressed borrowers after January 15, NET CEO Tamas Csillag said at a press conference on Friday.

Under the programme, NET will purchase the homes of distressed borrowers from banks and allow residents to remain as renters.

Mr Csillag said borrowers would have 30 days after they are informed of their eligibility to obtain the necessary documents and sign a declaration of intent on the sale of their property. The home could be purchased as soon as two days after the declaration is signed, he added.

NET is expected to buy about 5,000 homes but the government will closely observe the programme and could make changes based on a review six months from now, said state secretary for asset policy Sara Nemes Hegman.

The Hungarian Banking Association on Friday said it welcomed the establishment of NET and supported its operation. It noted that the principles for NET’s operation were the result of consultations between government and bank experts.