MNB publishes changes to FGS, FGS+ programs

MNB

The National Bank of Hungary (MNB) published details of changes made to its Funding for Growth Scheme (FGS) and the spin-off FGS+ late last week, according to Hungarian news agency MTI. 

The MNB said earlier that it would allow lenders who use cheap funding from the schemes to add guarantee fees in addition to a 2.5% lending margin limit. "This step – while raising financing costs just a bit – will allow a number of micro- and small businesses access to credit available under the program," the MNB said.

The central bank also extended the deadline to call down FGS and FGS+ credit until the end of 2016 to allow financing for "large-volume investments that require more time to implement". The MNB broadened eligibility for FGS and FGS+ credit to the construction of residential property that has at least an "A" energy efficiency rating. The changes are to take effect from May 10, 2015.

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