MNB: Households make net repayments in February
The retail lending stock of Hungarian banks fell in February from the previous month, as the contraction that started in late 2009 continued, fresh data from the National Bank of Hungary (MNB) shows, Hungarian news agency MTI reported late yesterday.
The retail lending stock of banks fell HUF 30.3 billion to HUF 5.817 trillion. Transactions reduced the stock by HUF 25.3 bln – or a seasonally adjusted HUF 17 bln – and revaluations cut it by a further HUF 5 bln.
Unadjusted data shows a decline of HUF 27.7 bln in forint loans due to transactions and a HUF 2.4 bln rise in foreign currency loans.
Of the FX car and consumer loans converted into forints under legislation in the autumn 2015, those which the borrower wished to keep as FX loans were “reconverted” into FX, the MNB said. This effect was partly offset by the continuing FX loan conversion.
The stock of forint retail loans fell to HUF 5.767 tln and the stock of retail FX loans rose to HUF 50.9 bln. The conversion of FX retail mortgages in early 2015 and that of car and consumer loans in the autumn has nearly eliminated the retail FX loan stock.
Stock of retail deposits fell HUF 22.1 bln to HUF 6.922 tln at the end of February. Households withdrew HUF 33.8 bln from forint deposits which fell to HUF 5.855 tln and placed HUF 61.1 bln into foreign currency deposits which rose, including the HUF 5.1 bln fall due to the forintʼs strengthening, to HUF 1.067 tln.
The euro strengthened around 0.5% against the forint between the end of January and February, calculating with the central bankʼs daily fixing.
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