Bloomberg News

Hungary Lenders Borrow 56 Billion Forint in Central Bank Tender

April 03, 2012

Hungarian domestic banks borrowed 56 billion forint ($255 million) in the central bank’s first tender of two-year collateralized loans, the Magyar Nemzeti Bank said today.

The central bank, which announced the new credit facility in February to prop up corporate lending, accepted all bids at the tender, according to data published on the bank’s website.

Interest on the loans is equal to the benchmark interest rate prevailing during their term and banks that keep from reducing their adjusted outstanding loans to corporations to below December 2011 levels during the term of the two-year loan are eligible to bid.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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