Hungarian ‘bad bank’ gets Brussels go-ahead
Central bank will provide credit line of over $1bn
Hungary's "bad bank" for purchasing distressed property assets from financial institutions has been authorised to begin operations by the European Commission.
The Central Bank of Hungary (MNB) will extend a credit line of approximately 300 billion forints ($1.09 billion) to the Hungarian restructuring and asset management company (Mark).
Hungarian banks held approximately $3.63 billion in "distressed commercial real estate exposure" in the third quarter of 2015, equivalent to approximately 3% of
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