Hungary
Hungarian central bank taking on credit risk from SME loans
Extension to ‘funding for growth’ scheme sees central bank extend another 500 billion forint in cheap funding to banks and take on some of the credit risk from their loans to SMEs
Central Bank of Hungary digs into reserves to supply banks with foreign currency
Measure aims to cover balance sheet mismatch prompted by government plan to convert forex loans into local currency; central bank will allocate €3 billion for the purpose
Central Bank of Hungary brings in macro-prudential borrowing caps
New caps will limit payment-to-income levels especially on FX loans; central bank hopes one side-effect will be to discourage the informal economy
Hungary central bank hits back over profligacy claims
Central bank takes exception to Financial Times blog on its purchase of a holiday home, saying many other central banks have them too
Hungarian ruling party condemns ECB ‘pressure' on behalf of foreign banks
ECB concerned that new rules requiring banks to compensate Hungarian borrowers over foreign exchange loans could hit parent banks and threaten European financial stability
Central Bank of Hungary buys $1.8m vacation home
Rural ‘castle hotel' boasts swimming pool, beer pavilion and a bowling alley; will be used for ‘recreation purposes' by staff and create local jobs, bank says
Central Bank of Hungary rate cut streak hits 23
Central Bank of Hungary cuts rates for the 23rd successive month; monetary council says ‘further cautious easing’ may follow, but suggests cycle will soon conclude
Hungary central bank hails pro-growth policies as IMF urges caution
Central Bank of Hungary sticks to easing cycle in face of IMF warnings; says growth in SME lending is down to its Funding for Growth Scheme
Hungarian central bank says solution must be found to FX household debt crisis
Financial stability report says situation can only be resolved by a definitive move that will apply equally to performing and non-performing debtors
Central Bank of Hungary adopts new constitution
The ‘internal constitution' reinforces central bank's ‘extremely broad range of competencies' and stresses cooperation with government to promote growth
Hungary tightens bank forex funding rules
Hungary's central bank aims to smooth out maturity mismatches between long-term foreign exchange loans and the short-term funding banks use
New monetary policy tools in Hungary introduced to wean country off external debt
The Central Bank of Hungary is tweaking its policy tools to incentivise lenders to purchase more domestic bonds, so reducing government’s need for foreign-denominated debt
Central Bank of Hungary makes ‘criminal complaint’ against board member
Hungary’s central bank has made a ‘criminal complaint’ against one of its own staff members, as well as a media outlet, over allegations about its use of public funds
Hungary central bank buys interbank clearing company Giro
Central Bank of Hungary aims to buy out remaining minority shareholders in the country's provider of interbank settlement services over the next two months
Early-warning indicators ‘crucial' where imbalances don't cause inflation
Hungarian paper singles out early-warning signals for macro imbalances that could be missed by a single-minded focus on price stability
Forex loans helped Hungarian firms invest more - until the forint fell in the ‘great recession'
Working paper finds Hungarian firms that borrowed in foreign currencies invested more before the crisis, but experienced a negative balance sheet effect thereafter
Hungary central bank sets out stress test methodology
Working paper explains how the National Bank of Hungary conducts its stress tests, aimed at ensuring the system can survive an intensive month-long liquidity shock
Hungary chided by ECB over threat to suspend governor
Hungarian law states that if the governor or deputy governors fail to declare personal wealth, they could be relieved of their posts; ECB points out this is insufficient grounds under European statute
Hungary targets forint entry into CLS
Hungary's central bank has committed itself to bringing the currency into CLS, and sources believe it could be added as early as next year
Hungary minutes show calls to slow rate of cuts
Hungarian monetary policy council decided in December to again cut rates by 20 basis points, but two members argued it was time to slow the rate of easing
Former Hungarian deputy says police investigation is the ‘craziest thing I have ever seen'
Júlia Király, who quit the Hungarian central bank this year after governor Andras Simor was replaced, says ongoing probe likely centres on her old department; warns over monetary stimulus
Hungarian easing shows no sign of abating
Central Bank of Hungary reduces its key policy rate for the fifteenth time in as many months, and says ‘further cautious easing’ could follow
Hungarian central bank takes over financial stability role under new deputy governor
László Windisch will be in charge of financial stability, as former financial services authority is brought inside the central bank
Hungarian economists wary of foreign bank branches
Researchers are concerned that a shift away from foreign bank subsidiaries to branches increases the risks of inadequate supervision and threatens financial stability both at home and abroad