Hungary’s manager of bad assets seeks EC, ECB approval
The Hungarian Reorganization and Receivables Management Company (MARK), established by the National Bank of Hungary (MNB) last November to buy bad commercial real estate loans and properties from banks, is still in "intensive talks" with the European Commission and the European Central Bank on approval of its operations, CEO Csaba Kandrács said in an interview with Reuters yesterday, Hungarian news agency MTI reported.
MARK, which is owned by the MNB, will allocate up to HUF 300 bln to buy bad commercial real estate loans and properties with a book value of HUF 800 bln, the central bank said earlier.
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