Hungary expects state debt to fall to 76.9%

According to today’s prediction by the National Economy Ministry, Hungary’s state debt as a percentage of GDP is likely to fall to 76.9% – lower than expected – by the end of the year, down from last year’s 77.3%.
EconomyWednesday, 11:45, October 1, 2014 Read more

Varga reverses course on foreign debt

Hungary’s Economy Minister Mihály Varga said today that the country could sell new foreign currency debt this year if terms were favorable. Officials had previously said the government was swearing off sales of foreign debt for the next couple of years.
EconomyTuesday, 12:30, September 23, 2014 Read more

Household utility debt drops

Consumers behind with household bills owe a combined HUF 96.3 bln (€305 mln) to utility companies, as compared to HUF 124 bln a year earlier, Hungarian business daily Világgazdaság reported yesterday.
EconomyThursday, 10:20, September 11, 2014 Read more

Rogán: FX debt burdens to drop by 1/4

Even without converting foreign-currency debt into forints, the average forex debt burden is likely to decline by a quarter, thanks to court rulings based on new FX-loan legislation, Antal Rogán, ruling Fidesz’s group leader, said yesterday.
BusinessThursday, 09:30, August 28, 2014 Read more

Court acts swiftly as 79 banks challenge debt relief

As a Budapest Court began hearing banks' petitions under the new FX loan law yesterday, MKB bank was told its case will be ruled upon on Sept. 9 and K&H was denied its petition to refer its case to the Constitutional Court and the European Court of Justice, according to reports. Some 79 banks have lined up to challenge the law in court.
EconomyTuesday, 09:50, August 26, 2014 Read more

Quarrel over public debt ratio

Public debt figures released yesterday have prompted a political debate. Hungary’s public debt reached HUF 25,432 bln or 85.1% of GDP by the end of the first half, rising from 84.4 % at the end of March and from 79.4 %  at the end of 2013.
PoliticsTuesday, 13:30, August 19, 2014 Read more

FX mortgage ruling said to hurt credit ratings of banks

The Hungarian Supreme Court's ruling last week, that unilateral changes by banks to foreign-currency mortgage interest rates were unfair in some cases, means Hungarian banks are slightly less credit worthy in the short term, but the ruling could also lift these banks' long-term credit outlook, Moody's Investors Service said today.
EconomyMonday, 14:20, June 23, 2014 Read more

This week: Gov’t, banks weigh options on FX loans

When the Supreme Court of Hungary (Curia) made its long-awaited decision on the “fairness” of foreign exchange loans on Monday, it felt like the judges avoided the hardest question: What can be done to reduce the pain that average Hungarian mortgage holders feel when the value of the forint drops relative to foreign currency?
OpinionFriday, 16:05, June 20, 2014 Read more

Government plans new law after FX ruling

Hungary’s governing party Fidesz will protect borrowers by submitting legislation to phase out FX mortgages, in response to the Curia (supreme court) decision on FX mortgage loans yesterday, according to parliamentary group leader Antal Rogán.
PoliticsTuesday, 10:25, June 17, 2014 Read more

Hungarian Curia decides on FX mortgage loan issue

Hungary’s Supreme Court (Curia) delivered its long-awaited decision on the fairness of bank loans today, upholding a previous ruling that found banks must use the official medium exchange rate of the National Bank of Hungary when calculating loans of foreign denominations.
EconomyMonday, 15:30, June 16, 2014 Read more

Debt rises to all-time high, government spins figure

After the national debt was reported by the National Bank of Hungary to have reached an all-time high yesterday, National Economy Ministry State Secretary Gábor Orbán quickly did some damage control, informing media that  “what is important is the level of debt at year’s end...”
EconomyTuesday, 08:00, May 20, 2014 Read more

Gross state debt improves slightly in Q4 2013

Hungary’s gross state debt, calculated at nominal value according to Maastricht criteria, fell to 79.0% of GDP at the end of last year from 80.2% at the end of September, a preliminary report released by the National Bank of Hungary (MNB) today shows...
EconomyMonday, 13:30, February 17, 2014 Read more

State to assume Budapest’s HUF 100 billion debt

The central government will be taking on some HUF 100.7 billion in debt accumulated by Budapest -- nearly the entirety of the city’s HUF 107 billion-plus outstanding -- as part of the ongoing assumption of municipality debt...
BudapestMonday, 08:00, January 27, 2014 Read more

MNB: Government debt at 80.2% of GDP

According to figures released by the National Bank of Hungary (MNB) today, the central government’s consolidated gross debt was at 80.2% at the end of third quarter 2013. By comparison, at 2012’s end, the ratio measured 79.8%...
EconomyThursday, 12:30, January 2, 2014 Read more

Report: >25% of Hungarian debt held by European banks

As of July 1, some 25.3% of Hungary’s debt was held by 33 banks based outside the country, according to a study compiled by local business news outlet Napi Gazdaság. The leading lender among the group is Belgium-based KBC Bank with €3.3 billion held...
EconomyFriday, 11:30, December 20, 2013 Read more

Eurostat: Hungary debt “unhealthy” but above average

Eurostat, The EU’s official statistical office, today released its statistics on member states’ national debt totals for 2012. While the figures on Hungary’s debt are good news/bad news, the country can take solace in the fact that its debt is well below both the EU28 and Eurozone averages.
EconomyMonday, 15:30, October 21, 2013 Read more

Audit office: 2014 deficit target can be met

The Hungarian Audit Office (ÁSz) today released an opinion which reckons that the central government’s 2014 deficit target can be met if the economy grows by a rate of at least 2% -- though a few macroeconomic hurdles will have to be cleared...
EconomyFriday, 14:00, October 11, 2013 Read more

IMF: Hungary state debt will rise in 2014

The International Monetary Fund (IMF) sees Hungary's gross state debt rising from 79.8% at the end of 2013 to 80% in 2014 before falling to 79.7% in 2015, the lender said in its newly-released biannual Fiscal Monitor...
EconomyFriday, 12:25, October 11, 2013 Read more

Households continue to repay loans in August

Hungarian households borrowed moderately in forints from domestic banks and repaid them far more in forex-denominated loans in August, as they have every month since April, new figures from the National Bank of Hungary (MNB) show...
EconomyTuesday, 14:00, October 1, 2013 Read more

Government retreats from war on public debt

The government takes a firm stand against accruing public debt, at least in theory. In actuality, the Economic Stability Act put in place with the endorsement of Prime Minister Viktor Orbán has proven ineffective on capping spending with more to come in the leadup to 2014 elections...
EconomyFriday, 13:15, September 20, 2013 Read more