Franklin Templeton holdings of Hungarian debt drop

American asset manager Franklin Templeton's holdings of Hungarian government securities dropped by 2.2% in Q4 last year, as compared to the preceding quarter, and fell by a year-on-year 4.1% due to the forint weakening to the dollar, Hungarian business daily Napi Gazdaság reported today.
EconomyTuesday, 11:10, January 27, 2015 Read more

Hungary’s central budget debt rises 8.6% in year to December

Gross debt of Hungary's central budget rose HUF 1,8 trillion, or 8.6%, to HUF 23.8 trillion in the twelve months to the end of December, the Government Debt Management Agency (ÁKK) said in part of the National Economy Ministry's December budget report.
EconomyFriday, 14:40, January 23, 2015 Read more

Expiring long-term debt cuts Hungary's short-term external debt in Q3

The expiration of long-term debts was the main factor behind a large drop of Hungary's gross short-term external debt in the third quarter of 2014, the National Bank of Hungary (MNB) said in its fresh quarterly balance of payments report published on Monday.
EconomyWednesday, 09:20, January 14, 2015 Read more

Official: State debt to fall below 2013-end level

By the end of November the Hungarian state debt will be below its level at the end of 2013 using any possible calculating method, the deputy-CEO of the Government Debt Management Agency (ÁKK)Laszlo Andras Borbely said on state television on Tuesday morning.
Wednesday, 12:15, November 19, 2014 Read more

Hungary sees state debt falling to 76.9% level this year

The National Economy Ministry projects Hungary's state debt as a percentage of GDP will fall to a lower-than-expected 76.9% at year-end, down from 77.3% at the end of last year. The ministry announced the projection on Wednesday, after the Central Statistics Office (KSH) sent a scheduled Excessive Deficit Procedure report to the European Commission.
EconomyThursday, 10:30, October 2, 2014 Read more

EC: Hungary's debt reduction steps no substitute for real fiscal consolidation

The European Commission acknowledged recent steps Hungary has taken to reduce its state debt in a report published on Wednesday, but said the steps could not stand in for "genuine fiscal consolidation efforts" and reiterated that the country could face the re-opening of an Excessive Deficit Procedure.
EconomyThursday, 10:00, October 2, 2014 Read more

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

ÁKK buys back HUF 37.4 bln of bonds at reverse auction

The Government Debt Management Agency (ÁKK) bought back about HUF 37.4 bln of two bonds before maturity at a reverse auction, Hungarian news agency reported today. ÁKK accepted all of the HUF 24.3 bln of bids submitted by primary dealers for the early redemption of 2015/A bonds which mature on February 12, 2015. Average yield was 1.33%.
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