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Cabinet Agrees With Banks on Loan Margin Cut

HUNGARY
  • Hungary’s commercial banks agreed with the government to temporarily cut their loan margins, applicable for new corporate loans signed over the next three months, according to an Economy Ministry statement cited by Bloomberg.
  • Banks will reduce their margins to zero for the first six months of those loans. The measure, which the ministry says is “voluntary,” will reduce the interest rate on these loans by 2-4pp.
  • As a reminder, our policy team wrote an exclusive piece on the matter last week: "The National Bank of Hungary is weighing whether to press ahead with a 100-basis-points rate cut on Jan 30, amid concern it will have less room for future manoeuvre if a government proposal to use bond yields as benchmark for lending rather than the interbank loan rate goes ahead, MNI understands."
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