HungaryTrends – The business and financial news from the previous week
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Budapest (MTI) – See below MTI’s main business and financial news from the previous week:
EUROPEAN COMMISSION CLEARS STATE AID FOR PAKS UPGRADE
The European Commission said it approved Hungary’s financial support for the construction of two nuclear reactors in Paks on the basis of commitments made by Hungary to limit distortions of competition.
CBANK TO ROLL OUT “CONSUMER-FRIENDLY HOME LOAN” CERTIFICATION
The National Bank of Hungary announced the introduction of a “consumer-friendly home loan” certification to counter high interest margins and the low rate of borrower refinancing. Only banks whose lending products meet strict conditions laid down by the NBH may apply for certification and use the “consumer-friendly home loan” logo.
CIB BANK PROFIT REACHES HUF 12BN LAST YEAR ON PROVISIONS RELEASE
Italian-owned CIB Bank had net profit of 12.0 billion forints (EUR 38m) last year, improving over a 40.2 billion forint loss in the base period on a release of provisions, a consolidated IFRS earnings report showed. CIB Bank released 4.9 billion forints of provisions for impaired assets last year after building up provisions of 35.9 billion forints in the base period.