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Skip Navigation LinksHome :: Foreign exchange :: Central bank warns against rising bank lending to households.

Wednesday, April 16, 2008

Central bank warns against rising bank lending to households.





Central bank warns against rising bank lending to households. The operating risks for the banking systems in Hungary have increased during the past six months, the National Bank of Hungary (NBH) concluded in its latest issue of the Report on Financial Stability. Naturally, the higher risks were attributed mainly to the global financial crisis, which was also felt in Hungary through contagion effects. Liquidity in the financial system in the country dried up, reflected in soaring yields on the government securities market. In addition, external borrowing by the banking sector was also subject to rising interest rates and maturities of new foreign debt were shorter. On overall, the central bank pointed out that the domestic banking system remained resilient against shocks due to strong foreign ownership and still sufficient profitability. It, however, noted that the financial market volatility could persist since there was not yet information on the scale of losses or their distribution through financial companies. Another warning for the banking sector came along the lines of the economic outlook. The NBH stressed that the sustainability risks for the economy had been reduced with the fiscal consolidation process but global uncertainty was generally expected to bring down external demand and thus, economic growth in Hungary . Under these conditions, the central bank observed that banks’ practices of offering higher-risk products and relaxing lending standards for households could represent a danger for the overall system. It emphasized that increased awareness for the risk of foreign currency-denominated borrowing by households could be vital for the stability of the financial sector in general.


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