The value of new contracts Hungarian banks signed with retail borrowers fell in January for nearly all lending products, compared to both the previous month and January 2009, fresh data from the National Bank of Hungary show.
The value of new forint-denominated consumer loans for which banks signed contracts with retail clients fell to HUF 11.3bn in January from HUF 15.5bn in December and HUF 11.4bn twelve months earlier. The average rate for the loans, weighted for the size of each contract, was 18.54pc in January, down from 19.47pc in December and 23.54pc twelve months earlier.
The value of new forint home loans slipped to HUF 4.2bn in January from HUF 5.0bn in December and HUF 7.5bn in January 2009. The average weighted rate of the loans was 10.03pc in January, practically level with the rate in December, but down from 11.64pc twelve months earlier.
Forint Overdrafts fell to HUF 381.7bn from HUF 407.4bn in December.
Households put HUF 1,361.8bn into sight deposits in January, down from HUF 1,409.9bn in December and nearly level with HUF 1,349.5bn twelve months earlier. Banks paid an average 2.28pc on the sight deposits.
Households put HUF 984.3bn into fixed deposits in January, down from HUF 1,090.3bn in December, but up from HUF 907.3bn twelve months earlier. The average rate banks paid on the deposits was 6.06pc in December, down from 6.42pc in December and 9.98pc twelve months earlier.
The National Bank of Hungary base rate fell from 10.00pc at the beginning of 2009 to 6.00pc at the end of January 2010.
The value of new euro-denominated consumer loans dipped to HUF 6.7bn in January from HUF 11.1bn in December and HUF 13.5bn twelve months earlier. The average weighted rate of the loans was 8.94pc in January, up from 8.74pc in December, but down from 9.39pc twelve months earlier. The rates are still well under those for forint-based consumer loans.
The value of new EUR-based home loans dropped to HUF 7.6bn in January from HUF 10.9bn in December and HUF 15.9bn in January 2009. The average weighted rate on the loans was 7.66pc in January, about the same as in December but up from 7.31pc twelve months earlier. The gap between rates for HUF- and EUR-based home loans continued to narrow in January.
The value of new Swiss franc-based personal loans was practically nil in January, down from a slight HUF 100m in December and HUF 300m twelve months earlier. The average weighted annualised rate for the loans was 13.55pc in January.
The value of new CHF-based vehicle loans slipped to HUF 900m in January from HUF 1.1bn in December and HUF 1.3bn twelve months earlier. The average weighted annualised rate for the loans was 16.14pc in January, down from 17.05pc in December, but over the 15.04pc rate twelve months earlier.
Retail clients signed for HUF 7.9bn of CHF-based free-use mortgage loans in January, up from HUF 7.3bn in December, but down from HUF 9.7bn twelve months earlier. The average weighted annualised rate on the loans was 5.40pc in January, down from 5.90pc in December.