The value of new forint-based consumer loans signed by Hungarian banks in March reached the highest level since before the crisis, the National Bank of Hungary’s fresh rates report shows.
The value of new HUF-based consumer loans reached HUF 20.8bn in March, the highest monthly level since July 2008. The amount was up from HUF 17.2bn in the previous month and HUF 14.4bn twelve months earlier.
The average rate on the loans, weighted for the size of the contract, was 16.26pc in March, down sharply from 17.32pc in February and 20.98pc a year earlier.
The National Bank of Hungary cut the base rate about four percentage points during the period.
Retail clients signed new HUF-based home loan contracts worth HUF 8.5bn in March, up from HUF 5.9bn in February, but slightly under the HUF 8.8bn in the same month a year earlier. The average weighted rate for the loans was 9.42pc in March, down from 9.74pc in February and 12.17pc twelve months earlier.
Overdrafts on retail accounts came to HUF 392.1bn in March, up from HUF 382.5bn in February and HUF 369.3bn twelve months earlier, suggesting households could be spending more.
Retail clients put HUF 1,368.2bn into sight deposits in March, down from HUF 1,381.1bn in February, but up from HUF 1,349.1bn twelve months earlier. They put HUF 960.7bn into fixed deposits in March, compared to HUF 948.2bn in February and HUF 1,190.5bn a year earlier. Banks paid an average 5.39pc on the fixed deposits, down from 5.73pc in February and 9.55pc a year earlier.
New euro-based home loans were worth HUF 9.8bn in March, down from HUF 10.4bn in February and HUF 14.9bn twelve months earlier. The average weighted rate for the loans was 7.23pc in March, down from 7.42pc in February and 7.65pc twelve months earlier.
The value of new EUR-based consumer loans reached HUF 5.9bn in March, down from HUF 6.0bn in February and HUF 16.0bn a year earlier. Borrowers paid an average rate of 8.15pc on the loans in March, down from 8.71pc in February and 8.78pc in March 2009.
The value of new Swiss franc-based home loans signed in March was HUF 3.6bn, little changed from HUF 3.3bn in the previous month. The value of new CHF-based consumer loans was HUF 3.9bn, also practically level with February.