Brussels, 14/01/2010 (Agence Europe) - On Thursday 14 January, the European Commission approved a Hungarian measure aimed at providing liquidity to eligible financial institutions in Hungary to support lending to the economy. The Commission says the Hungarian aid scheme has been instrumental in helping financial institutions withstand the exceptional turbulence on the financial markets, “without unduly distorting competition”.
The liquidity support takes the form of non-subordinated, non-structured loans, with a maximum maturity and an entry window open until 30 June 2010. To date, three Hungarian banks have benefited from the liquidity scheme since its implementation in March 2009. In particular, the level of remuneration of the loans is consistent with the pricing of the Hungarian guarantee scheme. (L.C./transl.rt)