2 minute read
4.7 Forint receivables from and liabilities to credit institutions
Forint receivables from credit institutions
B/S line Description
FGS refinancing loans Covered mortgage bonds Collateralised loans Securities issued with government guarantees Other receivables
Total receivables from credit institutions in gross value
Impairment loss for receivables from credit institutions
I.2. Total receivables from credit institutions Balance
31 Dec 2019 31 Dec 2020
HUF millions
Change
967,064 2,152,180 1,185,116 393,853 682,879 289,026 387,851 2,263,480 1,875,629 0 49,142 49,142 6,557 5,378 -1,179
1,755,325 5,153,059 3,397,734
-5,499 -8,549 -3,050
1,749,826 5,144,510 3,394,684
Forint receivables from credit institutions totalled HUF 5,144.5 billion at the end of 2020, which is almost three times the figure from the end of 2019. This material change can be ascribed to the appearance of central bank instruments adopted by the MNB to mitigate the negative consequences of the financial market distortions caused by the coronavirus pandemic. The stock of the new, fixed-rate collateralised credit instrument, which was introduced at the end of March 2020, gradually expanded to HUF 2,263.5 billion by the end of 2020. (During the year, banks received collateralised loans with maturities of 3 and 5 years, the majority of the portfolio consists 5-year loans.) At the same time, demand for O/N loans fell and there was no stock at the end of 2020. Therefore, loans collateralised by securities and corporate loans increased by a total of HUF 1,875.6 billion. FGS refinancing loans rose by a net amount of HUF1,185.1 billion, of which HUF 1,194.4 billion was from the newly introduced FGS Go! scheme and HUF 121.6 billion from recourse to FGS fix, while the HUF 130.9 billion negative difference was due to maturing loans. Starting from October 2020, the MNB may also purchase securities from credit institutions that have been issued with government guarantees: their stock amounted to HUF 49.1 billion at end-2020. To improve the banking system’s access to long-term funds, the MNB resumed its mortgage bond purchase programme in May 2020, as a result of which mortgage bonds increased by HUF 289 billion by the end of December. The item ‘Other receivables’ contains the amount of the overdue receivables from credit institutions under liquidation.
Forint receivables from credit institutions in gross value by remaining maturity
Remaining maturity
- matured - within 1 year - within 1 to 5 years - over 5 years
Total receivables from credit institutions in gross value Balance
31 Dec 2019 31 Dec 2020
HUF millions
Change
6,557 5,378 -1,179 418,178 157,066 -261,112 722,214 3,772,111 3,049,897 608,376 1,218,504 610,128
