Hungary's other MFI assets stock down by 6.3% y/y as at end-June.

By bne IntelliNews August 1, 2011
The assets of other monetary and financial institutions (MFI), banks and monetary funds, continued to decline on an annual basis in June at an accelerating pace of 6.3% y/y to HUF 34.6tn (EUR 128.3bn) as at end-June, central bank data showed. The negative tendency was observed also in monthly comparison, as the assets edged down by 0.34%. Other MFI have extended HUF 21.556tn in loans to residents, down by 0.2% m/m and a substantial 6.3% y/y. The significant annual contraction could be attributed to the lower loan stock to non-financial and non-government institutions (down by 6.6% y/y to HUF 17.1tn). The share of loans in the total assets stood at 62.2% or 0.1pps higher than the preceding month, as the external assets share declined by 0.6pps on the month. The latter was the other assets type that shrank on the month in value, while all other groups of assets edged up compared to May 2011. On the liabilities side, the deposits in other MFI stood at HUF 16.7tn (up by HUF 4bn m/m). The ratio of deposits to credits was slightly up to 77.7% as at end-June.
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