Hungarys household lending declines in July 2012.

By bne IntelliNews September 3, 2012
The combined value of loans extended by Hungarian commercial banks dropped on an annual base in July 2012 mainly due to lower household lending, Hungary's financial statistics showed. Lending to households declined for the eight month in a row in July, falling 15% y/y to HUF 7.34tn (EUR 25.9bn), faster than June's contraction of 9.5% y/y. The deterioration was mostly due to lower lending in the house purchases segment, which witnessed a 19.9% annual fall. In addition, consumer credits declined by 9.7% y/y to HUF 3.5tn. Business lending declined by 4.7% y/y, faster than the 0.8% y/y drop in June. The stock of credits to non-financial corporations reached HUF 6.97tn at end-July 2012. The value of new forint-denominated household loans in July decreased on an annual basis. New housing loans in domestic currency fell to HUF 11.8bn, down from the HUF 18.1bn reported in July 2011 but slightly up from HUF 11.2bn in June 2012. New consumer loans amounted to HUF 13.1bn in July 2012, down from HUF 19.1bn a year earlier.
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