Hungarian ‘bad bank’ gets Brussels go-ahead

national-bank-of-hungary2
The National Bank of Hungary

Hungary's "bad bank" for purchasing distressed property assets from financial institutions has been authorised to begin operations by the European Commission.

The Central Bank of Hungary (MNB) will extend a credit line of approximately 300 billion forints ($1.09 billion) to the Hungarian restructuring and asset management company (Mark).

Hungarian banks held approximately $3.63 billion in "distressed commercial real estate exposure" in the third quarter of 2015, equivalent to approximately 3% of

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