ANNUAL REPORT 2011 - Magyar Fejlesztési Bank Zrt.

ANNUAL REPORT 2011

TABLE OF CONTENTS
Greetings 3
The operating environment of MFB Hungarian Development Bank Private Limited Company in 2011 5
The results of MFB Hungarian Development Bank Private Limited Company 15
Independent Auditor’s Report 19
Balance sheet (assets and liabilities) and off-balance sheet items 20
Income Statement 21
Unconsolidated Balance Sheet according to International Financial Reporting Standards 22
Unconsolidated Income Statement according to International Financial Reporting Standards 23
Difference between owner’s equity under Hungarian accounting standards and IRFS 24
1. MFB Hungarian Development Bank Private Limited Company 27
2. Development of business operations 31
3. Lending operations 33
4. Loan programmes 34
Facilities for enterprises 34
New Hungary Enterprise Development Loan Programme 34
New Hungary Development Loan Programme for Small and Medium Sized Enterprises 34
Intermediated facilities 34
MFB Public Transport Development Loan Programme 36
Facilities for municipalities 37
Municipal Infrastructure Development Loan Programme “For a Successful Hungary” 37
Social Housing Loan Programme “For a Successful Hungary” 38
Retail and Municipal Development Loan Programmes for Energy Saving 38
Agricultural facilities 38
New Hungary Agricultural Development Loan Programme 38
Working capital loans 38
Working Capital Loan Programme for Producer Organisations 38
New Hungary Agricultural Working Capital Loan Programme 38
MFB Vis Maior Agricultural Working Capital Loan Programme 39
MFB Agricultural Working Capital Loan Programme 39
MFB Frost Damage 2011 Working Capital Loan Programme 40
Bank guarantee programmes 40
5. fundING 41
6. MFB Banking Group 43
7. Communication, customer service, sponsorships, scholarships 44
8. MFB INDICATOR 47
9. THE Board of Directors and THE Supervisory Board 56
MFB ANNUAL REPORT 2011
1

GREETINGS
All of the associates of MFB Hungarian Development
Bank Private Limited Company worked extremely hard
during 2011. Broadened through changes in 2010, our
responsibilities were exposed to storm and stress in each
segment. The grievances of the international economy
and the financial sector did not spare the overall national
economy and our broader environment, the European
Union. The hardships rippled through the sectors where
the companies controlled by the Bank operate.
MFB performed well in 2011 despite the severe circumstances:
we added HUF 68 billion to our loan portfolio and have increased
our nationwide share in corporate lending from 11.5 to 12.2 percent.
The Founder increased capital by HUF 130 billion bringing the
owner’s equity of MFB above HUF 212.7 billion.
Bank activity and cost effectiveness have improved
considerably along with major cuts in operating costs. Measures
taken by the new management of the Bank after taking office on 17 June 2010 up to 31 December 2011 resulted in savings worth
HUF 2.3 billion, including HUF 1.6 billion saved on wage related expenditure. In 2011, operating costs were down 8 percent from 2009
despite the need to take thirty new employees on board to tend to a multitude of new responsibilities.
MFB’s profits before impairments, provisioning and the bank levy surpassed HUF 7.7 billion in 2011. The result for the year as per the
balance sheet shows a huge loss: HUF 38.6 million in the red. The reason lies in degree of risk burdening the legacy portfolio “inherited” from
the period up to 2010, which demanded setting aside additional amounts in 2011 despite efforts at managing receivables with care and a view
to ensuring payback, the impairments charged and the amounts provisioned last year. The additional impairments and changes in amounts
provisioned due to quality downgrades of the business portfolio weighed down the result by HUF 43.1 billion.
We have managed to overcome this burdensome legacy and will manage to respond to new challenges as well. MFB re-entered the
international money market with a successful bond issue in 2011 after four years’ of absence, which offers unquestionable justification of the
appropriateness of the path we have chosen and a signal of trust from international banking.
“
...offers unquestionable
justification of the appropriateness
of the path we have chosen and
is a signal of trust from
international banking.
”
László Baranyay
Chairman-CEO
MFB ANNUAL REPORT 2011
3

THE OPERATING ENVIRONMENT
OF MFB HUNGARIAN DEVELOPMENT BANK
PRIVATE LIMITED COMPANY IN 2011
Recovery from the global economic crisis halted after a
promising start in early 2011. Employment and government
indebtedness lurked at stubbornly high levels in the second
half of the year. Additional rounds of monetary stimulus
raised queries and the banking system was marred
with lack of confidence. The outlook of the Eurozone,
which carries fairly high priority for the Hungarian
economy, worsened considerably with diverging
processes questioning the foundations of integration with
much greater vehemence than ever before.
The internal drivers of growth failed to start in the Hungarian
economy in 2011. Corporations tended to move into something
like “hibernation” or operating in restraint mode, which could
become an impediment to sustained growth and also reduced
the predictability of debt management. The extreme volatility of
exchange rate movements, the overall weakening of the national
currency and the steady rise of the country’s risk premium spelt
hardships for external funding for both the Hungarian economy
and MFB.
Global economic processes
Providing the broader backdrop to the operations of MFB Hungarian
Development Bank, the global economy took a promising start
in 2011 as recovery from the crisis accelerated transitionally
during Q1. However, maintaining the rate of growth failed and Q1
performance was fundamentally driven by unique factors. Starting
the second quarter of 2011, the rate of economic growth faltered
visibly both in developed and emerging regions and helped the
annual growth of international trade subside to a single digit.
Beside the sovereign crisis, the economic consequences of the
political havoc engulfing Northern Africa and the Arab Peninsula
coupled with Japan’s nuclear disaster to contribute to the
slowdown of global growth.
SOURCES: EUROStat, NatiONal BUREaU Of StatiStiCS Of ChiNa
After mid-2011, global economic processes sent repeated
crisis signals as growth subsided noticeably with the most of the
ills focused in the old continent (and especially the Euro Area):
by the end of the year most indices of economic sentiment were
approximating levels seen during the crisis two years ago, revealing
the bare real economic impact of the sovereign crisis hitting
the member states. In the early part of 2011, growth of Europe’s
single currency economies was driven by capital expenditure and
construction projects delayed from late 2010 due to bad weather
and by making up for lost production, but the upswing of Q1 (2.4%
yoy) was followed by gradual deceleration (Q2: 1.6%, Q3: 1.3%,
MFB ANNUAL REPORT 2011
5

❙ THE OPERATING ENVIRONMENT OF MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY IN 2011
n n n n
n n n n
*GDP GROWTH (2007=100%)
SOURCE: EUROSTaT
Q4: 0.7%) in the Eurozone with the period between October and
December showing contraction (-0.3%) for the first time after nine
quarters as compared to the previous three months.
The Eurozone member states continued to diverge in 2011.
The pronounced divergence in reflected by a comparison of 2011
and pre-crisis output levels showing that the performance of the
group of countries referred to as PIIGS countries (Portugal, Italy,
Ireland, Greece and Spain) and especially Greece and Ireland fell
way short of that in 2007, while Germany surpassed that level in
the second half of 2010. The fact that the Eurozone as a whole
managed to return to the level recorded in 2007 only in the second
quarter of 2011 demonstrates how slow and fragile recovery has
been in the region.
The divergence of member states and prolonged management
of debt related problems punctured gaping holes in the political
unity of the European Union and raised questions about continuing
the operation of certain levels of integration (e.g. monetary union)
in their current form.
The differing views of member states, lack of unity and
consensus have increasingly turned into barriers hindering
economic recovery.
In addition to the US economy being sick-listed, the reasons of
slower than expected US growth in the first half of 2011 include first
of all supply chains faltering in the wake of the earthquake in Japan,
recession fears triggered by the Eurozone sovereign debt crisis and
rising commodity (particularly oil) prices. At 2.2% (yoy) in the first
quarter, the rate of GDP growth decelerated modestly during the
remainder of the year (to 1.6% in Q2, 1.5% in Q3 and 1.6% in Q4),
as neither community nor household level spending showed true
recovery due to tight fiscal headroom, indebted governments and
retail spending curbed by persistently high unemployment. The
fundamental difference of opinion between the two political sides
6
MFB ANNUAL REPORT 2011

AZ MFB ZRT. MÛKÖDÉSI KÖRNYEZETE 2011-BEN ❙
about solving the mounting government debt and budget deficit,
which has become of focal point of political clashes in the run-up
to the presidential elections, has not helped the performance of the
US economy in 2011. That was also one of the factors motivating
Standard & Poor’s to take a thus far unprecedented step in summer
2011 when it graded US government debt one notch down.
Calculated year on year, Chinese economic growth slid from
9.7% in the first quarter below 9% by the end of the year (9.5% in
Q2, 9.1% in Q3 and 8.9% in Q4) as a result of the weak position
of major foreign trading partners (especially the Eurozone) and
which started in the second half of 2010, began to moderate in
response to declining global demand and as speculation premium
vanished. (Mounting geopolitical pressures associated first of all
with the sanctions on Iran triggered a minor jump in oil prices late
in the year.) As a result, Chinese CPI fell from 6.5% in the summer
to 4.2% by the end of the year. The rate of US inflation started to
submerge slowly from 4% mid-year, while the same evened out at
3.0% in the Eurozone in the autumn months.
In the first half of 2011, global money and capital markets were
driven by moderate optimism, which was, however, replaced from
n n
a number of domestic factors. The staggering growth of earlier mid-summer onwards by worsening growth outlook, the phasing
n
years was driven by property investments fuelled by an unlimited out of the Fed’s stimulus package and Europe’s sovereign debt
Forrás: ECB
pool of cheap lending. However, non-performing corporate loans crisis, which sent investors flying from risk assets, strengthened
coupled with a highly indebted municipal sector kept increasing liquidity tensions in interbank markets and the poor performance
szinten the pressure kb. 1 on százalékpontot the system of financial emelkedtek mediation, a vállalati which forinthitel tightened évi of European gyengülése assets. és a devizahitelek magas aránya következtében
kamatok corporate (az lending 1−5 éves conditions kölcsönök and kamata hence átlagosan held back 10,10%, capital a forintban The US nyilvántartott policy rate has hitelállomány remained at record 1,8%-kal low bôvült. levels (0-0.25%)
az expenditure ennél hosszabb projects visibly. hitelek kamata 9,45% volt decemberben), since Az late MFB 2008, vállalati but as felmérései the scheduled (MFB-INDIKÁTOR) termination of the a vállalati second
míg Despite az euróban appreciating nyújtott hitelek gradually esetében the mintegy Chinese 50 renminbi bázispontos
remained volt undervalued a növekedés based mértéke on (2011 fundamentals, utolsó hónapjában which triggered 4,33, és failure a forráskereslet to launch a new csökkenésébôl stimulus package fakad, strengthened s késôbbre investor tolhatja
szektor quantitative „hibernálódását” easing (QE2) jelzik, for the ami end a forráshiány of June of fokozódásából
2011 and the
illetve unending 3,97% resentment volt az from 1−5, trading illetve partners legalább (particularly 5 éves kölcsönök the USA). a fears, beruházások the Fed responded elindulását, by a committing magyar gazdaság itself in the fellendülését. autumn to
átlagos The appreciation kamatszintje). of the A currency vállalati is forrásköltségek a longer term threat regionálisan for the A maintain forráshiány interest általános rates up erôsödését to mid-2013 mutatja, or the end hogy of 2014 2011. the tavasz latest
továbbra competitiveness is magasnak of formerly mondhatóak: successful industries; Szlovákiában hence 4,04%, certain és in an ôsz attempt között to nemcsak relieve labour a kisvállalatok, market tensions. hanem Facing a közép- increased és
Csehországban manufacturing processes 4,11%, Lengyelországban have started to migrate 6,71%, to other Romániában countries. nagyvállalatok inflationary pressures, között the is megkétszerezôdött European Central Bank a folyó (ECB) kiadások decided
10,84% However, volt with decemberben wages and the az world 5 évnél market hosszabb price of commodities futamidejû fedezése to raise the érdekében basic rate külsô from 1.00% forrásra at the szoruló beginning vállalatok of the aránya, year by
hitelek rising rapidly, kamata. the managed slow-down of currency appreciation ugyanakkor 25 basis points a súlyosbodó each in April forráshiány and July, and ellenére embarked a vállalatoknak
on monetary
has A in the magyar short bankrendszer run contributed vállalatoknak, a high and illetve sustained önkormányzatoknak
inflationary nyújtott pressure hiteleinek in China. állománya The (monetary) 1,8%-kal tools unleashed nôtt, illetve to valószínûleg growth related forrásbevonást risks ramped up, a felmérést which in követô effect returned 12 hónapban, the policy ami
level of csupán easing at ötöde equal tervezett proportions ôsszel in biztosan, November s további and December ötöde hajt végre when
0,8%-kal mitigate the csökkent pressure in 2011-ben. turn curbed A economic nem pénzügyi growth as vállalatok well. trendfordulót rate to 1.00% jelent again a by korábbi the end növekvô of the forráskereslethez year. To mark képest. change of
2011-ben Global mind inflationary forintban, pressures mind devizában have been nettó attenuated hiteltörlesztôk as the direction in monetary policy, the ECB provided EUR 500 billion of
voltak, price rally a tranzakciók of commodity alapján prices, elôbbi particularly volumene soaring 19,9, oil prices, utóbbi liquidity to Eurozone banks under a three-year tender, which is the
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
MFB
ANNUAL REPORT 2011
7

❙ THE OPERATING ENVIRONMENT OF MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY IN 2011
n n n n
n n
SOURCES: NBH, ECB, FED, REUTERS
single largest liquidity injection measure the ECB has applied to
date. The Bank of Japan (0.10%) and the Bank of England (0.50%)
left the policy rate unchanged in 2011, but their Swiss peer cut the
target band from 0–0.75% to 0–0.25% to fend off any extreme
appreciation of the Swiss Franc.
Seeking to ease global liquidity problems, the world’s leading
central banks (Fed, ECB, Bank of England, the Swiss, the Canadian
and the Japanese national banks) announced joint action in late
November. The decision requires participating central banks
to cut the cost of their exiting USD swap facilities by 50 basis
points and leave the modification in place until February 2013
and to conclude USD swap transactions even on a bilateral basis
if necessary. Interbank rates have remained low throughout the
year compared to pre-crisis levels. The phasing out of the Fed’s
liquidity programme and stronger demand from European financial
institutions propelled USD rates after the summer as expressed
by the rise of 3 month USD LIBOR from 0,30% at the beginning of
the year to 0.58 twelve months later. Tensions gathered strength
in the European interbank market in the summer and calmed only
slowly as the year progressed. Starting the year at 1.00%, 3 month
EURIBOR peaked at 1,62% at the end of July only to return to
1.36% by late December.
The Eurozone saw corporate lending rates rise with the rate on
loans extended for at least 5 years climbing from 3.42% to 3.72%
as the year ended. Corporate lending started to pick up gradually
in the Eurozone in 2011, but the rate of growth remained rather
subdued at 0.2% in January and 1.1% in December year on year.
Key foreign exchange rates reflected the changes in international
investor sentiment and several currency pairs saw the reversal of
trends in the summer. The USD/EUR rate kept bouncing between
1.30-1.50 USD/EUR most of the year with the single currency
strengthening against the dollar during the first six months only
8
MFB ANNUAL REPORT 2011

AZ MFB ZRT. MÛKÖDÉSI KÖRNYEZETE 2011-BEN ❙
n n n n n
n
n
SOURCES: NBH, ECB, REUTERS Forrás: ECB
szinten to weaken kb. again 1 százalékpontot as risk appetite emelkedtek was lost. The a CHF vállalati rose forinthitel to almost
kamatok parity with (az the EUR 1−5 on éves the back kölcsönök of ample kamata liquidity átlagosan and the substantial 10,10%,
az rise ennél in the price hosszabb of gold hitelek during kamata the summer, 9,45% when volt the decemberben),
launch of a peg
míg at 1.20 az CHF/EUR euróban by nyújtott the Swiss hitelek National esetében Bank, mintegy correction 50 and bázispontos
worsening volt growth a növekedés prospects mértéke sent the (2011 CHF utolsó weakening. hónapjában 4,33,
the
illetve 3,97% volt az 1−5, illetve legalább 5 éves kölcsönök
átlagos Economic kamatszintje). processes A vállalati in Hungary forrásköltségek regionálisan
továbbra After a promising magasnak start at 2.5% mondhatóak: in the first quarter, Szlovákiában the rate of Hungarian 4,04%,
Csehországban GDP growth slowed 4,11%, down to Lengyelországban 1.5% and 1.4% in Q2 6,71%, and Q3, Romániában respectively
10,84% year on year. volt Beating decemberben expectations, az the 5 évnél slow-down hosszabb of the GDP futamidejû growth
hitelek rate did kamata. not continue in the fourth quarter (1.4%).
A The magyar unending bankrendszer stagnation of household vállalatoknak, consumption illetve önkormány-
coupled with
zatoknak the limited nyújtott ability of hiteleinek Hungary’s foreign állománya trading 1,8%-kal sector to nôtt, compensate illetve
0,8%-kal for the effect csökkent of declining 2011-ben. investments A are nem the pénzügyi main reasons vállalatok for the
eroding 2011-ben dynamism mind forintban, of the economy mind devizában compared nettó to the hiteltörlesztôk
beginning of
the voltak, year, a although tranzakciók reduced alapján economic elôbbi activity volumene held the rate 19,9, of utóbbi import
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
growth évi gyengülése back as well. és a Consequently, devizahitelek net magas exports aránya continued következtében to show a
sizeable a forintban surplus nyilvántartott in the second hitelállomány half of the 1,8%-kal year. bôvült.
Consequently, Az MFB vállalati net exports felmérései continued (MFB-INDIKÁTOR) to show a sizeable a vállalati surplus
in szektor the second „hibernálódását” half of the year. jelzik, (Imports ami a forráshiány and exports fokozódásából
grew by 6.3%
and és a 8.4%, forráskereslet respectively, csökkenésébôl in 2011). As a result, fakad, the s net késôbbre capability tolhatja of the
Hungarian a beruházások economy elindulását, to fund itself a kept magyar improving gazdaság to hit a fellendülését.
new record in
Q4 A forráshiány 2011 (at 3.8% általános of GDP). erôsödését mutatja, hogy 2011. tavasz
és ôsz Export között oriented nemcsak as it is, a the kisvállalatok, manufacturing hanem sector a proved közép- to be és
nagyvállalatok the single prime mover között behind is megkétszerezôdött the economy in the a first folyó six months kiadások of
fedezése 2011 with érdekében some reliance külsô on related forrásra sectors, szoruló such vállalatok as transportation aránya,
ugyanakkor and warehousing, a súlyosbodó on the good forráshiány performance ellenére of catering a vállalatoknak
due the EU
csupán presidency ötöde and tervezett on ICT ôsszel services. biztosan, The expansion s további of ötöde manufacturing, hajt végre
valószínûleg which is also forrásbevonást oriented mostly a towards felmérést exports, követô started 12 hónapban, to lose steam ami
trendfordulót in tandem with jelent the reduction a korábbi növekvô of external forráskereslethez demand (and performance képest.
grew only by 3.5% yoy in Q4 as compared to 10.7% in Q1). Farming
managed to compensate for the downturn somewhat (with the value
MFB
ANNUAL REPORT 2011 9

❙ THE OPERATING ENVIRONMENT OF MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY IN 2011
n n n
n
SOURCE: HCSO
add of agriculture up 27.2% in 2011) owing to the good harvest.
Limited internal demand continued to bog down the performance of
the tertiary sector (0.7%)
Time kept slowly chiselling away the rate of unemployment (which
stood at 10.7% between October and November) with the number of job
holders up 46.3 thousand year on year and the number of unemployed
down 3.1 thousand in Q4 2011. The manufacturing sector and to a
lesser degree agriculture drove the growth of employment, but labour
market statistics also owes the improvement to the revamped public
work programme. In a ranking of European Union member states by
the rate of unemployment, Hungary (10.7%) occupied a position at
the bottom of the top third of countries in the end of 2011. The Baltic
countries were the only member states in the EU that managed to drive
down unemployment substantially in 2011.
In 2011, the Hungarian economy continued to deleverage, which
is an advantage given how hard pressed the international money
market is for liquidity. However, by the decrease of external demand,
the improvement of net financing capacity was fuelled mostly by
transfers from the European Union picking up after mid-year, as the
surplus of the foreign trade of goods and services started to decline in
the second half of the year. However, the price paid for is heavy, as it
fundamentally derives from the stagnation of the Hungarian economy:
the new records of the current account surplus are also due to subdued
demand (for imports) among households and corporations, which
is also reflected by the lasting net savings position of non-financial
companies that have postponed capital expenditure projects. The
limited willingness of banks to lend also strengthens the savings
position of businesses.
General government deficit increased slightly in Q1 2011
compared to late 2010 and then reduced substantially in the period
between April and June (calculated with the Maastricht methodology,
Hungarian government debt stood at 82.7% of GDP in Q1 and dropped
10
MFB ANNUAL REPORT 2011

AZ MFB ZRT. MÛKÖDÉSI KÖRNYEZETE 2011-BEN ❙
n n
n n
n
Forrás: ECB
SOURCE: EUROSTAT
szinten to 77.4% kb. in Q2). 1 százalékpontot There have been emelkedtek only two occasions a vállalati since forinthitel 1995 that
kamatok the size of (az reduction 1−5 éves in government kölcsönök debt kamata matched átlagosan that measured 10,10%, in
az Q2 ennél (-5.3 percentage hosszabb points): hitelek gross kamata public 9,45% finance volt deficit decemberben), (expressed
míg as a percentage az euróban of nyújtott GDP) fell hitelek by 5.8% esetében in Q2 1995 mintegy and the 50 records bázispontos
show a reduction volt a növekedés of 6.2% between mértéke April (2011 and utolsó June hónapjában 2009 compared 4,33, to
illetve the previous 3,97% quarter. volt az However, 1−5, illetve a considerable legalább weakening 5 éves kölcsönök of the HUF
átlagos stopped the kamatszintje). downward trend A vállalati in the second forrásköltségek quarter and regionálisan drove public
továbbra debt as high is as magasnak 80.6% of GDP mondhatóak: as the year ended. Szlovákiában 4,04%,
Csehországban Disinflationary 4,11%, forces Lengyelországban started to play more 6,71%, powerfully Romániában in the
10,84% Hungarian volt economy decemberben starting az mid-2011 5 évnél (weak hosszabb internal futamidejû demand,
hitelek declining kamata. energy and food prices), bringing annual consumer price
inflation A magyar down to bankrendszer about 3.0%. However, vállalatoknak, the trend illetve was countered önkormányzatoknak
modification nyújtott of excise hiteleinek taxes (on fuels, állománya alcohol 1,8%-kal and tobacco nôtt, products) illetve
by a
0,8%-kal in the final csökkent months of 2011-ben. the year and A by nem the weak pénzügyi HUF rate vállalatok rippling
2011-ben through consumer mind forintban, prices. All mind all, devizában consumer nettó prices hiteltörlesztôk
rose by 3.9%
voltak, in Hungary a in tranzakciók 2011. alapján elôbbi volumene 19,9, utóbbi
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
évi gyengülése Viewed from és the a devizahitelek perspective of magas the cost aránya of következtében
domestic and
a foreign forintban funds, nyilvántartott 2011 was characterised hitelállomány by 1,8%-kal significant bôvült. and generally
unfavourable Az MFB trends. vállalati Hungarian felmérései central (MFB-INDIKÁTOR) bank prime rate rose a vállalati by 25
szektor basis points „hibernálódását” again in January jelzik, 2011 ami as a the forráshiány ultimate move fokozódásából in a cycle
és of rate a forráskereslet hikes of equal csökkenésébôl proportion in November fakad, s and késôbbre December tolhatja 2010
a to beruházások stay at 6.00% elindulását, up to the next a tightening magyar gazdaság move in November: fellendülését. the
A final forráshiány two months általános of the year erôsödését saw two hikes mutatja, 50 hogy basis 2011. points tavasz each
és in response ôsz között to worsening nemcsak money a kisvállalatok, market conditions, hanem a bringing közép- the és
nagyvállalatok central bank policy között rate is to 7.00% megkétszerezôdött by the end of 2011, a folyó which kiadások is still
fedezése high in regional érdekében comparison. külsô Saw forrásra two hikes szoruló at 50 vállalatok basis points aránya, each
ugyanakkor in response to a súlyosbodó worsening money forráshiány market ellenére conditions, a vállalatoknak bringing the
csupán central bank ötöde policy tervezett rate ôsszel to 7.00% biztosan, by the s end további of 2011, ötöde which hajt is végre still
valószínûleg high in regional forrásbevonást comparison. As a felmérést regards money követô market 12 hónapban, rates, 3 month ami
trendfordulót BUBOR rose from jelent 5.58% a korábbi to 7.24% növekvô in twelve forráskereslethez months. képest.
Hungary’s risk premium, which also features heavily among the
factors influencing the fund raising of MFB, was adversely hit by the
MFB
ANNUAL REPORT 2011 11

❙ THE OPERATING ENVIRONMENT OF MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY IN 2011
n n n
n
SOURCES: NBH, REUTERS
uncertainty related to the budget and Hungary’s credit rating as well
as the Greek sovereign crisis in 2011. With the global environment
relatively favourable and the positive market response to the Széll
Kálmán Plan, the 10 year CDS spread dropped from 407 bp at the
beginning of the year to 263 points by April, but as investor sentiment
soured and Hungary’s growth horizon blackened (including the loss of
investment grade of Hungarian government securities late in the year)
the spread jumped to 642 points in November and closed the year at
616 points, which is extremely high compared to the region.
The substantial volatility of the HUF exchange rate renders it even
more burdensome for the MFB to plan the liabilities side of its balance
sheet. The HUF/EUR rate moved in tandem with the EUR rate of regional
currencies and the impressions regarding country risk in 2011, but the
HUF/EUR rate got detached from regional trends and underperformed
its regional peers during the final months of the year.
The Hungarian legal tender started the year at 278.4 HUF to the
EUR and closed twelve months later at 314.6 after losing 13%, which
in effect is the poorest performance regionally (with the Polish zloty
losing 12.6% against the EUR, compared to the Czech crown and the
Romanian leu depreciating by 2.8 and 1.2 percent, respectively). The
HUF to EUR rate moved in a wide band (of 263-316 HUF/EUR) in the
course of the year. While the local currency was the best performer
compared to other emerging economies, the HUF was clearly the
ultimate loser among global currencies in the final two quarters.
The Hungarian currency lost 16.3% and 17.2% against the USD
and the CHF, respectively, through changes in cross rates and closed
quotations at the all time low of 263.6 HUF against the latter on 11
August.
The gap between HUF and EUR denominated corporate loans
remained considerable and continued to widen in 2011. Corporate
borrowing rates on HUF loans rose by about 1 percentage point year
on year (with loans quoted at 10.10% on average for 1-5 years and
12
MFB ANNUAL REPORT 2011

AZ MFB ZRT. MÛKÖDÉSI KÖRNYEZETE 2011-BEN ❙
n n n
n n
SOURCE: Forrás: ECB
szinten at 9.45% kb. for 1 longer százalékpontot term credit in emelkedtek December), a compared vállalati to forinthitel a rise of
kamatok around 50 (az basis 1−5 points éves on kölcsönök loans denominated kamata in átlagosan EUR (with 10,10%, 1-5 five
az year ennél loans hosszabb costing 4.33% hitelek and kamata 3.97% charged 9,45% for volt credit decemberben), maturing in
míg at least az 5 euróban years in December nyújtott hitelek 2011). The esetében cost of mintegy corporate 50 funding bázispontos
still considered volt a növekedés high in the mértéke region: Loans (2011 maturing utolsó hónapjában over 5 years 4,33, cost
illetve 4.04% in 3,97% Slovakia, volt 4.11% az 1−5, in the illetve Czech Republic, legalább 6.71% 5 éves in Poland kölcsönök and
átlagos 10.84% kamatszintje). Romania December. A vállalati forrásköltségek regionálisan
továbbra The portfolio is magasnak of loans mondhatóak: outstanding to Szlovákiában corporations and 4,04%, local
Csehországban governments in the 4,11%, Hungarian Lengyelországban banking system 6,71%, rose and Romániában dropped,
10,84% respectively, volt by decemberben 1.8% and 0.8% az in 52011. évnél Non-financial hosszabb futamidejû enterprises
hitelek occupied kamata. net debt repayment positions in 2011 both in terms of HUF
and FX A loans, magyar with bankrendszer the volume of loans vállalatoknak, outstanding illetve down önkormányzatoknak
billion and HUF nyújtott 271.1 hiteleinek billion, respectively, állománya in the 1,8%-kal two categories nôtt, illetve based
by HUF 19.9
0,8%-kal on transaction csökkent volume, but, 2011-ben. recorded A in HUF, nem the pénzügyi value of outstanding vállalatok
2011-ben loans was up mind 1.8% forintban, due to the mind depreciation devizában of the nettó domestic hiteltörlesztôk currency in
voltak, 2011 and a to tranzakciók the high ratio alapján of FX loans. elôbbi volumene 19,9, utóbbi
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
évi gyengülése The corporate és surveys a devizahitelek conducted magas by MFB aránya (MFB következtében INDICATOR)
a showed forintban signs nyilvántartott of “hibernation” hitelállomány in the corporate 1,8%-kal sector, bôvült. which is due to
the chronic Az MFB shortage vállalati of funds felmérései becoming (MFB-INDIKÁTOR) and may postpone a the vállalati launch
of szektor investments „hibernálódását” and thereby jelzik, economic ami recovery a forráshiány in Hungary. fokozódásából The ratio
és of companies a forráskereslet seeking external csökkenésébôl funding to fakad, finance s current késôbbre expenditure tolhatja
a doubling beruházások among elindulását, both small a businesses magyar gazdaság and medium fellendülését. to large
A enterprises forráshiány between általános spring erôsödését and autumn mutatja, 2011 shows hogy that 2011. shortage tavasz of
funding és ôsz is között becoming nemcsak generally a kisvállalatok, chronic, and yet hanem only one a közép- out of five és
companies nagyvállalatok planned között to raise megkétszerezôdött funds definitely in the a autumn folyó kiadások with the
second fedezése line érdekében of one out of külsô five planning forrásra the szoruló same within vállalatok a year after aránya, the
survey, ugyanakkor which a is súlyosbodó tantamount to forráshiány a reversal of ellenére the trend a compared vállalatoknak
the
earlier csupán rise ötöde in demand tervezett for ôsszel resources. biztosan, s további ötöde hajt végre
valószínûleg forrásbevonást a felmérést követô 12 hónapban, ami
trendfordulót jelent a korábbi növekvô forráskereslethez képest.
MFB
ANNUAL REPORT 2011 13

THE RESULTS OF MFB HUNGARIAN
DEVELOPMENT BANK PRIVATE LIMITED
COMPANY
The 2011 operations of MFB were geared to implementing
the key priorities approved as part of the new medium term
strategy in May 2011. MFB’s profits before impairments,
provisioning and the bank levy surpassed HUF 7.7 billion
in 2011. However, the degree of risk burdening the legacy
portfolio “inherited” from the period up to 2010 was such
that it demanded setting aside additional amounts in
2011 despite efforts at managing receivables carefully
with a view to ensuring payback and the impairments
charged/amounts provisioned last year. The additional
impairments and changes in amounts provisioned due
to quality downgrades of the business portfolio weighed
down the result by HUF 43.1 billion. As a result of
provisioning and the liability to pay bank levy the Bank
incurred a loss with profit before taxation at minus HUF
38.6 billion.
in 2011, it also developed and announced as required under
Government Decision 1252/2011. (VII.21.) its MFB Frost Damage
2011 Working Capital Loan Programme and participated in the
elaboration of a Combined Credit Guarantee Programme developed
jointly by MV Zrt. and the National Development Agency, which the
Bank also joined as a credit institution. To respond to customer
requirements, the Bank initiated several modifications of the terms
and conditions of loan programmes in 2011.
A project to restructure loan programmes started after the
adoption of the medium term strategy. The Bank developed the terms
and conditions of its new and revised programmes (MFB Enterprise
Financing Programme, MFB Small Business Loan Programme and
MFB Municipal Infrastructure Development Programme), which
were in turn approved by Government Decisions 1422/2011.
(XII. 6.) and 1424/2011. (XII. 6.). The Founder imposed the
requirement to launch the programmes in Decisions 1/2012.
(I. 18.) and 2/2012. (I. 20.), which were put into effect by
The Founder increased the capital of the Bank by HUF 10 billion
under resolution 22/2011 (VI.28.) and by a total of HUF 120 billion
paid up in two tranches under resolutions 37/2011. (XII. 22.),
41/2011. (XII. 29.) and 42/2011. (XII. 29.).
MFB’s portfolio of outstanding loans grew much faster than
that of the whole banking sector. The weight of MFB inside the
banking system increased in terms of both its balance sheet total
and owner’s equity, with the former propelling the weight of the
Bank to almost 4.3 % (+0.4 %) and to 7.9% (+4%) in terms of
owner’s equity 1 , hence MFB is ranked 9 th and 2 nd respectively
among Hungarian banks.
6 February 2012.
The Bank participated in developing significant projects,
which were in part initiated by the Government, by investing its
own funds.
The Bank re-entered the bond market successfully after an
interval of 4 years with foreign investors oversubscribing the issue
and MFB finally accepting an offer for EUR 500 million.
To broaden operations and to replace maturing resources, the
Founder set for MFB a new framework for fund raising at EUR 1,300
million in 2011. Total draw-down amounted to EUR 860 million, not
including short term bridging loans for the government. The Bank
Most of the 2011 lending operations of the Bank related to
existing and newly introduced loan programmes. The Bank
launched its MFB Agricultural Working Capital Loan Programme
1
Banking system data are preliminary unaudited data pertaining to 31 December 2011.
Source: Interbank Information System
MFB ANNUAL REPORT 2011 15

❙ THE RESULTS OF MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY
maintained compliance with legislation in 2011 and observed the
limits of prudential operation and those set by internal policies.
Moreover, the Bank has suitable liquidity reserves maintained
to manage extraordinary situations. The Bank is renewing the
liabilities side of its balance sheet in line with the provisions of
its medium term strategy and continues to provide liquidity on an
ongoing basis.
The liquidity position of the Bank also improved through
several rounds of capital contribution in 2011. All in all HUF 130
billion of capital was injected in three stages during the year, which
increased the Bank’s solvency margin and its capacity to accept
risk substantially. The present level of the Bank’s solvency margin
should be sufficient to ensure the efficient implementation of the
Bank’s business development responsibilities.
The Bank continued to manage its costs with a view to
savings in 2011. It completed a review and renewal of service level
agreements under a cost rationalisation programme designed
to establish what type of services were actually needed and to
procure them at least cost. The Bank broadened the duty to save
costs to cover the whole strategic MFG group and embarked on
common procurement to mitigate the cost of necessary goods and
services.
The organisation of the Bank was restructured in January 2012
with a view to promote the implementation of the medium term
strategy and to improve the efficiency of business processes. The
Bank gives priority to cost savings, transparency and accountability
in corporate governance with special emphasis on observing, and
giving full effect to, the guidelines of EU grant schemes.
16 MFB ANNUAL REPORT 2011

INDEPENDENT AUDITOR’S REPORT
MFB ANNUAL REPORT 2011 19

❙ Balance sheet (assets and liabilities) and off-balance sheet items
MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY BALANCE SHEET
AND OFF-BALANCE SHEET ITEMS ACCORDING TO HUNGARIAN ACCOUNTING STANDARDS
ASSETS
DATA in HUF million
31.12.2010
Adjustment of
previous years
31.12.2011
1. Liquid assets 22 948 0 64 201
2. Treasury bill and similar securities 177 465 0 200 013
3. Loans and advances to credit institutions 468 256 0 493 957
4. Loans and advances to customers 325 690 0 339 123
5. Debt securities, including fixed-income securities 35 000 0 35 000
6. Shares and other variable yield securities 0 0 45
7. Shares and participations in corporations held as financial fixed assets 1 007 0 1 046
8. Shares and participating interests in affiliated companies 61 151 0 59 982
9. Intangible assets 2 649 9 2 094
10. Tangible assets 3 612 3 3 424
11. Own shares 0 0 0
12. Other assets 68 736 -17 147 875
13. Prepayments and accrued income 22 703 0 25 443
TOTAL ASSETS 1 189 217 -5 1 372 203
LIABILITIES
DATA in HUF million
31.12.2010
Adjustment of
previous years
31.12.2011
1. Amounts owed to credit institutions 477 932 0 592 730
2. Amounts owed to customers 11 868 0 10 100
3. Debts evidenced by certificates 390 250 0 435 582
4. Other liabilities 165 967 20 95 852
5. Accruals and deferred income 14 420 -334 14 553
6. Provisions for liabilities and charges 7 732 0 10 650
7. Subordinated liabilities 0 0 0
8. Subscribed capital 100 000 0 114 500
9. Subscribed capital called but unpaid (-) 0 0 0
10. Capital reserve 23 826 0 139 326
11. General reserve 0 0 0
12. Profit reserve (±) 16 796 0 -2 469
13. Tied-up reserve 0 0 0
14. Revaluation reserve 0 0 0
15. Profit or loss for the financial year (±) -19 574 309 -38 621
TOTAL LIABILITIES 1 189 217 -5 1 372 203
OFF-BALANCE SHEET ITEMS
DATA in HUF million
31.12.2010
Adjustment of
previous years
31.12.2011
Contingent liabilities 210 880 0 181 572
Future liabilities 138 553 0 92 789
Off-balance sheet claims 207 850 0 183 872
20 MFB ANNUAL REPORT 2011

Income Statement ❙
MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY
INCOME STATEMENT ACCORDING TO HUNGARIAN ACCOUNTING STANDARDS
INCOME STATEMENT
DATA in HUF million
31.12.2010
Adjustment of
previous years
31.12.2011
1. Interests received and similar income 53 273 0 58 061
2. Interest paid and similar charges 32 906 0 37 524
BALANCE(1-2) 20 367 0 20 537
3. Income from securities 15 0 15
4. Commissions and fees received or due 820 -4 818
5. Commissions and fees paid or payable 1 425 0 962
6. Net profit or net loss on financial operations 658 -1 -4 835
7. Other operating income 1 248 0 1 778
8. General administrative expenses 7 602 -322 6 683
9. Depreciation 980 -3 976
10. Other operating charges 5 812 9 5 345
11. Value adjustments in respect of loans and advances and risk
provisions for contingent liabilities and for future commitments 38 359 0 43 296
12. Value readjustments in respect of loans and advances and risk
provisions for contingent liabilities and for future commitments 8 511 0 8 960
12/A Difference between formation and utilisation of general risk provision 637 0 -7 019
13. Value adjustments in respect of transferable debt securities held as
financial fixed assets, shares and participations in affiliated companies and
in other companies linked by virtue of participating interests 4 115 0 1 559
14. Value readjustments in respect of transferable debt securities held
as financial fixed assets, shares and participations in affiliated
companies and in other companies linked by virtue of participating interests 538 0 280
15. Profit or loss on ordinary activities -25 499 311 -38 287
16. Extraordinary income 65 0 0
17. Extraordinary charges 400 0 334
18. Extraordinary profit or loss (16-17) -335 0 -334
19. Profit or loss before tax (±15±18) -25 834 311 -38 621
20. Taxes on income -10 2 0
21. Profit or loss after tax(±19-20) -25 824 309 -38 621
22. General reserve (±) 6 250 0 0
23. Profit reserves used for dividends and profit sharing 0 0 0
24. Dividends and profit sharing payable 0 0 0
PROFIT 0R L0SS FOR THE FINANCIAL YEAR (±21±22+23-24) -19 574 309 -38 621
MFB ANNUAL REPORT 2011 21

❙ Unconsolidated Balance Sheet according to International Financial Reporting Standards
MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY
UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION ACCORDING TO INTERNATIONAL
FINANCIAL REPORTING STANDARDS
STATEMENT OF FINANCIAL POSITION
DATA in HUF million
31.12.2010 31.12.2011
Cash and balances with the National Bank of Hungary 23 064 64 829
Placements with other banks 468 140 493 329
Loans and advances to customers, net of allowance for impairment losses 326 740 339 866
Available for sale securities 213 032 231 140
Investments 62 158 61 073
Derivative assets held for risk management 0 5
Financial assets at fair value through profit or loss 9 609 6 885
Property, plant and equipment 3 615 3 424
Intangible assets 2 658 2 094
Current tax assets 638 0
Other assets 79 614 164 130
TOTAL ASSETS 1 189 268 1 366 775
Placements and loans from other banks 477 932 592 730
Deposits from customers, loans from Hungarian State 68 677 41 804
Issued securities 390 208 435 202
Derivative liabilities held for risk management 85 0
Financial liabilities at fair value through profit or loss 109 448 62 495
Provisions 5 540 1 439
Current tax liabilities 0 130
Deferred tax liabilities 154 58
Other liabilities 13 584 15 475
TOTAL LIABILITIES 1 065 628 1 149 333
Share capital 100 000 114 500
Capital reserve 25 652 141 152
Statutory reserves 2 192 9 211
Retained earnings (4 462) (43 548)
Valuation reserve 258 (3 873)
TOTAL SHAREHOLDER’S EQUITY 123 640 217 442
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 1 189 268 1 366 775
COMMITMENTS AND CONTINGENCIES 213 782 184 459
22 MFB ANNUAL REPORT 2011

Unconsolidated Income Statement according to International Financial Reporting Standards ❙
MFB HUNGARIAN DEVELOPMENT BANK PRIVATE LIMITED COMPANY
UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ACCORDING TO INTERNATIONAL
FINANCIAL REPORTING STANDARDS
. STATEMENT OF COMPREHENSIVE INCOME DATA in HUF million
31.12.2010 31.12.2011
Interest and similar income 53 064 57 754
Interest expenses and similar charges (32 964) (38 231)
NET INTEREST INCOME 20 100 19 523
Allowance for impairment losses of loans and advances (25 495) (37 165)
Fee and commission income 815 818
Fee and commission expenses (1 425) (962)
NET FEE AND COMMISSION EXPENSES (610) (144)
Allowance for impairment losses of investment (3 577) (1 284)
Net income/(loss) from financial instruments at fair value through profit or loss 398 383
Dividend income 15 15
Other provision release 0 2 407
Other income 1 052 1 773
OTHER OPERATING INCOME 1 067 4 195
General and administrative expenses (12 454) (11 924)
Net loss on foreign currency transactions and revaluation (499) (4 860)
Other provision charges (4 359) 0
Other expenses (968) (773)
OTHER OPERATING EXPENSES (18 280) (17 557)
PROFIT BEFORE TAX (26 397) (32 049)
Taxation (141) (18)
NET PROFIT/(LOSS) FOR THE YEAR (26 538) (32 067)
OTHER COMPREHENSIVE INCOME/(EXPENSES)
Revaluation of available for sale financial assets 484 (4 131)
NET OTHER COMPREHENSIVE INCOME/(EXPENSES) 484 (4 131)
TOTAL COMPREHENSIVE INCOME/(EXPENSES) (26 054) (36 198)
MFB ANNUAL REPORT 2011 23

❙ Difference between owner’s equity under Hungarian accounting standards and IRFS
DIFFERENCE BETWEEN OWNER’S EQUITY UNDER HUNGARIAN ACCOUNTING STANDARDS AND IFRS
DATA in HUF million
EQUITY net profit CAPITAL STATUTORY RETAINED VALUATION EQUITY
31.12.2010 for the year INCREASE RESERVES EARNINGS RESERVE 31.12.2011
2011
HUNGARIAN FINANCIAL STATEMENTS 121 357 (38 621) 130 000 0 0 0 212 736
Reclassification of general risk reserve 2 192 0 0 7 019 0 0 9 211
General risk reserve 0 7 019 0 0 (7 019) 0 0
Revaluation of financial instruments 245 (447) 0 0 0 (4 245) (4 447)
Deferred tax (154) (18) 0 0 0 114 (58)
INTERNATIONAL FINANCIAL STATEMENTS 123 640 (32 067) 130 000 7 019 (7 019) (4 131) 217 442
24 MFB ANNUAL REPORT 2011

1. MFB HUNGARIAN DEVELOPMENT
BANK PRIVATE LIMITED COMPANY
Company name:
MFB Hungarian Development Bank
Private Limited Company
(MFB Zrt.)
Registered office: Nádor utca 31. Budapest H-1051
Date of foundation: 1 December 1991
Type of Company:
private company limited by shares
Owner: Hungarian State (100%)
Shareholder’s rights:
Exercised by the Minister
of National Development
Chief executive officer:
László Baranyay
Subscribed capital:
HUF 114.5 million
Number/nominal value of shares:
114,500 registered ordinary physical shares each with
a nominal value of HUF 1,000,000 at the total value of
HUF 114,500,000,000
Scope of activities:
TEÁOR ’08 6419 − Other monetary intermediation
(ordinary activity)
TEÁOR ’08 6491 − Financial leasing
TEÁOR ’08 6499 − Other financial intermediation n.c.e.
Registration number: 01-10-041712
Banking supervisory licence: 32/1993.
No. of HFSA licence:
973/1997/F
WEBSITE:
www.mfb.hu
MFB ANNUAL REPORT 2011 27

❙ 1. MFB Hungarian Development Bank Private Limited Company
LEGAL STATUS
MFB Magyar Fejlesztési Bank Zártkörûen Mûködô Részvénytársaság
(short name: MFB Zrt. or the Bank) is a specialised credit
institution and a single-member private limited company.
The legal status, responsibilities and scope of business
of the Bank are governed by Act XX of 2001 on the Hungarian
Development Bank (the MFB Act), as amended, the provisions
of its Charter and the strategy approved by the Government and
the shareholder.
STATUTORY AND LEGAL BACKGROUND
Section 47 of Act CLXIX of 2010 on the Budget of the Republic
of Hungary for 2011 provided that the consolidated portfolio
of credits and loans taken out and bonds issued by MFB for
funding purposes in 2011, each maturing over a year, could not
surpass HUF 1,400,000.0 million; also the relevant Government
Decision provided that the total portfolio of liabilities arising from
credit financing, first payment guarantees and bank guarantees
accepted by MFB in favour of third parties in 2011 could not
surpass HUF 600,000.0 million and the HUF equivalent of the
consolidated portfolio of funds covered by exchange rate
hedging agreements the Government may enter into in respect of
EUR denominated credits and loans taken out and bonds issued
by MFB for funding purposes, each maturing over a year, could
not surpass HUF 1,600,000.0 million in 2011, provided that the
actual value of portfolios could not surpass the aforesaid limits on
any calendar day. During the year the Bank complied with all the
budgetary limits.
MFB Zrt., as an entity acting as a shareholder on behalf
of the State of Hungary had to apply Act CXCVI of 2011 as
soon as it was published. Section 30(1) of the Act clarified the
stipulations of Section 3(5) of Act XX of 2001 on the Hungarian
Development Bank. MFB Zrt. acts as shareholder on behalf of
the State of Hungary in respect of the state-owned participation
in the economic organisation specified in Annex 1 to the MFB
Act. Unless otherwise provided in the Act on National Assets
and the MFB Act, the provisions of the Company Act and the
Civil Code govern the exercise of shareholder’s rights, provided
that MFB Zrt. may neither sell its title to nor grant a call option
or the right first refusal in respect of the participations subject
to exercising such shareholder’s rights. Furthermore, MFB may
neither offer such participations as collateral, encumber them
in any other way nor wind up those economic organisations by
voluntary dissolution.
Annex 2 to the Act on National Assets identifies the 100%
stake of the State of Hungary in MFB Zrt. as a national asset of
high priority and certain participations in economic organisations
subject to the exercise of shareholder rights by MFB Zrt.
FOREIGN CORRESPONDENT
BANKS OF MFB
❙ Bank Polska Kasa
Warsaw, Poland
Opieki SA-Bank Pekao SA
❙ Commerzbank AG
Frankfurt, Germany
❙ JP Morgan AG
Frankfurt, Germany
❙ JP Morgan Chase Bank New York, USA
❙ Mizuho Corporate Bank Ltd. Tokio, Japan
❙ The Royal Bank of Scotland Plc. London,
United Kingdom
❙ The Royal Bank of Scotland New York, USA
❙ Zürcher Kantonalbank Zürich, Switzerland
28 MFB ANNUAL REPORT 2011

1. MFB Magyar Fejlesztési Bank Zártkörûen Mûködô Részvénytársaság ❙
MFB INTERNATIONAL RELATIONS, MEMBERSHIPS
❙ Banking Association for Central and Eastern Europe (BACEE)
– member since January 2010
❙ Club of the Institutions in the European Union Specialising in
Long-Term Credit (ISLTC)
– associate member from April 2003,
full member since EU accession on 1 May 2004
❙ European Association of Public Banks (EAPB)
– member of the association of financial institutions
in public ownership in the EU since November 2002
n n
❙ European Investment Fund (EIF)
❙ National Deposit Insurance Fund (OBA)
n
– has held 5 shares as
a member of the organisation since 9 July 2003
❙ Information Systems Audit and Control Association (ISACA)
szinten – member kb. 1 százalékpontot since 2009 emelkedtek a vállalati forinthitel
kamatok ❙ Institute (az of International 1−5 éves kölcsönök Finance (IIF) kamata átlagosan 10,10%,
az ennél – member hosszabb since hitelek 2009 kamata 9,45% volt decemberben),
míg ❙ International az euróban Chamber nyújtott of hitelek Commerce esetében (ICC) mintegy 50 bázispontos
– volt member a növekedés since 2003 mértéke (2011 utolsó hónapjában 4,33,
illetve ❙ Network 3,97% of European volt az 1−5, Financial illetve Institutions legalább for 5 éves Smallkölcsönök
átlagos and Medium kamatszintje). Sized Enterprises A vállalati (NEFI) forrásköltségek regionálisan
továbbra – observer is magasnak from June mondhatóak: 2003, Szlovákiában 4,04%,
Csehországban full member 4,11%, since Lengyelországban EU accession on 16,71%, May 2004 Romániában
10,84% volt decemberben az 5 évnél hosszabb futamidejû
hitelek kamata.
A magyar bankrendszer vállalatoknak, illetve önkormányzatoknak
nyújtott hiteleinek állománya 1,8%-kal nôtt, illetve
0,8%-kal csökkent 2011-ben. A nem pénzügyi vállalatok
2011-ben mind forintban, mind devizában nettó hiteltörlesztôk
voltak, a tranzakciók alapján elôbbi volumene 19,9, utóbbi
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
MFB MEMBERSHIP IN DOMESTIC ORGANISATIONS
❙ Rural Credit Guarantee Foundation (AVHA)
❙ Institute of Internal Auditors (IIA)
❙ Budapest Chamber of Commerce and Industry
❙ Garantiqa Creditguarantee Private Limited Company.
❙ Federation of Management and Scientific Associations
❙ Hungarian Banking Association
❙ Hungarian Forex Association
❙ Hungarian Facility Management Cooperative
❙ Hungarian SEPA Association
Forrás: ECB
CREDIT RATING
MFB has been rated by the international ratings agency Moody’s
évi Investors gyengülése Service és since a devizahitelek 19 May 2003. magas aránya következtében
a forintban On 25 nyilvántartott November 2011, hitelállomány following 1,8%-kal the downgrading bôvült. of the
Hungarian Az MFB State, vállalati Moody’s felmérései Investors (MFB-INDIKÁTOR) Service modified a vállalati MFB’s
szektor long-term „hibernálódását” foreign currency jelzik, bank ami deposits a forráshiány rating fokozódásából
to Ba2 (with
és negative a forráskereslet outlook) and csökkenésébôl the senior unsecured fakad, foreign s késôbbre currency tolhatja debt
a rating beruházások to Ba1. The elindulását, rating of a short-term magyar gazdaság foreign-currency fellendülését. bank
A deposits forráshiány was changed általános to erôsödését Not-Prime. mutatja, hogy 2011. tavasz
és ôsz között nemcsak a kisvállalatok, hanem a közép- és
nagyvállalatok között is megkétszerezôdött a folyó kiadások
fedezése érdekében külsô forrásra szoruló vállalatok aránya,
ugyanakkor a súlyosbodó forráshiány ellenére a vállalatoknak
csupán ötöde tervezett ôsszel biztosan, s további ötöde hajt végre
valószínûleg forrásbevonást a felmérést követô 12 hónapban, ami
trendfordulót jelent a korábbi növekvô forráskereslethez képest.
MFB
ANNUAL REPORT 2011 29

2. DEVELOPMENT OF BUSINESS
OPERATIONS
MFB Hungarian Development Bank Private Limited
Company drafted and the Founder approved in its
Decision 21/2011 (V.16.) the medium term strategy of the
Bank, which identified the deadlines for implementing
certain key responsibilities. MFB conducted most of its
2011 operations to implement the responsibilities set in
the Founder’s Decision.
Calculated as the balance between HUF 158 billion worth of
disbursements and repayments, the overall loan portfolio
of the bank rose by 7.7% to reach HUF 941.6 billion on 31
December 2011, including HUF 340 billion of refinancing
loans and HUF 601.6 billion in loans placed directly. Loans
placed within the framework of loan programmes (mostly
refinancing loans) amounted to HUF 370 billion, while those
placed outside programmes and other loans amounted to HUF
571.6 billion.
A project to restructure loan programmes started after the
adoption of the medium term strategy. The Bank developed the
terms and conditions of its new and revised programmes (MFB
Enterprise Financing Programme, MFB Small Business Loan
Programme and MFB Municipal Infrastructure Development
Programme), which were approved by the Government and were
launched as of 6 February 2012.
A modification of the strategic group involved any equity
increase by the Bank to the tune of HUF 100 million in Southern
Stream Hungary Zrt. Following the amendment of the MFB Act,
the Bank has control over the companies subject to the exercise
of shareholder rights and has extended several loans to finance
operations and developments. MFB drew down and allocated to
the companies the funds approved in the chapter of the budget on
assets (including capital contribution and support) after preparing
the necessary decisions.
A strategic project to restructure and rationalise the group is
in progress, the concept of optimising the system of companies
and the framework of operations and organisation has been
completed and integrated into the approved medium term strategy
and the adopted business plan for 2012, with certain components
implemented already in 2011. The equity increase received in 2011
provides sufficient coverage for the commercial bank acquisition
envisaged in the medium term strategy and expected in 2012.
Funding from the market remained the typical form of financing
the Bank used in 2011. The Bank concluded agreements for raising
altogether EUR 805 million in new funds and drew down EUR 640
million of the facility. The amount drawn down under previous
agreements amounted to EUR 220 million; hence in total the Bank
drew down EUR 860 million (disregarding short term bridging
loans for the government).
MFB ANNUAL REPORT 2011 31

3. LENDING OPERATIONS
By method, MFB lending operations can be classified
into refinancing loans placed through commercial banks
and loans extended directly, while by loan type they
can be grouped as loan programmes and placements
outside loan programmes.
The table below presents the annual changes of lending
operations in 2011 by method of lending:
In 2011, the portfolio of Bank loans grew by HUF 68 billion
or about 7.7%. While extraordinary repayments reaching a
considerable amount at about HUF 30 billion coupled with
portfolio sales to mitigate growth, the depreciation of the
domestic currency propelled it. The two opposing effects were of
equal size and offset each other.
MFB ANNUAL REPORT 2011 33

4. LOAN PROGRAMMES
The Bank continued to place the majority of its loans
under loan programmes in 2011. Loan programmes are
renewed from time to time in response to economic
requirements. Loan programme directions remain
unchanged yet: MFB extends loans to businesses and
agricultural enterprises in line with EU regulations,
and to retail and municipal clients for developments in
accordance with governmental goals associated with
saving energy. The Bank accepted and evaluated loan
applications under a total of 14 loan programmes in 2011.
There was a slight shift towards Budapest and Central
Hungary in the loans placed under loan programmes in 2011 with
lending to other regions declining simultaneously, more
markedly in Central and Western Transdanubia.
FACILITIES FOR ENTERPRISES
In line with its new medium term business strategy, the Bank
embarked on redesigning the structure of loans earmarked for
enterprise development and used the New Hungary Enterprise
Development Loan Programme as a basis for putting together the
MFB Enterprise Financing Programme and made preparations for
announcing the arrangement in 2012.
New Hungary Enterprise Development
Loan Programme
This loan programme seeks to support investments into the
development of infrastructure and technology so as to improve
the competitiveness of the Hungarian economy. The amount
of loans approved under the total budget of HUF 360 billion
allocated to this loan programme grew by 8.5% to reach HUF
327 billion by the end of the year.
As envisaged in its medium term strategy, MFB renewed the
New Hungary Enterprise Development Loan Programme (ELP) in
line with the goals set therein. In spring 2011, the development
of the MFB Enterprise Financing Programme started on the basis
of the ELP but with lending objectives matching the break-out
points identified in the New Széchenyi Plan and a set of modified
terms. The Programme received Government approval with a total
budget of HUF 450 billion at the end of 2011.
A key objective of the modified programme calls for extending
loans at favourable rates and leasing products to improve the
role of small and medium sized companies in employment, to
strengthen their capacity to innovate and to act as suppliers
and to support their environmental, regional development and
health related investments. Moreover it also intends to provide
supplementary funds for tenders invited for development and
investment, particularly in relation to the New Széchenyi Plan.
New Hungary Loan Programme
for Small and Medium Sized Enterprises
The Bank approved a total of 220 loan applications amounting
to HUF 4.4 billion in this loan programme during 2011, which
brought the rate of utilisation to 17.6%. In order to improve the
efficiency of utilising the funds allocated to this loan programme,
the Bank reassigned the facility to the ELP and sought
government approval for terminating the loan programme.
Intermediated facilities
The bank suspended its New Hungary Small Business Loan and
the Micro-Credit Plus Programme in April 2011 as transitionally
companies could not take out the first payment guarantee
required as a collateral for extending loans to finance investments.
As the institutional first payment guarantee became available
34 MFB ANNUAL REPORT 2011

4. hitelprogramok ❙
A magyar bankrendszer vállalatoknak, illetve önkormányzatoknak
again for micro, nyújtott small hiteleinek and medium állománya sized companies 1,8%-kal nôtt, starting illetve 20
0,8%-kal June 2011, csökkent the Bank 2011-ben. modified the A documentation nem pénzügyi and vállalatok opened
2011-ben the Small Business mind forintban, Loan facility mind again. devizában The New nettó Hungary hiteltörlesztôk Small
voltak, Business a Loan tranzakciók facility was alapján made available elôbbi volumene via 46 intermediaries 19,9, utóbbi at
271,1 203 points milliárd of sale forinttal 2011. csökkent, The arrangement azonban a hazai provided deviza funds 2011. at
HUF 5.4 billion to a total of 241 businesses. The average loan size
NEW HUNGARY ENTERPRISE 6 035 450 674 5 214 326 939 62,7
DEVELOPMENT LOAN PROGRAMME
INCL. LOAN PROGRAMME
FOR SMALL AND MEDIUM SIZED ENTERPRISES 242 4 795 220 4 379 19,9
MICRO-CREDIT PLUS PROGRAMME 573 5 626 436 4 246 9,7
SMALL BUSINESS LOAN PROGRAMME 357 7 955 241 5 385 22,3
MFB PUBLIC TRANSPORT DEVELOPMENT LOAN PROGRAMME 24 35 950 17 13 148 773,4
MUNICIPAL INFRASTRUCTURE DEVELOPMENT 3 101 302 037 2 967 273 508 92,2
LOAN PROGRAMME “FOR A SUCCESSFUL HUNGARY”
n n
INCL. PANEL PLUS LOAN PROGRAMME 624 31 149 605 30 268 50,0
n
“FOR A SUCCESSFUL HUNGARY”
Forrás: ECB
HOUSEHOLD ENERGY SAVING LOAN PROGRAMME 936 1 396 903 1 347 1,5
“FOR A SUCCESSFUL HUNGARY”
SOCIAL HOUSING LOAN PROGRAMME 23 2 222 22 1 962 89,2
szinten kb. 1 százalékpontot emelkedtek a vállalati forinthitel évi gyengülése és a devizahitelek magas aránya következtében
“FOR A SUCCESSFUL HUNGARY”
kamatok NEW HUNGARY (az 1−5 AGRICULTURAL éves kölcsönök DEVELOPMENT kamata átlagosan 10,10%, 389 a forintban 19 611 nyilvántartott hitelállomány 340 1,8%-kal 15 209bôvült.
44,7
az LOAN ennél PROGRAMME hosszabb hitelek kamata 9,45% volt decemberben), Az MFB vállalati felmérései (MFB-INDIKÁTOR) a vállalati
míg WORKING az euróban CAPITAL nyújtott LOAN PROGRAMME hitelek esetében mintegy 50 bázis-
43 szektor „hibernálódását” 6 534 jelzik, 32 ami a forráshiány 5 196 fokozódásából 162,4
pontos FOR PRODUCER volt a növekedés ORGANISATIONS mértéke (2011 utolsó hónapjában 4,33, és a forráskereslet csökkenésébôl fakad, s késôbbre tolhatja
NEW HUNGARY AGRICULTURAL 80 4 194 78 3 944 50,6
illetve 3,97% volt az 1−5, illetve legalább 5 éves kölcsönök a beruházások elindulását, a magyar gazdaság fellendülését.
WORKING CAPITAL LOAN PROGRAMME
átlagos kamatszintje). A vállalati forrásköltségek regionálisan A forráshiány általános erôsödését mutatja, hogy 2011. tavasz
MFB AGRICULTURAL VIS MAIOR WORKING 749 9 922 738 9 836 13,3
továbbra
CAPITAL LOAN
is magasnak
PROGRAMME
mondhatóak: Szlovákiában 4,04%, és ôsz között nemcsak a kisvállalatok, hanem a közép- és
Csehországban MFB AGRICULTURAL 4,11%, WORKING Lengyelországban CAPITAL 6,71%, Romániában 33 nagyvállalatok 1 086 között is megkétszerezôdött 31 1 011 a folyó kiadások 32,6
10,84% LOAN PROGRAMME volt decemberben az 5 évnél hosszabb futamidejû
hitelek kamata.
fedezése érdekében külsô forrásra szoruló vállalatok aránya,
ugyanakkor a súlyosbodó forráshiány ellenére a vállalatoknak
csupán ötöde tervezett ôsszel biztosan, s további ötöde hajt végre
valószínûleg came to HUF forrásbevonást 20 million in 2011. a felmérést Altogether követô 35712 loan hónapban, applications ami
trendfordulót a total of HUF jelent 7.9 a korábbi billion have növekvô been forráskereslethez approved since the képest. startup
of the Loan Programme. 74.4% of the borrowers are micro
businesses while 25.6% are classified as small enterprises.
Applications for the Micro Credit Plus Programme were
accepted by 8 agents intermediaries at 9 points of sale operated by
MFB
ANNUAL REPORT 2011 35

❙ 4. Loan programmes
cooperating agencies owned by Budapest based and local business
development centres. In 2011, 7 new applications were accepted
for a total of HUF 52.1 million worth of credit, meaning that
altogether HUF 4.2 billion has been disbursed to 436 micro
businesses since the programme started.
The suspension of the programme remained in effect until it
was closed on 31 January 2012 as it was effectively replaced by
the New Hungary Small Business Loan Programme.
announcement were closed successfully and loan agreements
were concluded in 2011. 2011 year end figures suggest that over
HUF 13.1 billion worth of credit had been approved. In line with
its new medium term strategy, the Bank recommended at the
end of the year that the loan programme should be expanded
and restructured so that it can meet the significant demand
for financing the loan programme faces and so that it may
promote the Government’s development policy goals.
MFB Public Transport Development Loan Programme
The Bank announced the above programme in 2010 and thereby
allowed transportation companies to borrow development funds
at favourable terms. The loan programme is open for companies
active in passenger road or rail transport (TEÁOR ’08 4910,
4931 and 4939) having valid public services contracts for the
year when the loan is extended and disbursed. Loans may be
used for purchasing new or used vehicles used in road and rail
community transport and with homologation documents. The
utilisation rate of the loan programme increased considerably
as the public procurement procedures launched after the
FACILITIES FOR MUNICIPALITIES
Major variances had developed in the utilisation rates of
municipal loan programmes by late 2011, as the efficiency of
certain arrangements failed to live up to expectations,
therefore the Bank regrouped the resources available for funding
municipalities in April and started to restructure its portfolio of
municipal products in line with its new medium term business
strategy in the second half of the year.
By 31 December 2011, the Bank approved 2719 applications
and HUF 270 billion worth of credit under “For a Successful
Hungary” Municipality.
36 MFB ANNUAL REPORT 2011

4. hitelprogramok ❙
n
n
n
n
n
n
n
n
n
n n
n
Municipal Infrastructure Development Loan Programme
“For a Successful Hungary”
szinten The Bank kb. approved 1 százalékpontot 22 transactions emelkedtek and HUF a 1.962 vállalati billion forinthitel
loans
kamatok by 31 December (az 1−52011, éves which kölcsönök corresponds kamata to átlagosan an increase 10,10%, of the
az loan ennél portfolio hosszabb by 4%. hitelek The Bank kamata reallocated 9,45% HUF volt 30 decemberben),
billion of the
míg funds az to euróban Municipal nyújtott Infrastructure hitelek Development esetében mintegy Loan Programme 50 bázispontos
“For a Successful volt a növekedés Hungary” mértéke due to (2011 the low utolsó utilisation hónapjában rate. 4,33,
illetve As 3,97% the objectives volt az 1−5, of the illetve MFB legalább Municipal 5 éves Infrastructure kölcsönök
átlagos Development kamatszintje). Programme A also vállalati covers forrásköltségek financing the development
regionálisan
továbbra of new social is housing magasnak in municipalities, mondhatóak: the Szlovákiában Government decided 4,04%,
Csehországban to terminate Social 4,11%, Housing Lengyelországban Loan Programme 6,71%, “For a Romániában Successful
10,84% Hungary” volt upon decemberben a recommendation az 5 of évnél the Bank hosszabb made with futamidejû a view
hitelek to eliminating kamata. overlaps and the low level of utilisation.
A magyar bankrendszer vállalatoknak, illetve önkormányzatoknak
Social Housing nyújtott Loan hiteleinek Programme állománya 1,8%-kal nôtt, illetve
0,8%-kal “For a Successful csökkent Hungary” 2011-ben. A nem pénzügyi vállalatok
2011-ben The Bank mind approved forintban, 22 transactions mind devizában and HUF nettó 1.962 hiteltörlesztôk billion in
voltak, loans by a 31 tranzakciók December 2011, alapján which elôbbi corresponds volumene to 19,9, an increase utóbbi
271,1 of the milliárd loan portfolio forinttal by csökkent, 4%. The azonban Bank a reallocated hazai deviza HUF 2011. 30
billion of the funds to Municipal Infrastructure Development
Loan Programme “For a Successful Hungary” due to the low
utilisation rate.
Forrás: ECB
évi gyengülése As the objectives és a devizahitelek of the MFB magas Municipal aránya következtében
Infrastructure
a Development forintban nyilvántartott Programme hitelállomány also covers financing 1,8%-kal bôvült. the development
of new Az social MFB housing vállalati in felmérései municipalities, (MFB-INDIKÁTOR) the Government a decided vállalati
szektor terminate „hibernálódását” Social Housing jelzik, Loan ami Programme a forráshiány “For fokozódásából
a Successful
és Hungary” a forráskereslet upon a recommendation csökkenésébôl of fakad, the Bank s késôbbre made with tolhatja a view
a to eliminating beruházások overlaps elindulását, and the a low magyar level of gazdaság utilisation. fellendülését.
A forráshiány általános erôsödését mutatja, hogy 2011. tavasz
és Retail ôsz and között Municipal nemcsak Development a kisvállalatok, Loan hanem Programmes
a közép- és
nagyvállalatok for Energy Saving között is megkétszerezôdött a folyó kiadások
fedezése The Bank érdekében operated külsô its former forrásra programmes szoruló vállalatok of financing aránya,
ugyanakkor municipal and a súlyosbodó retail sector forráshiány energy saving ellenére developments a vállalatoknak in
csupán 2011. Municipalities ötöde tervezett and ôsszel residential biztosan, communities s további ötöde can hajt apply végre to
valószínûleg the Panel Plus forrásbevonást Loan Programme a felmérést “For követô a Successful 12 hónapban, Hungary” ami
trendfordulót loans to finance jelent a korábbi energy növekvô savings forráskereslethez by refurbishing residential képest.
buildings constructed using industrialised technologies while
natural persons and residential communities can apply to the
Household Energy Saving Loan Programme “For a Successful
Hungary” for loans to finance energy savings by refurbishing
MFB
ANNUAL REPORT 2011 37

❙ 4. Loan programmes
residential buildings constructed using traditional technologies.
Both programmes seek to provide additional resources to
complement non-refundable support allocated in application
programs.
The Bank approved the disbursement of HUF 28.8 billion
in loans under the Panel Plus Loan Programme, which
corresponded to 96% utilisation up to 31 December 2010. To
continue financing energy savings by refurbishing residential
buildings constructed using industrialised technologies, the
Bank raised the facility by reallocating HUF 10 billion of the
resources of the Social Housing Loan Programme due to the
lower level of utilisation. The amount approved in loans stood
at HUF 30.3 billion on 31 December 2011, which the Bank
had used for financing HUF 71 billion worth of retail sector
investments designed to generate energy savings.
The Bank had accepted 903 applications and approved HUF
1347 million in loans under the Household Energy Saving Loan
Programme by December 2011, which corresponded to a year
on year increase by 7% of the loans disbursed in conjunction
with grants awarded in a related applications arrangement. The
loan programme was closed at the end of the year.
AGRICULTURAL FACILITIES
New Hungary Agricultural Development
Loan Programme
Operated since 2005, the first and second stages of the New
Hungary Agricultural Development Loan Programme provided
close to HUF 30 billion in development loans to 650 farming
enterprises which implemented HUF 65 billion worth of
investments using the loans. Agricultural enterprises embarking
on capital expenditure related to primary agricultural production
may apply for loans between HUF 1 million and 1 billion with
maturity up to 15 years. In order to achieve the highest efficiency
in utilising application funds, the rules of support related
financing were simplified in 2009 and large corporations were
also added to the scope of potential borrowers. As a result, 200
clients applied for HUF 9.5 billion worth of credit to supplement
awarded grants by 31 December 2011.
Working Capital Loans
Working Capital Loan Programme
for Producer Organisations
MFB launched its Working Capital Loan Programme for Producer
Organisations in December 2008 to make available preferential
working capital loans to producer organisations recognised with
final force and vegetable and fruit producer organisations with
preliminary recognition. MFB also extends loans via refinancing
the credit institutions that join the programme and via direct
financing arrangements. The Hungarian State extends guarantees
to cover 80% of the funds placed by MFB up to HUF 4 billion.
Altogether HUF 5.2 billion worth of credit had been approved in
32 transactions up to 31 December 2011. The average size of
approved deals reaches HUF 160 million with more than half
of the companies receiving loans above HUF 150 million. Loan
applications were received mostly from regions with a tradition in
producing fruit and vegetables (Southern Great Plain and
Northern Great Plain).
New Hungary Agricultural Working Capital
Loan Programme
Announced in March 2008, the New Hungary Agricultural
Working Capital Loan Programme disbursed close to HUF
38 MFB ANNUAL REPORT 2011

4. hitelprogramok ❙
16 billion in Stages I and II. At present, the Programme offers
working capital loans of a maximum of HUF 200 million maturing
in no more than 5 years to agricultural producers at market terms
(3 month BUBOR + max. 4% p.a.). Enterprises can apply for loans at
participating credit institutions or directly with MFB since April
2010, provided the amount requested is below HUF 50 million.
MFB Agricultural Vis Maior Working Capital
Loan Programme
MFB continued to expand its set of instruments designed to
particularly in an attempt to improve the competitiveness of
agricultural production, animal husbandry and the production of
high quality produce by financing the working capital requirement
of farming operations. Companies pursuing animal husbandry
and crop production and producers active in the poultry and
pig sectors holding reference letters from a nationwide advocacy
organ or a public body and a production agreement may apply to
the Programme for a working capital loan. Applicants may request
loans denominated in HUF earning interest on a EURIBOR basis
for a term of 3 years with 1 year grace. Altogether 31 applications
n n
finance agricultural enterprises by creating a preferential working were approved under this loan arrangement to the tune of HUF
n
capital loan option maturing over a year to bridge the liquidity prob- 1 billion by the end of 2011.
Forrás: ECB
lems of farmers hit by unfavourable weather phenomena in 2010.
MFB announced its MFB Agricultural Vis Maior Working MFB Frost Damage 2011 Working Capital
szinten Capital Loan kb. 1 Programme százalékpontot with an emelkedtek allocation a of vállalati HUF 6 billion forinthitel and évi Loan gyengülése Programme és a devizahitelek magas aránya következtében
kamatok with 26 November (az 1−5 2010 éves as kölcsönök the effective kamata date. To átlagosan acknowledge 10,10%, the a Based forintban on a nyilvántartott Government hitelállomány decision, the 1,8%-kal Bank announced bôvült. its MFB
az high ennél level hosszabb of utilisation, hitelek the Bank kamata increased 9,45% the volt allocation decemberben), to HUF Frost Az Damage MFB vállalati 2011 Working felmérései Capital (MFB-INDIKÁTOR) Loan Programme a vállalati with an
míg 11 billion az euróban as of 26 nyújtott April 2011. hitelek Farmers esetében may apply mintegy for loans 50 bázispontos
the size volt a of növekedés the farming mértéke land that (2011 sustained utolsó hónapjában damage and 4,33, the working és a forráskereslet capital loans csökkenésébôl with terms supported fakad, s by késôbbre the Government. tolhatja
based allocation szektor „hibernálódását” of HUF 8 billion jelzik, in January ami a 2012 forráshiány to provide fokozódásából preferential
illetve (number, 3,97% type, volt age and az 1−5, sex of illetve the) animals legalább that 5 died éves off. kölcsönök The loan Loans a beruházások are available elindulását, under the a Programme magyar gazdaság for businesses fellendülését. acting
átlagos amount is kamatszintje). limited to HUF A 200 vállalati thousand forrásköltségek per hectare of regionálisan plough field A as forráshiány primary producers általános of erôsödését agricultural mutatja, products hogy to 2011. mitigate tavasz the
továbbra and pasture is land magasnak per client, mondhatóak: to HUF 500 thousand Szlovákiában per hectare 4,04%, of és losses ôsz of között enterprises nemcsak that sustained a kisvállalatok, frost damage hanem in a spring közép- 2011 és
Csehországban plantation and to 4,11%, HUF Lengyelországban 200 thousand per 6,71%, animal. Romániában The loan nagyvállalatok by supporting production között is megkétszerezôdött and current operations a folyó with kiadások working
10,84% amount may volt vary decemberben between HUF az 5 1-50 évnél million. hosszabb Loans futamidejû may be fedezése capital. MFB érdekében effects advance külsô forrásra payment szoruló of the vállalatok nominal interest, aránya,
hitelek backed kamata. by on-demand first payment guarantees provided by ugyanakkor service charges a súlyosbodó and any other forráshiány cost related ellenére to a extending vállalatoknak and
the Rural A magyar Credit bankrendszer Guarantee Foundation. vállalatoknak, The illetve total loan önkormányzatoknak
approved in nyújtott the loan hiteleinek programme állománya in 2011 reached 1,8%-kal HUF nôtt, 9.8 billion, illetve valószínûleg State shall bear forrásbevonást all such costs. a Borrowing felmérést követô enterprises 12 hónapban, receive 100% ami
amount csupán maintaining ötöde the tervezett loans under ôsszel the biztosan, Programme, s további and ötöde the Hungarian hajt végre
0,8%-kal bringing the csökkent level of utilisation 2011-ben. to 90% A nem by year pénzügyi end. vállalatok trendfordulót government support jelent a korábbi in respect növekvô of such forráskereslethez interest, service képest. charges
2011-ben mind forintban, mind devizában nettó hiteltörlesztôk and procedural costs from funds provided by the Minister of Rural
voltak, MFB Agricultural a tranzakciók Working alapján Capital elôbbi Loan volumene Programme 19,9, utóbbi Development. Furthermore, in case the individual reference rate
271,1 To cater milliárd for farming forinttal companies, csökkent, azonban the Bank a announced hazai deviza its 2011. MFB applicable to the business is higher than the nominal interest rate,
Agricultural Working Capital Loan Programme on 3 May 2011 the business also qualifies for preferential interest supported
MFB
ANNUAL REPORT 2011 39

❙ 4. Loan programmes
by MFB. The scope of parties eligible for government support
under the programme is regulated in Ministerial Decree 133/2011.
(XII. 22.) VM on the loans available for agricultural producers that
sustained frost damage in May 2011. Loans are extended and
financed directly by MFB.
Bank Guarantee Programmes
In the framework of the MFB Food Industry Bank Guarantee
Programme MFB provides guarantees for 80% of the principal
borrowed by food sector enterprises backed by the absolute direct
suretyship of the central budget for 90% of the sum at stake.
Enterprises borrowing working capital for a up to 5 years and up to
HUF 2.5 billion from any of the participating commercial banks may
apply directly to MFB for a bank guarantee under this programme.
The terms and conditions of the MFB Economic Recovery
Bank Guarantee Programme are similar to those of the Food
Industry Bank Guarantee Programme, but the loan amount
covered by this guarantee may not exceed HUF 5 billion.
The total of HUF 80 billion available in the two programmes
was sufficient to cover HUF 100 billion worth of working capital
loans considering that guarantee exposure was limited to
80%. The application period of both programmes ended on 31
December 2011.
By 31 December 2011, the Bank had approved 17
applications for HUF 12.2 billion under the Food Industry
Bank Guarantee Programme and accepted 4 applications for
HUF 7.2 billion in the Economic Recovery Bank Guarantee
Programme.
40 MFB ANNUAL REPORT 2011

5. FUNDING
The State secures the payment obligations of MFB arising
from its fund raising operations by way of assuming
ondemand absolute direct suretyship in accordance with
Article 5(1)(a) of Act XX of 2001 on MFB Rt. Article 47(1)
of Act CLXIX of 2010 on the state budget of the Republic of
Hungary for 2011 set the overall limit for this repayment
guarantee relating to funds with original maturities in
excess of one year at HUF 1400 billion for 2011.
In 2011 the Bank raised funds under volatile market circumstances
due to the global crisis of money and capital markets, which had
begun in 2008. Despite the crisis, MFB managed to realise its
strategic funding goals, i.e.:
❙ covering the financing need required for its asset side activities
and to repay its maturing debt as well as to secure the
longterm financing needs of the Hungarian Export-Import
Bank Private Limited Company;
❙ returning to the international bond market as issuer;
❙ strengthening the strategic financing relations with international
and national development institutions.
MFB raised a total of EUR 860 million from the international money
and capital markets in 2011. A quarterly breakdown of funds raised
shows the following:
n
n
n
n
MFB ANNUAL REPORT 2011 41

❙ 5. FUNDING
With BNP Paribas, ING Bank N.V. and Société Générale acting
as lead managers, MFB concluded a EUR 500 million 5 year
international public bond issue with value date on 31 May 2011.
The annual interest rate of the bond is 5.875%, while its primary
yield was 3.2% higher than the midswap rate for the relevant
maturity. MFB returned to the international money market as an
issuer after a break of almost 4 years. In order to match the interest
rates on the asset and the liability side the Bank partially swapped
the funds from fixed into floating rate.
MFB raised EUR 180 million via bilateral loan agreements and
Schuldscheins in 2011.
In 2011, the Bank drew down completely the EUR 100 million
Global Loan facility concluded with European Investment Bank
(EIB), Luxembourg on 7 October 2010. MFB used most of the funds
for partially financing its loan programmes supporting municipal
infrastructure development projects and investment projects of
small- and medium-sized enterprises.
On 20 October 2011, MFB signed another EUR 100 million
Global Loan agreement with European Investment Bank (EIB),
Luxembourg. MFB may use the facility to partially refinance
small and medium sized projects and small and medium sized
enterprises. The Bank did not make any draw down from the facility
in 2011.
MFB signed a EUR 125 million framework loan agreement with
the Council of Europe Development Bank (CEB), Paris on 6 May
2011. The Bank may use the facility to partially refinance its loan
programmes supporting the development of small and medium
sized enterprises, the development of municipal infrastructure
and the refurbishment of residential buildings to achieve energy
savings. MFB drew down EUR 80 million from the facility in 2011.
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42 MFB ANNUAL REPORT 2011

6. MFB BANKING GROUP
Agrarian Group
Bábolna National Stud Farm Limited Liability Company
Bakonyerdô Forestry and Wood Processing
Private Limited Company
DALERD Southern Great Plain Forestry Private Limited Company
EGERERDÔ Private Limited Company
ÉSZAKERDÔ Private Limited Company
Gemenc Forest and Game Management
Private Limited Company
Gyulaj Forestry and Hunting Private Limited Company
HM Budapest Forest Management Private Limited Company
HM Kaszó Forest Private Limited Company
HM VERGA Veszprém Forest Private Limited Company
Hungarian Horserace Betting Organisation Limited
Liability Company
IPOLY FOREST Private Limited Company
KEFAG Kiskunság Forestry and Wood Processing
Private Limited Company
Kisalföld Forest Management Private Limited Company
Mecsek Forestry Private Limited Company
Mezôhegyes State Stud Farm Limited Liability Company
NEFAG Nagykunság Forestry and Wood Processing
Private Limited Company
National Horseracing Limited Liability Company
NYÍRERDÔ Private Limited Company
Pilis Forest Park Private Limited Company
SEFAG Forestry and Wood Processing Private Limited Company
Szombathely Forestry Private Limited Company
TAEG Vocational Forest Management Private Limited Company
VADEX Mezôföld Forest and Game Management
Private Limited Company
Vértes Forestry and Wood Processing Private Limited Company
Zalaerdô Forestry Private Limited Company
Asset Management Group
Corvinus Subsidies and Investment Private Limited Company
Hungarian Tourism Private Limited Company
Hungarofest Nonprofit Ltd. for the Organisation of Central Events
ITD Hungary Nonprofit Public Benefit Private Limited Company
MFB Invest – Investment and Asset Management
Private Limited Company
MKK Hungarian Claim Work-out Private Limited Company
Regional Development Holding Private Limited Company
Small Business Development Company Ltd.
Supplier Invest Private Limited Company
Infrastructure Group
Hungarian Public Road nfp Private Limited Company National
Infrastructure Development Private Limited Company
State Motorway Management Private Limited Company
Financial Group
Garantiqa Credit Guarantee Private Limited Company
Hungarian Export Credit Insurance Private Limited Company
Hungarian Export-Import Bank Private Limited Company
MAG Hungarian Economic Development Centre
Private Limited Company
South Stream Private Limited Company
Student Loan Centre Private Limited Company
MFB ANNUAL REPORT 2011 43

7. COMMUNICATIONS,
CUSTOMER SERVICE, SPONSORSHIP,
SCHOLARSHIPS
Communications strategy
In 2011, the product portfolio of the MFB group was renewed to
ensure compatibility with, and the greatest possible support for,
the New Széchenyi Plan. Management intended to increase the
efficiency of product sales in each strategic segment. In that light,
MFB’s key communications task involved product communication
aimed at raising awareness of the Bank’s loan programmes and
at reaching the appropriate target groups at the highest level of
efficiency. Also, the strategic goal of maintaining and strengthening
the positive image of the Bank had to be kept in focus. Press
communications about the social responsibility of the Bank served
to achieve that goal. The Bank’s representation in Brussels also
engaged intensively in communications.
The arsenal of communication tools was multifarious. In
addition to traditional means of advertising, brochures also
appeared in print and the Bank also mobilised its customary PR
tool. Web based communications used the website www.mfb.hu,
which is also the major channel of maintaining contact between the
Bank and its partner institutions.
CUSTOMER SERVICE
In 2011, the Customer Service Office of MFB Hungarian Development
Bank received 2384 in-merit communications about its
activities, announced loan programmes, governmental plans and
communications, loan applications pending and closed loan cases.
The number of contacts was by 7% more than in the previous
year. The share of personal visits was about 4%, compared to
9% in 2010.
The monthly distribution of contacts was uneven: the lowest
turnover was recorded in October with no more than 149 contacts
as opposed to 265 inquiries received in January. Most of
the turnover in January was generated by inquiries about the MFB
Agricultural Working Capital Force Majeure Loan Programme,
which had been announced in December 2010.
SPONSORSHIP
Sponsorship is a prominent part of the Bank’s corporate social
responsibility. In 2011 a total of 229 applications were
submitted for sponsoring, of which 70 were positively assessed
by the Sponsorship Committee.
In the framework of its sponsorship strategy and in the
course of related activities, MFB strives to achieve that the widest
possible scope of applicants can profit of its donations. Several
smaller one-off projects were implemented with the support
provided by the Bank, while there are several objectives,
foundations and institutions among recipients that the Bank
commits to year after year.
In 2011, cultural goals once again received special attention
among sponsored targets, and the Bank also donated significant
amounts to health care and medical purposes, as well as to
scholarship and training programmes for students.
Supporting cultural goals was quite emphatic in the
sponsorship area during the first quarter, when the Bank
donated a considerable amount to fostering remarkable
musical talents. Supporting the Mohács Busójárás, a six-day
masquerade, which features in UNESCO’s representative World
Heritage List, has become a traditional form of sponsorship.
Another key area of support involves an agreement with
Hungary’s Special Olympics Association, which provides
backing for the sport activities of people with mental handicaps.
In June, MFB organised a press conference at it Cupola Room
for the team leaving for the Olympics.
44 MFB ANNUAL REPORT 2011

7. K O M M U N I K Á C I Ó, Ü G Y F É L S Z O L G Á L AT, S Z P O N Z O R Á C I Ó, Ö S Z T Ö N D Í J ❙
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szinten The kb. Hungarian 1 százalékpontot team reaped emelkedtek several a successes vállalati forinthitel at the
kamatok Olympics (az and 1−5 won éves a total kölcsönök of 108 medals kamata at átlagosan the international 10,10%,
az event ennél in Athens. hosszabb The hitelek Banks kamata helpful 9,45% contribution volt decemberben), was instrumental
az in euróban organising nyújtott several hitelek conferences esetében and mintegy issuing 50 several bázis-
míg
pontos professional volt a publications növekedés mértéke in the first (2011 quarter. utolsó hónapjában 4,33,
illetve Supporting 3,97% volt health az related 1−5, illetve goals was legalább more pronounced 5 éves kölcsönök during
átlagos the second kamatszintje). quarter and A included vállalati the forrásköltségek donation of a considerable
regionálisan
továbbra amount to is the magasnak Faculty of Medicine mondhatóak: Semmelweis Szlovákiában University 4,04%, for
modernising Csehországban the Department 4,11%, Lengyelországban of Haematology. 6,71%, MFB also Romániában supported
the 10,84% renewal volt of decemberben instrumentation az at 5 several évnél hospital hosszabb departments. futamidejû
hitelek The kamata. Bank sponsored the research activities of Századvég
Political A magyar School bankrendszer Foundation by vállalatoknak, donating HUF illetve 15 million, önkormányzatoknak
supporting nyújtott children hiteleinek in need állománya in their school 1,8%-kal efforts nôtt, continues illetve
and
0,8%-kal feature among csökkent the sponsorship 2011-ben. goals A of nem the Bank. pénzügyi vállalatok
2011-ben The highlights mind forintban, among mind the devizában events sponsored nettó hiteltörlesztôk during the
voltak, second a quarter tranzakciók included alapján a conference elôbbi volumene held in Eger 19,9, with utóbbi the
271,1 title Cultural milliárd Diversity forinttal and csökkent, Dialogue azonban in Merit a hazai – Building deviza Bridges 2011.
évi between gyengülése Europe és and a the devizahitelek Arab World magas and an aránya exhibition következtében organised
a at forintban the Hungarian nyilvántartott Cultural hitelállomány Institute 1,8%-kal in Brussels bôvült. with the
patronage Az MFB of the vállalati Hungarian felmérései Chamber (MFB-INDIKÁTOR) of Engineers with a the vállalati title
szektor Creative „hibernálódását” Hungary – Engineering jelzik, ami Knowledge, a forráshiány Future fokozódásából - Present -
és Past. a This forráskereslet exhibition csökkenésébôl was one of the closing fakad, s events késôbbre of Hungary’s tolhatja
a EU beruházások Presidency by elindulását, rotation. a magyar gazdaság fellendülését.
A forráshiány The Bank általános supported erôsödését Weiner-Szász mutatja, Chamber hogy 2011. Symphonic tavasz
és Orchestra ôsz között during nemcsak the first a quarter kisvállalatok, of the year. hanem The a outcome közép- és of
nagyvállalatok the cooperation között was the is publication megkétszerezôdött of a CD with a classical folyó kiadások music
fedezése to celebrate érdekében the bicentennial külsô forrásra anniversary szoruló of the vállalatok birthday of aránya, Franz
ugyanakkor Liszt in May a 2011. súlyosbodó forráshiány ellenére a vállalatoknak
csupán The ötöde Foundation tervezett “Without ôsszel biztosan, Borders s további for Hungarian ötöde hajt Press” végre
valószínûleg received by forrásbevonást far the most important a felmérést support követô 12 during hónapban, the third ami
trendfordulót quarter in an jelent attempt a korábbi to növekvô provide forráskereslethez both moral and képest. financial
assistance to media and journalists using the Hungarian
language in press outside the borders of the Hungary. This donation
of extraordinary size (HUF 100 million) demonstrates
MFB
ANNUAL REPORT 2011 45

❙ 7. Communication, sponsorships, scholarships
the commitment of MFB Hungarian Development Bank to
nurturing Hungarian language and culture.
The Bank provided financial assistance to the organisation of
several events of classical music also during the third quarter.
Mozart’s The Magic Flute was staged with great success at
the Savaria Historical Carnival in Szombathely. The European
concert tour of a children’s philharmonic choir from Szentegyháza
Transylvania also qualified for support just as the
noble cause formulated by the Foundation For Opera at Pécs.
The foundation intends to raise awareness of and to get people
to appreciate opera as one of the most complex and wonderful
branches of art. Their introductory theatrical programs
designated for the schoolchildren and the young in the 2011/12
season received the Bank’s support.
Health related targets played a leading role during the
fourth quarter. The Sponsorship Committee awarded the most
important donation to the Action for the Defenceless Foundation,
which spent HUF 16,268,750 on purchasing a unique, fully digital
ultrasound equipment with multiple heads and complex
screening functions. Its most advantageous feature is its
portability, hence it can be used to diagnose people with physical
disabilities and the elderly in their homes. The National Institute
of Oncology and IMS International Therapeutic Service Kft.
received HUF 10 million each for procuding special medical
instruments. The Buda Hospital of the St. John of God order and
the Foundation For Saint John Hospital also received donations
for renewing their equipment. The Foundation for Children with
Leukemia received funds for improving the level of equipment in
the new wing of the building housing the Paediatric Institute of the
University of Debrecen.
The Bank organised the awards ceremony of the Junior Prima
Prize for the fifth occasion at the Club of the National Academy
of Sciences in November 2011. As in previous years, EUR
80,000 was provided in support to prize winners and the Prima
Primissima Prize.
“MENTOR” INTERNSHIP
AND SCHOLARSHIP PROGRAMME
Based on the positive experience of previous years, MFB
announced its “Mentor” scholarship programme once again in
October 2011, covering two areas.
“Practicum” is a scholarship targeted at university
undergraduates with outstanding skills who would like to
complement the theoretical training received at an economic
faculty with practical experience and familiarity with the
operations of the Bank. Selected young applicants can work
as trainees. After interviewing 17 young applicants for the
“Practicum” scholarship, the Bank offered trainee positions to 15.
Based on the experience of previous years, the Bank
developed “Habilitas”, a system for supporting talented
undergraduates in arts and sciences. The support scheme
motivates university students to engage in new research,
implement experiments and to achieve in the field of creative
art. After interviewing 31 young candidates personally, the Bank
selected 25 for regular monthly financial support. Here’s a
non-exhaustive list of disciplines where the supported students
are active: medical science, music, IT, industrial art, theology,
psychology, natural sciences and history.
46 MFB ANNUAL REPORT 2011

8. MFB INDICATOR
The MFB INDICATOR corporate survey
In line with its strategy, a principal task of MFB Hungarian
Development Bank is to provide preferential development loans
to Hungarian enterprises. A proper understanding of macro- and
micro-economic processes and the position and expectations
of the corporate sector is absolutely important precursor to
designing a selection of preferential loans that are best suited
to the requirements. To this end, MFB Hungarian Development
Bank has been conducting regular, semi-annual corporate
surveys (MFB INDICATOR) since the summer of 2009 and in
doing so applies methods and approaches that are different
from but serve to back and supplement the results of the Bank’s
macro-economic analyses.
In spring and autumn 2011, MFB Hungarian Development
Bank repeated its half-yearly survey for the fourth and fifth time
and received responses to questionnaires sent to companies from
794 and 790 enterprises, respectively. In addition to providing a
detailed and comprehensive picture of the actual situation and
the needs, future plans and expectations of the Hungarian
entrepreneurial sector, the results of the MFB INDICATOR survey
provided a suitable basis for comparison with the former surveys
to help map the changes and trends of the preceding year and
evaluate the dynamics of the economy.
The questionnaire consists of two fundamental parts
focussing on five main areas: the first part examines the general
(structural) figures of enterprises as well as their valuation and
expectations of domestic macro-economic processes and their
own position in the (domestic and international) market. Part two
comprises questions on the enterprises’ experiences and plans
regarding to external funding and investment.
The principle of designing the questionnaire required that is
should be suitable for the calculation of an economic indicator
similar to a prosperity index but with much wider scope in addition
to allowing deeper and more detailed analysis. MFB INDICATOR
differs from traditional prosperity and business sentiment indices
in that it lays great emphasis on both the external environment
and on evaluating processes that are relatively loosely interrelated
with macro-economic factors, such as the evaluation of the status
AUTUMN 2011 44,7 40,4 45,4 46,9 56,4 48,4 44,7
SUMMER 2011 55,2 48,6 54,1 54,2 61,8 63,4 55,0
SUMMER 2010 47,1 41,4 43,7 43,9 46,6 53,9 49,1
WINTER 2009 43,9 31,8 40,3 43,5 45,5 53,9 49,8
SUMMER 2009 37,3 20,7 35,7 39,2 39,7 42,1 50,6
N.B.: ThE METhodology of cAlcUlATINg ThE MfB INdIcAToR chANgEd IN AUTUMN 2011. To RENdER chANgES coMpARABlE, ThE RESUlTS of EARlIER
SURvEyS ARE REpoRTEd AccoRdINg To ThE NEW METhodology.
MFB ANNUAL REPORT 2011 47

❙ 8. MFB indicator
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and the perspectives of the internal corporate environment and the
analysis of variances in size, sector and regional structure.
The MFB INDICATOR is an aggregate of four component
indices: the Macroeconomic Index, the Market Index, the
Financing Index and the Investment Index.
For the purposes of calculating the MFB INDICATOR, each
component index is adjusted in accordance with the structural
properties of enterprises and are weighted equally at 25%.
THE RESULT OF THE SPRING 2011 SURVEY
The fact that the indicator has surpassed the 50 point limit (55.2
points) in spring 2011 signals that Hungarian companies share
more positive views about both the present situation of the
economy and future trends for the first time since the survey
started. Most of the increase of the MFB INDICATOR since the
previous Summer 2010 survey can be attributed to external
circumstances (the improvement of macroeconomic and market
opportunities), which was coupled with a beneficial, yet somewhat
more reserved turnaround of internal corporate processes (funding
position and plans of new investments).
The Macroeconomic Index showed a continuous upturn
although at a receding rate up to spring 2011. At close to 50 points,
the result indicated that companies did not see the macroeconomic
environment in Hungary as an obstacle to corporate operations any
longer (but it was not seen as supportive yet). Companies expected
domestic GDP to grow by 2.3% and the consumer price index to
increase by 5.1% in the period between spring 2011 and spring 2012.
The spring 2011 survey was the first where the ratio of
companies evaluating macroeconomic processes as worsening
dropped below 50%, although those sensing improvements also
failed increase since the Summer 2010 survey results. However,
despite the significant downturn, the ratio of companies evaluating
their operating environment as unfavourable stayed at 75%.
Spring 2011 was the first time that the value of the Market
Index also surpassed the 50 point limit, indicating that the market
position and opportunities of Hungarian enterprises followed suit
48 MFB ANNUAL REPORT 2011

8. AZ MFB-INDIKÁTOR ❙
of the marked positive change observed in the operating
(macroeconomic) environment since the summer of 2009. The
difference between Macroeconomic and Market Index values,
which had been contracting since the first survey, were slightly
up this time, meaning that the improvement of macroeconomic
processes had “matured” and companies had overcome the worst
of the crisis and certain segments showed increasing results,
expanding volumes and rising prices. The companies participating
in the survey have improved their position in both domestic and
foreign markets, but the slightly wider gap between the values of
the most striking differences between sector related expectations
as industrial firms typically managed to improve their position in
foreign markets during the 12 months before the survey: close to
fifty percent reported favourable market processes. As opposed
to domestic market processes, foreign sales continued to remain
„hunting grounds” for larger companies, as mostly large operations
could profit of the improvement of foreign market conditions.
Based on Spring 2011 results, the value of the Investment
Index was up again, signalling a turnaround in domestic corporate
investments and developments (since the value of the index had
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Forrás: ECB
INDICATOR to show an improvement of corporate earnings (before capacity continued to shrink and the role of capacity utilisation in
tax) during the previous 12 months, as the ratio of companies that influencing investments strengthened again.
szinten reported kb. growing 1 százalékpontot earnings increased emelkedtek to 40% a from vállalati only one forinthitel out of évi gyengülése The spring és 2011 a devizahitelek survey showed magas major aránya turnaround következtében in the
kamatok five. Corporate (az 1−5 prospects éves kölcsönök were also kamata optimistic: átlagosan 43% 10,10%, of the a propensity forintban nyilvántartott of businesses hitelállomány to invest as 1,8%-kal 67% of bôvült. the companies
az businesses ennél hosszabb expected hitelek improved kamata earnings, 9,45% volt and decemberben),
17% thought reported Az MFB development vállalati felmérései projects scheduled (MFB-INDIKÁTOR) (definitely a 45% vállalati and
míg earnings az euróban would be nyújtott up by more hitelek than esetében 5% in the mintegy 12 months 50 between bázispontos
spring 2011 volt a and növekedés 2012). mértéke (2011 utolsó hónapjában 4,33, és percentage a forráskereslet points compared csökkenésébôl to the results fakad, measured s késôbbre in summer tolhatja 2010.
szektor potentially „hibernálódását” 22%) for the next jelzik, 12 months, ami a forráshiány which marked fokozódásából a rise of 11
illetve There 3,97% was volt no significant az 1−5, illetve difference legalább between 5 éves the kölcsönök development
of corporate kamatszintje). profits A across vállalati sectors, forrásköltségek which signalled regionálisan that the A has forráshiány strengthened általános again. erôsödését In contrast, mutatja, the preceding hogy 2011. three tavasz MFB
a beruházások The influence elindulását, of capacity utilisation a magyar rates gazdaság on investment fellendülését. plans
átlagos
továbbra recovery from is magasnak the crisis rippled mondhatóak: across the Szlovákiában economy as a 4,04%, whole. és INDICATOR ôsz között surveys nemcsak showed a kisvállalatok, that the hanem progression a közép- of the és
Csehországban Crop farming operations 4,11%, Lengyelországban excelled in agriculture 6,71%, while Romániában the industrial
segment volt showed decemberben improving az results 5 évnél for hosszabb energy firms futamidejû and the fedezése businesses érdekében definitely planning külsô forrásra to invest szoruló fell, but vállalatok the Spring aránya, 2011
nagyvállalatok crisis forced companies között is to face megkétszerezôdött capacity surpluses a folyó and the kiadások ratio of
10,84%
hitelek producers kamata. of chemicals, whilst construction companies continued
A to magyar run the bankrendszer gauntlet. When vállalatoknak, 2011 started, illetve the services önkormány-
sector plans csupán to ötöde invest tervezett rose by ôsszel 23 percentage biztosan, points s további among ötöde those hajt facing végre
showed ugyanakkor that the a súlyosbodó trend had reversed: forráshiány the ratio ellenére of firms a vállalatoknak
with definite
zatoknak gave account nyújtott of improving hiteleinek results állománya in the 1,8%-kal past 12 nôtt, months illetve for valószínûleg intermittent excesses forrásbevonást of capacity a felmérést and by követô 17 pp 12 among hónapban, firms with ami
0,8%-kal transportation, csökkent warehousing 2011-ben. (due to A exports), nem pénzügyi info-communication vállalatok trendfordulót continuous capacity jelent a surpluses. korábbi növekvô forráskereslethez képest.
2011-ben services (ICT) mind and forintban, financial mind service devizában providers. nettó hiteltörlesztôk Passive drivers (such as intensive market competition,
voltak, The a value tranzakciók of the Foreign alapján sub-index elôbbi volumene component 19,9, surpassing utóbbi postponement of earlier projects) dominated among the reasons
271,1 the Domestic milliárd score forinttal each csökkent, sector azonban demonstrated a hazai the deviza driving 2011. force for investment; markets picking up was definitely not the first
of foreign markets in spring 2011. The secondary sector revealed motif. Although internal and external funding conditions (such as
MFB
ANNUAL REPORT 2011 49

❙ 8. MFB indiCator
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lack of leverage, access to funds and business income trends)
continued to act as the biggest constraint, these were the very
factors that recorded the largest improvement after the Summer
2010 Survey.
The major improvement of the Financing Index in spring
2011 was due first of all to a major stride forward in demand for
external funding, which was counterbalanced by worsening
borrowing costs and conditions.
Companies upper their demand for external funding
seriously in early 2011: it was the first time that the ratio of
businesses planning to raise funds externally in the upcoming
year surpassed 50%. Nevertheless, the perception of how the
terms and conditions of borrowing changed in the past year
worsened moderately after the previous (summer 2010) survey:
the previous unbrokenly improving trend of the perception of the
(interest and other) costs of external funding faltered and the
perception of the competitiveness of HUF denominated loans
versus FX loans (on interest terms) also worsened. However,
several of the conditions continued the improvement started in
summer 2009: the businesses perceived the ratio of own funds,
the level of the collateral and term to maturity and the grace
period dictated by banks less stringent than earlier. The
improving trend of the length of time required to take a loan
decision also continued. At the same time, other than the change
of FX rates, the supply of funding and the propensity of financial
institutions to lend were seen as factors that had worsened the
most in the preceding year after (this question was introduced for
the first time in the Spring 2011 survey).
THE RESULT OF THE AUTUMN 2011 SURVEY
After the Spring 2011 survey, which was favourable in general,
the one in the autumn signalled drastic worsening of both the status
of the Hungarian economy and economic outlook. The value
(44.7) of the MFB INDICATOR in autumn 2011 fell by 10.5 points
or by more than 20% from the level recorded six months earlier,
reflecting that corporate expectations had soured up radically.
By dropping below 50 points yet again, the value of the MFB
INDICATOR indicated that businesses tended towards a more
negative view of both the current status and the future trends of
the Hungarian economy.
50 MFB ANNUAL REPORT 2011

8. AZ MFB-INDIKÁTOR ❙
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The reduction of the MFB INDICATOR since the previous
survey was attributable to the corporate impression of the
szinten funding environment kb. 1 százalékpontot and a remarkable emelkedtek worsening a vállalati of both forinthitel the funding
plans (az and 1−5 status éves of companies, kölcsönök which kamata was átlagosan tightly connected 10,10%,
kamatok
az to the ennél sharply hosszabb narrowing hitelek scope kamata of corporate 9,45% volt investment decemberben), plans.
míg Moreover, az euróban respondent nyújtott companies hitelek esetében entertained mintegy more 50 negative bázispontos
views volt of a the növekedés macroeconomic mértéke (2011 environment utolsó hónapjában of corporate 4,33,
illetve operations 3,97% and volt related az 1−5, expectations illetve legalább were also 5 poorer. éves kölcsönök That had
átlagos shifted (particularly kamatszintje). domestic) A vállalati market forrásköltségek opportunities regionálisan in a more
továbbra negative direction is magasnak even before mondhatóak: the survey Szlovákiában and put tangible 4,04%,
Csehországban restraints on future 4,11%, performance Lengyelországban in the year to 6,71%, come. Romániában
10,84% Unbroken volt decemberben since summer az 5 2009, évnél hosszabb the rise futamidejû of the
hitelek Macroeconomic kamata. Index halted abruptly to sink below 50
points A magyar in autumn bankrendszer 2011, indicating vállalatoknak, that the illetve macroeconomic önkormányzatoknak
environment nyújtott was becoming hiteleinek less állománya beneficial 1,8%-kal so much nôtt, so that illetve it
0,8%-kal became a csökkent growing obstacle 2011-ben. gaping A nem at corporate pénzügyi operations. vállalatok
2011-ben Companies mind expected forintban, domestic mind GDP devizában to grow nettó by 1.6% hiteltörlesztôk and the
voltak, consumer a price tranzakciók index to alapján increase elôbbi by 5.4% volumene in the period 19,9, between utóbbi
271,1 autumn milliárd 2011 and forinttal 2012. csökkent, (The Spring azonban 2011 Survey a hazai had deviza still shown 2011.
GDP and inflations expectations at 2.3% and 5.1%, respectively.)
Forrás: ECB
The continuous but slow rise of the Macroeconomic Index
since the first survey (in spring 2009) was due each time to both
évi the improving gyengülése impression és a devizahitelek of the period magas leading aránya to the következtében survey and
a the forintban outlook nyilvántartott becoming more hitelállomány optimistic. 1,8%-kal The Autumn bôvült. 2011 survey
showed Az MFB that both vállalati factors felmérései had changed: (MFB-INDIKÁTOR) the worsening judgement a vállalati
szektor of the macroeconomic „hibernálódását” environment jelzik, ami a in forráshiány the preceding fokozódásából 12 months
és coupled a forráskereslet with more negative csökkenésébôl expectations fakad, of s the késôbbre year following tolhatja
a the beruházások survey. In the elindulását, second half a of magyar 2011, gazdaság 87% of the fellendülését. respondent
companies A forráshiány had általános negative erôsödését impressions mutatja, of the hogy macroeconomic
2011. tavasz
és environment ôsz között (which nemcsak actually a kisvállalatok, corresponded hanem to the a közép- results és of
nagyvállalatok summer 2010), között and no is more megkétszerezôdött than 2% of companies a folyó thought kiadások it
fedezése was favourable. érdekében külsô forrásra szoruló vállalatok aránya,
ugyanakkor The evaluation a súlyosbodó of annual forráshiány expectations ellenére prior to a the vállalatoknak survey also
csupán showed ötöde a major tervezett turnaround: ôsszel while biztosan, Spring s további 2011 was ötöde the hajt first végre time
valószínûleg in the history forrásbevonást of the MFB INDICATOR a felmérést that követô the ratio 12 hónapban, of companies ami
trendfordulót reporting more jelent adverse a korábbi macroeconomic növekvô forráskereslethez conditions képest. fell below
50%, the same had rushed to a much higher level by Autumn
2011 as more than 3 out of four companies (77%) experienced
worsening, while no more than 7% indicated a sense of
improvement in conditions (the lowest ratio since Summer 2009).
MFB
ANNUAL REPORT 2011 51

❙ 8. MFB indiCator
The Autumn 2011 value of the Market Index fell almost to
where it was in Summer 2010 and sank below the threshold of
50 points, meaning that market conditions and opportunities
tipped towards the adverse end of the scale in Autumn 2011.
The gap between the value of the Macroeconomic and the
Market Index closed somewhat, which indicated that the
negative turn of the macroeconomic environment had a
powerful impact on the market position of domestic companies.
The divergence of internal and external processes (the
widening of the gap between the Foreign and Domestic subindex
components) continued despite the fact that both
domestic and foreign market conditions were seen as becoming
more adverse in the preceding six months. Nevertheless, the
deceleration of domestic markets proved to be more pronounced,
while the Foreign sub-index component still managed to stay
above 50 points signalling (the more subdued) driving force
of foreign markets in the second half of 2011. Expectations of
corporate results were overshadowed by dark pessimism in
autumn 2011, and (judging from the responses of respondent
companies) the decline of several sectors could be of a degree
that increased the risk of such operations markedly and may
block their alleys to sources of external funding.
The positive turnaround (a jump from 20% to 40% in six months
in the group of companies reporting increasing profits) measured in
spring 2011 in the impressions of companies of corporate results
during the preceding 12 months came to a halt and less than a third
(31%) of the firms claimed improving net profits in autumn 2011,
while more than half (51%) reported declining profits after taxation
for the 12 months preceding the survey. Corporate expectations also
showed a major shift compared to spring 2011 showing dark
pessimism comparable to that reported at the end of 2009: only 25%
of the companies reckoned with improving results in the period up to
autumn 2012 and 46% reported expected downturns. (Symbolically,
only 15% had expected a major reduction of earnings by over 5%
in spring, with the same pessimistic outlook typical of 26% of the
respondents in the autumn.)
Back in spring 2011, the majority of players in four sectors
(crop production, food processing, tourism and ICT services)
had expected growing results, whilst the automotive manufacturing
was the only sector where more than half of the participants remained
52 MFB ANNUAL REPORT 2011

8. AZ MFB-indikátor ❙
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optimistic in autumn 2011. Only companies with a diversified
profile reported promising perspectives in agriculture (with 40%
szinten expecting kb. growing 1 százalékpontot profits in the emelkedtek second half a vállalati of 2011). forinthitel Earnings
kamatok growth was (az expected 1−5 éves by kölcsönök 28% of the kamata companies átlagosan active 10,10%, in the
az secondary ennél hosszabb sector with hitelek the kamata outlook 9,45% of several volt branches decemberben), (food
míg processing, az euróban wood nyújtott processing, hitelek textile esetében sector, construction, mintegy 50 energy) bázispontos
becoming volt extremely a növekedés adverse. mértéke The survey (2011 demonstrated utolsó hónapjában that service 4,33,
illetve sector companies 3,97% volt had az become 1−5, illetve trapped legalább by low internal 5 éves demand, kölcsönök and
átlagos as a result kamatszintje). all of the related A vállalati branches forrásköltségek continue to fight regionálisan for survival
továbbra in 2012. is magasnak mondhatóak: Szlovákiában 4,04%,
Csehországban The degree 4,11%, of reduction Lengyelországban of value of the 6,71%, Investment Romániában Index
10,84% compared volt to the decemberben previous survey az 5 also évnél shows hosszabb a major turnaround futamidejû
hitelek in the development kamata. intentions of domestic enterprises, which
may A block magyar robustly bankrendszer the ramping vállalatoknak, up of investments illetve in önkormányzatoknak
economy in nyújtott the twelve hiteleinek month állománya period after 1,8%-kal the survey nôtt, (between illetve
the national
0,8%-kal autumn 2011 csökkent and 2012). 2011-ben. Symbolically, A nem this pénzügyi component vállalatok index
2011-ben plummeted mind to its forintban, all time low mind autumn devizában 2011 nettó during hiteltörlesztôk the history
voltak, of the MFB a tranzakciók INDICATOR alapján survey. elôbbi volumene 19,9, utóbbi
271,1 The milliárd autumn forinttal of 2011 csökkent, is unprecedented azonban a hazai as the deviza number 2011. of
companies planning to invest (53%) had never been so low, and
Forrás: ECB
the number of those not envisaging investments (34%) had not
been so high since summer 2009. The decline of the willingness
évi to invest gyengülése was especially és a devizahitelek significant considering magas aránya that következtében
the propensity
a to forintban develop nyilvántartott (55-58%) more hitelállomány or less 1,8%-kal stagnated bôvült. between summer
Az 2009 MFB and vállalati summer felmérései 2010 and the (MFB-INDIKÁTOR) results of the spring a vállalati 2011
szektor survey moved „hibernálódását” in a positive jelzik, direction ami a in forráshiány this area (more fokozódásából than 2 out
és of 3 a companies forráskereslet were csökkenésébôl planning to invest fakad, then). s Investments késôbbre tolhatja in the
a national beruházások economy elindulását, may remain a permanently magyar gazdaság subdued fellendülését. for a year
A after forráshiány the survey általános (up to autumn erôsödését 2012), mutatja, which is hogy also supported 2011. tavasz by
és the ôsz unprecedentedly között nemcsak high a ratio kisvállalatok, of companies hanem definitely a közép- not és
nagyvállalatok planning invest: között (Summer is megkétszerezôdött 2009: 19%; Winter a folyó 2009: kiadások 18%;
fedezése Summer 2010: érdekében 17%; Spring külsô 2011: forrásra 14%; szoruló Autumn vállalatok 2011: 23%). aránya,
ugyanakkor A new jump a súlyosbodó (to 49%) forráshiány in the ratio ellenére of companies a vállalatoknak fighting
csupán capacity ötöde surpluses, tervezett as ôsszel demonstrated biztosan, by s the további autumn ötöde 2011 hajt survey, végre
valószínûleg is one of the forrásbevonást most serious obstacles a felmérést blocking követô 12 investment hónapban, plans ami
trendfordulót and couple with jelent market a korábbi processes növekvô (external forráskereslethez and internal képest. demand)
and the availability and price of funding instruments to bear down
on corporate investment activity.
The diminishing perceived importance of all (but two)
investment drivers also moved companies towards abandoning
MFB
ANNUAL REPORT 2011 53

❙ 8. MFB indiCator
investment plans. As funding terms continued to act as the
heaviest drag on developments in autumn 2011, the role of
internal funding resources (revenues) appreciated. Additionally,
the importance of various (e.g. environmental) regulations
increased since the spring 2011 survey. Expectations of growing
internal demand proved to be the investment driver that
weakened the most, followed by the motivation to develop
generated by the technological advancement of a specific sector.
Influences from foreign markets still have the capacity to add
dynamism to investments in certain (manufacturing) sectors,
but the overall perceived importance of this driver also fell from
the level noted six months earlier.
The value of the Financing Index produced a so far
unprecedented dive compared to the level reached in spring 2011.
The loss of 15 points emanated from the erosion of demand for
external funds among companies. That was in part due to the
low level of inspiration to invest, which derives also from the
motivation to borrow in an attempt to manage worsening corporate
liquidity positions rather than to invest (use of working capital
loans and overdrafts) and also to a clear move in several business
segments to operations without external funding.
The ratio of companies planning to raise funds during the
12 months after the autumn 2011 survey, dropped from 60%
in spring 2011 to 42%, i.e. a level close to that recorded in
summer 2009 with 44% of the respondents abandoning any plans
for raising external funds for a year after the survey, which is the
longest period in the history of the MFB INDICATOR. The ratio of
companies with definite fund raising plans ebbed to from 35%
(in spring 2011) to 21%, while the ratio of those definitely not
planning to raise any funds almost doubled (from 14% to 27%)
in autumn 2011. (Among fund raising objectives, financing
developments plummeted to about a third, as companies
were more interested in taking out working capital loans and
overdrafts.)
The financing position of respondent companies also
revealed a pronounced change: while the ratio of companies
having to resort to external funding to finance the running costs
of standard operations kept decreasing after summer 2009 (to
17% in spring 2011), the same rocketed to twice that level (30%)
according to the autumn 2011 survey. However, the responses
revealed that 27% of the companies needed no external funding
at all during the second half of 2011, that is to say some kind of
a split had started to develop in the corporate sector based
on financing position: a group of companies had settled for
operations without external funding, whilst the lack or inaccessibility
of funding seems to kill off lines of business in other
companies.
The perception of borrowing terms and conditions continued
to worsen compared to the previous survey. Respondent
companies selected the change of FX rates in the year preceding
the autumn 2011 survey as the most adverse factor due to the
high ratio of foreign currency loans and the severe depreciation of
the HUF exchange rate. The propensity of banks and other
financial intermediaries to lend also deteriorated substantially
along with interest rates charged (although the latter was the
single factor where the worsening perceived by companies was
less pronounced than in the spring survey. Companies face
increasingly severe collateral requirements set by financial
institutions, and banks tend to refrain from offering or offer
shorter periods of grace for repayment.
54 MFB ANNUAL REPORT 2011

9. THE BOARD OF DIRECTORS
AND THE SUPPERVISORY BOARD
THE BOARD OF DIRECTORS OF MFB
HUNGARIAN DEVELOPMENT BANK PRIVATE
LIMITED COMPANY IN 2011
THE SUPERVISORY BOARD OF MFB
HUNGARIAN DEVELOPMENT BANK PRIVATE
LIMITED COMPANYIN 2011
Up to 20 March 2011:
László Baranyay, Chairman
Dr. Ferenc Gerhardt, executive member
Zoltán Urbán, executive member
György Várady, executive member
Ferenc Orosz, non-executive member
Dr. Vilmos Kálmán Szentpétery, non-executive member
From 21 March 2011 to 22 December 2011:
László Baranyay, Chairman
Ms. Lászlóné Németh, executive member
Zoltán Urbán, executive member
György Várady, executive member
Ferenc Orosz, non-executive member
Dr. Vilmos Kálmán Szentpétery, non-executive member
From 23 December 2011 to 31 December 2011:
László Baranyay, Chairman
Zoltán Urbán, executive member
György Várady, executive member
Ferenc Orosz, non-executive member
Dr. Vilmos Kálmán Szentpétery, non-executive member
Up to 28 April 2011:
Dr. Péter Szalay, Chairman
Dr. Ilona Bizderi, member
Dr. Krisztián Németh, member delegated by employees
Ervin Gönczy, member delegated by employees
From 29 April 2011 to 31 August 2011:
Dr. Péter Szalay, Chairman
Dr. Ilona Bizderi, member
Judit Gondos, member
Dr. Krisztián Németh, member delegated by employees
Ervin Gönczy, member delegated by employees
From 1 September 2011 to 25 September 2011:
Dr. Ilona Bizderi, member
Judit Gondos, member
Dr. Krisztián Németh, member delegated by employees
Ervin Gönczy, member delegated by employees
From 26 December 2011 to 31 December 2011:
Dr. Tibor Halasi , Chairman*
Dr. Ilona Bizderi, member
Judit Gondos, member
Dr. Krisztián Németh, member delegated by employees
Ervin Gönczy, member delegated by employees
* Appointed in 26 September 2011, dr. Tibor Halasi started to exercise the rights and
obligations arising from his chairmanship of the Supervisory Board of MFB Hungarian
Development Bank Private Limited Company on 7 November 2011.
56 MFB ANNUAL REPORT 2011

MFB Igazgatóság és Felügyelô Bizottság ❙
THE MANAGEMENT OF MFB
HUNGARIAN DEVELOPMENT BANK PRIVATE
LIMITED COMPANY IN 2011
Up to 20 March 2011:
László Baranyay, Chairman-CEO
Dr. Ferenc Gerhardt, Deputy CEO
Ms. Lászlóné Németh, Deputy CEO
Zoltán Urbán, Deputy CEO
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From 21 March 2011 to 22 December 2011:
n
László Baranyay, Chairman-CEO
Ms. Lászlóné Németh, Deputy CEO
Zoltán Urbán, Deputy CEO
Forrás: ECB
szinten kb. 1 százalékpontot emelkedtek a vállalati forinthitel évi gyengülése és a devizahitelek magas aránya következtében
kamatok From 23 (az December 1−5 éves 2011 kölcsönök to 31 December kamata átlagosan 2011: 10,10%,
az László ennél Baranyay, hosszabb Chairman-CEO hitelek kamata 9,45% volt decemberben),
míg Zoltán az Urbán, euróban Deputy nyújtott CEO hitelek esetében mintegy 50 bázispontos
a forintban nyilvántartott hitelállomány 1,8%-kal bôvült.
Az MFB vállalati felmérései (MFB-INDIKÁTOR) a vállalati
szektor „hibernálódását” jelzik, ami a forráshiány fokozódásából
volt a növekedés mértéke (2011 utolsó hónapjában 4,33, és a forráskereslet csökkenésébôl fakad, s késôbbre tolhatja
illetve 3,97% volt az 1−5, illetve legalább 5 éves kölcsönök a beruházások elindulását, a magyar gazdaság fellendülését.
átlagos kamatszintje). A vállalati forrásköltségek regionálisan A forráshiány általános erôsödését mutatja, hogy 2011. tavasz
továbbra is magasnak mondhatóak: Szlovákiában 4,04%, és ôsz között nemcsak a kisvállalatok, hanem a közép- és
Csehországban 4,11%, Lengyelországban 6,71%, Romániában nagyvállalatok között is megkétszerezôdött a folyó kiadások
10,84% volt decemberben az 5 évnél hosszabb futamidejû fedezése érdekében külsô forrásra szoruló vállalatok aránya,
hitelek kamata.
ugyanakkor a súlyosbodó forráshiány ellenére a vállalatoknak
A magyar bankrendszer vállalatoknak, illetve önkormányzatoknak
csupán ötöde tervezett ôsszel biztosan, s további ötöde hajt végre
nyújtott hiteleinek állománya 1,8%-kal nôtt, illetve valószínûleg forrásbevonást a felmérést követô 12 hónapban, ami
0,8%-kal csökkent 2011-ben. A nem pénzügyi vállalatok trendfordulót jelent a korábbi növekvô forráskereslethez képest.
2011-ben mind forintban, mind devizában nettó hiteltörlesztôk
voltak, a tranzakciók alapján elôbbi volumene 19,9, utóbbi
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
MFB
ANNUAL REPORT 2011 57

MFB MAGYAR FEJLESZTÉSI BANK ZÁRTKÖRÛEN MÛKÖDÔ RÉSZVÉNYTÁRSASÁG ❙
MFB Hungarian Development Bank
Private Limited Company
Nádor utca 31. Budapest H-1051
Mailing address: 1365 Budapest, P.O. Box 678 Hungary
Telephone: +36-1-428-1400, +36-1-428-1500
Fax: +36-1-428-1490
Toll free local number: 06-40-555-555
Customer service: Nádor utca 31. Budapest H-1051
n n
Telephone: +36-1-428-1574, +36-1-428-1306
n
E-mail: ugyfelszolgalat@mfb.hu, kabinetiroda@mfb.hu
Forrás: ECB
szinten kb. 1 százalékpontot emelkedtek a vállalati forinthitel Website: www.mfb.hu évi gyengülése és a devizahitelek magas aránya következtében
kamatok (az 1−5 éves kölcsönök kamata átlagosan 10,10%, Reuters: MBFB a forintban nyilvántartott hitelállomány 1,8%-kal bôvült.
az ennél hosszabb hitelek kamata 9,45% volt decemberben), Az MFB vállalati felmérései (MFB-INDIKÁTOR) a vállalati
míg az euróban nyújtott hitelek esetében mintegy S.W.I.F.T. 50 bázispontos
Code : HBID szektor HUHB „hibernálódását” jelzik, ami a forráshiány fokozódásából
volt a növekedés mértéke (2011 utolsó hónapjában 4,33, és a forráskereslet csökkenésébôl fakad, s késôbbre tolhatja
illetve 3,97% volt az 1−5, illetve legalább 5 éves kölcsönök a beruházások elindulását, a magyar gazdaság fellendülését.
átlagos kamatszintje). A vállalati forrásköltségek regionálisan A forráshiány általános erôsödését mutatja, hogy 2011. tavasz
továbbra is magasnak mondhatóak: Szlovákiában 4,04%, és ôsz között nemcsak a kisvállalatok, hanem a közép- és
Csehországban 4,11%, Lengyelországban 6,71%, Romániában nagyvállalatok között is megkétszerezôdött a folyó kiadások
10,84% volt decemberben az 5 évnél hosszabb futamidejû fedezése érdekében külsô forrásra szoruló vállalatok aránya,
hitelek kamata.
ugyanakkor a súlyosbodó forráshiány ellenére a vállalatoknak
A magyar bankrendszer vállalatoknak, illetve önkormányzatoknak
csupán ötöde tervezett ôsszel biztosan, s további ötöde hajt végre
nyújtott hiteleinek állománya 1,8%-kal nôtt, illetve valószínûleg forrásbevonást a felmérést követô 12 hónapban, ami
0,8%-kal csökkent 2011-ben. A nem pénzügyi vállalatok trendfordulót jelent a korábbi növekvô forráskereslethez képest.
2011-ben mind forintban, mind devizában nettó hiteltörlesztôk
voltak, a tranzakciók alapján elôbbi volumene 19,9, utóbbi
271,1 milliárd forinttal csökkent, azonban a hazai deviza 2011.
MFB
ANNUAL REPORT 2011 59