ANNUAL REPORT 2011 - Magyar Fejlesztési Bank Zrt.

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:
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MFB ANNUAL REPORT 2011 41