ANNUAL REPORT 2011 - Magyar Fejlesztési Bank Zrt.

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
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