Annual Report 2008. - Hitelgarancia Zrt.

Business operations in 2008In the municipality segment, the value of guarantees undertaken in 2008was HUF 28 billion, which represents a significant outperformance relativeto the HUF 18 billion target for the year. The banks requested surety guaranteesmainly in relation to bond issuances. EIB counter-guarantees canbe used for covering municipality guarantees, provided that the credit receivedby the local municipalities or small-region associations, etc. is usedfor development and investment purposes.During the year Garantiqa began providing guarantees for micro-creditsthat draw on the funds of the JEREMIE program, as well as for new bankcredit-card products, and also launched a new portfolio guarantee product.These services belong in the category of conventional budgetary counterguaranteetransactions. The amount of guarantees provided for micro-creditswas HUF 0.1 billion, while the value of guarantees provided in the caseof portfolio guarantee products was HUF 2 billion.Subsidy repayment guarantees, launched at theend of 2007, have helped SMEs access EU funds.The amount of guarantees in this product line totalled HUF 1.4 billion.Garantiqa undertook guarantees in a value of nearly HUF 22 billion entirelyat its own risk. As regards leasing and factoring products, the volume ofguarantees undertaken with a budgetary counter-guarantee was aroundHUF 2 billion, with these guarantees being assumed mainly in relation tofactoring transactions. Garantiqa undertook guarantees at its own risk ofa further HUF 1 billion in this category.6