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8th October, 2019

ÁKK bans use of MÁP+ as collateral



State debt manager ÁKK has changed the rules on selling the retail bond MÁP+, banning its use as collateral for bank loans, it was announced on Monday.

The state aims to pay the high yields on the bond only to actual private savers, the ÁKK underlined.

The new regulation bans the practice in which banks provide loans to rich private banking clients, using MÁP+ as collateral.

The clients then buy more MÁP+ bonds from the loan. This way, these individuals and the banks in practice split the surplus interest offered by the state bond among themselves.

As banks were given a week to correct their contracts to comply with the new regulation, a last rush in such purchases is expected, Portfolio forecasts.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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