Finance Minister: Hungarian banking system ‘robust, functional’ despite failing intl environment
The Hungarian banking system is stable, and remains robust and functional amid the deteriorating international environment, Finance Minister Mihaly Varga said on Friday.
In a Facebook post on “Facts on the stability of the Hungarian banking system in 5 points”, Varga said Hungary’s average capital adequacy ratio outperformed Europe’s two-fold. Its profitability was 1.5 times the European average, and its non-performing portfolio was 3.4 percent, low despite the war-related crisis, he said.
Its financing is stable, and has significant reserves, Varga said.
“Hungary’s banking system remains robust and functional amid the deteriorating international environment, as also shown in ratings agencies’ latest evaluations,” he said.