Net financial assets of households climb 12pc in 2013 – NBH

mnbNet financial assets of Hungarian households stood at HUF 20,902bn at the end of 2013, up about 12pc in a year as borrowers repaid their loans and savings were shifted into securities and appreciating ownership stakes. Households’ financial assets stood at HUF 29,947bn at the end of 2013, up 6pc on the year - fresh data published by the National Bank of Hungary show. Liabilities fell by about 6pc to HUF 9,045bn during the period. On the assets side, transactions accounted for HUF 1,088bn of the increase and revaluations, mainly on stakes in companies and shares, for HUF 549bn. Hungarians took HUF 640bn out of forint deposits — as the central bank continued an easing cycle that reduced the base rate to 3.00pc by year-end — but added HUF 920bn to their stock of investment fund units and HUF 580bn to their stock of securities, including HUF 742bn to their holdings of central government papers. On the liabilities side, transactions reduced the total by HUF 449bn, while revaluations added just HUF 7bn. Net repayments on loans came to HUF 467bn, while revaluations added a little more than HUF 6bn to the stock.