Hungary: Technical Assistance Report—Operational Aspects of Establishing an Asset Management Company

International Monetary Fund

No 2015/239, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Assistance report examines Operational Aspects of Establishing an Asset Management Company. In November 2014, the Magyar Nemzeti Bank (MNB) established the Magyar Reorganizációs és Követeléskezelo (MARK), an asset management company. This step was taken to help restore monetary transmission, credit growth, and economic recovery. The MNB has established MARK on a sound foundation: banks’ participation is voluntary, market prices determine valuations, and MARK’s lifetime is 10 years. MARK has a clear, well-defined mandate to focus on maximizing the value of its assets. This is supported by an ambitious return on equity and a valuation methodology based on market prices.

Keywords: ISCR; CR; Mark; risk appetite; MNB representative; return on equity; MNB official; governance structure; work process; Auditing; Nonperforming loans; Asset management companies; Loans (search for similar items in EconPapers)
Pages: 13
Date: 2015-08-20
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