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        HUNGARY MUNICIPAL COUNTERGUARANTEE SFF

        Signature(s)

        Amount
        € 51,992,008.04
        Countries
        Sector(s)
        Hungary : € 51,992,008.04
        Credit lines : € 51,992,008.04
        Signature date(s)
        28/06/2007 : € 51,992,008.04

        Summary sheet

        Release date
        19 October 2006
        Status
        Reference
        Signed | 28/06/2007
        20050102
        Project name
        Promoter - financial intermediary
        Municipal Counterguarantee SFF
        Hitelgarancia Zrt.
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        EUR 50 million.
        At least EUR 200 million.
        Location
        Sector(s)
        Description
        Objectives

        Partial first demand counter guarantee of Hitelgarancia’s 80% guarantee of Hungarian commercial banks’ long term loans extended to Hungarian municipalities and/or associations of Hungarian municipalities.

        The proposed operation intends to make access to loan facilities easier for local public entities in Hungary, especially the smaller ones which do not have the collateral necessary for borrowing, making access to external financing very difficult under current market circumstances. It will also lower the funding cost for those public sector entities, as the Bank’s involvement will reduce the risk weighting of the corresponding loan amount to 0% for the originating commercial bank.

        Environmental aspects
        Procurement

        All eligible projects will have to comply with the environmental conditions in line with European and national legislation.

        All eligible projects will have to comply with European and national legislation on procurement.

        Comments

        Operation targeting public sector.

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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