BUDAPEST, March 2 Mon Mar 2, 2015 5:05am EST
BUDAPEST, March 2 (Reuters) - Hungarian corporate lending grew by 2.4 percent year-on-year in the fourth quarter, driven by the central bank's cheap loans programme, the bank said in a survey on Monday, adding however that other lending volumes continued to fall.
The bank said the increase was also due to base effects, but even so, 2014 marked the first year since the start of the financial crisis when corporate lending increased in Hungary, adding 0.1 percent to economic growth in the fourth quarter.
But it said business lending outside its cheap loans programme, which provides funding to commercial banks for free to lend on to companies, fell by another 4 percent from the same period of the previous year.
"Lending to small firms outside the scope of the central bank programme is not picking up despite historically low lending rates," the central bank said, adding that lending conditions remained "excessively tight."
Looking ahead, just 16 percent of banks surveyed flagged easier credit conditions.
The National Bank of Hungary, which could cut interest rates further from a record low 2.1 percent as soon as this month, some analysts say, added 500 billion forints ($1.85 billion) to its loans scheme last month to help small firms.
Lending to households continued to fall, it said, but the pace of annual decline had slowed to 4 percent in the fourth quarter from 4.3 percent in the previous three months.
It said weak credit supply to households slowed economic growth by an estimated 0.4 percent in the fourth quarter.
While banks signalled increased demand for home loans, about a third of them flagged a tightening of lending conditions in that segment for the first half, while about half of the lenders surveyed plan to tighten access to consumer loans.
The central bank said the brunt of tightening was related to higher payment-to-income levels launched from January to prevent the kind of unbridled lending seen before the crisis.
Even so, banks expect a continued increase in demand for both home loans and consumer loans in the first half, it said. ($1 = 270.87 forints) (Reporting by Gergely Szakacsn Editing by Jeremy Gaunt)
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