English"OTP Bank" Nyrt., the largest Hungarian bank, paid EUR 700 million (USD 1 billion) to the Hungarian state, half of the EUR 1.4 billion loan granted by the government on March 26th, 2009. The loan was intended for funding small and medium Hungarian enterprises.
"OTP can only help a limited number of entrepreneurs due to the interest rate and maturity of the government loan facility", the Hungarian bank announced.
Hungary is facing its deepest recession in the last 18 years, being the first country in the European Union to receive a loan from the international financial institutions last year. The authorities in Budapest estimate a 6.7% contraction of the economy this year.
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