In connection with the central bank liquidity providing operations the basic requirement is that credit can be granted only against appropriate collateral. However, appropriate risk management requires not only collateral but also effective risk control measures: properly-set haircuts, initial margins and adequate trigger point levels.
Collateral should be placed both for monetary policy liquidity providing operations and for intraday (daylight) credit in the Hungarian real time gross settlement system (the VIBER) and in the Interbank Clearing System (the BKR).
Haircuts are reviewed regularly by the MNB. Furthermore, the MNB publishes daily price data (the market or internally estimated price reduced by the haircut in the percentage of the par value) by which the re-valuation of the eligible assets is effected at the end of the day. Eligible assets are placed for the MNB as collateral with the Hungarian central securities depository and security settlement system (KELER Zrt.).
Business terms and conditions of bank accounts managed by the Magyar Nemzeti Bank and settlements in forint and foreign exchange
Terms and Conditions of the Operations of the Central Bank in Forint and Foreign Currency markets (effective)
Fedezetértékelés / Collateral valuation Elfogadott hitelminősítők / Recognised rating agencies Elfogadott nem szabályozott piacok (2015. december 15-től) / Recognised non-regulated markets (from 15 December 2015) Historikus befogadási árak (aktuális év) / Collateral valuation – Historical prices (current year) Archív befogadási árak (2011-től) / Collateral valuation – Archive (from 2011) Risk Management Parameters Applied to Eligible Collaterals Accepted by the MNB, Terms and Conditions of the Operations of the Central Bank in Forint and Foreign Currency Markets Annex 5 (effective from 31 July 2023) Jelzáloglevél transzparencia riport (hatályos 2024. január 1-től) / Covered bond transparency report (effective from 1 January 2024) Jelzáloglevél transzparencia riport (hatályos 2022. október 1-től 2023. december 31-ig) / Covered bond transparency report (effective between 1 October 2022 and 31 December 2023)