BUDAPEST, Nov 20 (Reuters) - The parent banks of the six largest foreign banks active in Hungary have reaffirmed their commitment to support their subsidiaries at a meeting with the IMF and the European Commission in Brussels, the IMF said.
A statement published on the International Monetary Fund's
website late on Thursday, said the six EU-based banks were
Bayerische Landesbank
"Parent banks have behaved as responsible owners, increasing their exposures over the past year and maintaining adequate capital in their subsidiaries; the banking system's capital adequacy ratio was 13 percent in September 2009," it said.
The IMF said the banks were expected to submit specific bilateral commitment letters in the coming weeks.
"The commitments include maintaining an appropriate capital adequacy ratio and exposure of at least 95 percent of the September 2008 level for the duration of the (Hungarian IMF/EU financing) program," the IMF added. (Reporting by Krisztina Than; Editing by Tomasz Janowski)