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rikl6riaDedk

TheMNB’GreenProgramme

Summarz

Thispypcrcstyalishcsthytbcntrylaynks,supcrvisorsyncthcfnynbiylsystcmplyyykcyrolcinmitigytingblimytcbhyngcyncothcrcnvironmcntylynomylics.Howcvcr,thcsituytioninHungyryhighlightsthcbhyllcngcsfybccaythcfnynbiylsystcmthytmykcitci（bulttoys-scss,mynygcyncmcysurcfnynbiylrisksrclytcctoblimytcbhyngc.InorccrtomyintyinthcstyailityofthcfnynbiylsystcmyncpromotcsustyinyalcfnynbcinHungyry,thcHungyriynbcntrylaynklyunbhccitsGrccnProgrymmc.Thcpypcrcxymincsthcmcysurcstykcnsofyrinthisinitiytivcyncthcirrcsults.Finylly,itnotcsthytsinbcthcstyrtofthcprogrymmc,thccomcstibgrccnfnynbingcnvironmcnthyslikclyimprovcc,autyccitionyltoolswillacrc4uircc,inpyrtibulyrtoinbrcyscthcprcpyrccncssofthcfnynbiylscbtorforfnynbiylrisksrelatedtoclimatechange.

JournalofEconomicLiterature(JEL)codes:G28,o16,Q54

Keywords:grccnfnynbc,sustyinyaility,blimytcbhyngc,fnynbiylsystcm,bcntrylaynk

InTroDuCTIon

Climytcbhyngcyncothcrcnvironmcntylynomylicsyrcymongthcmostsignifbyntproa-lcmsofthcprcscntcry;thisfybtyncthcncgytivcbonsc4ucnbcsyrcnowycyysthcsuajcbtofbonsiccryalcmcciybovcrygc.Inyccitiontotrynsitioningtoprocubtionwithlowgrccnhouscgys(GHG)cmissions,itisylsovityltobhyngcourbonsumptionpyttcrnsyssoonyspossialc,acbyuscifwcbontinuctofollowthc“ausincssysusuyl”1sbcnyrioof“noybtion”,wcwillfybcirrcvcrsialcynccymygingbonsc4ucnbcsforthccnvironmcnt,sobictyyncthccbonomyinthc

vIkTórIaDeák,juniorynylyst,MygyyrNcm;ctiBynk(ccykvi@mna.hu).

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ccbyccstobomc.Thcimportynbcofthcissucisrcfcbtccinthcfybtthytbcntrylaynks,fnyn-biylsupcrvisorsyncfnynbiylmyrkctsnowylsobonsiccrthcissucypriorityyncyrcinvolvccintybklingthcproalcm.Butthc4ucstionyriscs:whyttoolsbynbcntrylaynksyncsupcrvisorsusctorcsponctothcscbhyllcngcs?Thispypcrccsbriacsthcimpybtofblimytcbhyngconthcfnynbiylsystcmyncthcrclytccbcntrylaynkrolcs.Itylsoysscsscsthcsituytionyncthcfuncy-mcntylbhyllcngcsofthcfnynbiylsystcminHungyry,yncshowshowthcGrccnProgrymmclyunbhccaythcHungyriynbcntrylaynkyccrcsscsthcproalcms.

TheroleofCreDITbanksInThefaCeofClIMaTeChanGe

Climytcbhyngcyncothcrcnvironmcntylproalcmsbynbyuscsignifbyntlosscsnotonlyforcbosystcmsyncsobicty,autylsoforthccbonomyync,throughit,thcfnynbiylsystcm.ThcNctworkforGrccningthcFinynbiylsystcm(NGFs),ynorgynisytionaringingtogcthcrbcntrylaynksyncsupcrvisors,pointccoutyscyrlyys2o18thyt“blimytc.rclytccrisksyrcysourbcoffnynbiylrisk.Itisthcrcforcwithinthcmyncytcsofbcntrylaynksyncsupcrvi-sorstocnsurcthytthcfnynbiylsystcmisrcsilicnttothcscrisks.”(NGFs,2o19:2).Lookingytblimytcbhyngcyncpossialcsobictylrcsponscstoit,thcBynkofEnglyncbonblucccthytfnynbiylrisksfromblimytcbhyngcyrccsscntiyllyyrcfcbtionoftworiskfybtors:physibylynctrynsition.whilcphysibylriskrcfcrstothclikclihoocoflosscvcntsbyusccayinbrcysingblimytibcvcntsynccnvironmcntylynomylicssubhysfoocs,croughts,hcytwyvcs,scy.lcvclriscorlossofaiocivcrsity,trynsitionriskbynrcsultfromthctrynsitiontowyrcsylow.byraoncbonomy,whibhmyyacmynifcstccinteraliainmyrkctynctcbhnologibylbhyngc,yswcllyscnvironmcntylpolibymcysurcs.Torccubcphysibylcymygc,itisncbcssyrytoshiftthcbur-rcntcnsivccbonomytowyrcsymorcsustyinyalc,low.cmissionscbonomibmoccl.Ifthcpybcoftrynsitionistoofystforrcylcbonomibybtors,thcfunbtioningofthcscincustryplyycrswillacjcopyrciscc,whibhboulcthrcytcnnotonlythcstyailityofthcfnynbiylscbtorautylsopribcstyaility(BynkofEnglync,2o18).Itisthcrcforcjustifcctoypplymibro.yncmybropruccntiylpolibicsycyptcctothcc伍cbtsofblimytcbhyngc,tofullyiccntifysystcmibrisksynctointrocubcriskmitigytionmcysurcsinthcfunbtioningofthcfnynbiylsystcm.ChristincLygyrcc,PrcsiccntofthcEuropcynCcntrylBynk,ylsohighlightccthcriskofcis-rcgyrcingynccclyying,acbyuscthclytcrwctykcthcncbcssyrystcps,thcgrcytcrthclosscswcfybc(Lygyrcc,2o2o).

onthcothcrhync,thcfnynbingncccsoftybklingblimytcbhyngcyncothcrcnviron-mcntylproalcmsisofysbylcthytbynnotacmctaypualibfnynbcylonc,yncthcrcforcthcinvolvcmcntofprivytcfuncsiscsscntiyl.Althoughmynybcntrylaynksonlyhyvcyscboncyrymyncytctosupportcbonomibpoliby,aymoailisingthcfnynbiylsystcm,thcinbrcyscinyncimprovcmcntoffnynbingforsustyinyalcinvcstmcntwillbontriautctoysubbcssfultrynsitiontoylow.byraoncbonomy,whibhwillylsorccubcthcfnynbiylscbtor,sblimytcbhyngcrisksinthclongrun.withthcrightinbcntivcsinplybc,yrcyllobytionoffnynbiylfowsbynacybhic-vccwithoutcncyngcringpribcstyaility,whcrcaythcfnynbiylscbtorrcyllobytcsbypitylfromhigh.cmissionstolow.cmissionsybtivitics,thussupportingthctrynsitionofthcrcylcbonomytoysustyinyalcpyth(DGTrésor,2o17).

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naTIonalsITuaTIon–keyChallenGes

HungyryisoncofthcmostvulncryalcbountricstoblimytcbhyngcinthcEuropcynUnion(ITM,2o18),whibhmcynsthytthcHungyriynfnynbiylsystcm,scxposurctocnvironmcntylrisksisylsosignifbynt.InMyrbh2o21,thcMygyyrNcm;ctiBynk(MNB)pualishccforthcfrsttimcitsGrccnFinynbcRcport,whibhproviccsysnypshotofthccnvironmcntylsustyin-yailityofthcHungyriynfnynbiylscbtor.Thccobumcntprcscntsycctyilccynylysisshowingthyt,ymongothcrthings,thcrcyrcynumacrofccfbicnbicsyncfuncymcntyloastyblcstothctrynsitionofthcfnynbiylintcrmcciytionsystcmtoysustyinyalcpyth(MNB,2o21y).

ThcRcporthighlightsthcimportynbcofmitigytingthcscproalcms.withthcpropcrys-scssmcntyncmynygcmcntofcnvironmcntylrisksynclong.tcrmstrytcgibplynning,fnynbiylinstitutionsyrccxpcbtcctorccubcthcfnynbingofunsustyinyalccbonomibybtiviticsyncpromotcthcimplcmcntytionofcnvironmcntyllysustyinyalcinvcstmcnts.Thiswillnotonlybontriautctothctrynsitiontoylow.byraoncbonomy,itwillylsostyailiscthcfnynbiylsystcmayrccubingthccxposurcofthcfnynbiylsystcmtoblimytcrisks(MNB,2o21y).

ThcGrccnFinynbcRcportisayscconysurvcyboncubtccaythcbcntrylaynkin2o19ync2o2o,whibhcxyminccthcyttituccsyncprcpyrccncssofthcaynkingscbtorfromci伍c-rcntypproybhcsinthcbontcxtofmyinstrcymingcnvironmcntylsustyinyailityyspcbts.Thcsurvcysshowthytthcpruccntmynygcmcntofrisksfromblimytcbhyngcisccfbicnt,ysmorcthynhylfofcomcstibinstitutionshyvcyshort.tomccium.tcrmplynninghori;onoftypi-bylly3.4ycyrsforausincssplynning.Howcvcr,ausincssplynningforovcr1oycyrsormorcwoulcacyppropriytctopropcrlyyccrcssblimytcrisks.Anothcrsignifbyntproalcmwhibhinbrcyscsthcblimytccxposurcoffnynbiylinstitutionsisthytthciccntifbytionofblimytc.rc-lytccfnynbiylrisksisnotyctyccrcssccinmorcthynhylfofthcaynkingscbtor.Althoughmostbrccitinstitutionsbonsiccritrclcvynttoiccntifyblimytcrisks,thcylybkthcrcsourbcs,cxpcrtiscormcthocologicstoacyalctoysscssthcm.Thcmyinrcysonisthytthctrycitionylriskmynygcmcntmcthocologyrclicsonhistoribylcyty,whibhcocsnotyllowforthcysscss-mcntofblimytcriskscuctolybkofcyty,yncthusrc4uircsci伍crcntmcthocologics,subhysstrcsstcsts,sbcnyrioynylyscsync4uyntifbytionofriskcxposurcs.Asblimytcrisksyrcci（bulttomcysurcyncbynonlyacysscssccovcrthclongtcrm,thcyaovcmcthocsyrcylsointhcccvclopmcntphysc(MNB,2o21y).

ThcMNBylsoyttcmptccto4uyntifythcprcpyrccncssyncblimytcriskcxposurcofbrccitinstitutions.Itysscssccthcprcpyrccncssoffnynbiylinstitutionsinfouryrcys,yncybbor-cinglyiccntifccthclcvclofprcpyrccncssintcrmsofintcrnylgovcrnynbc,riskmynygcmcnt,ausincssmocclyncstrytcgy,ynccisblosurcs.Thcsboring.aysccmcthocologywysayscconsclf.rcportingaybrccitinstitutions,withrcsultsshowingywiccvyriytioninthcyrcysbovcrcc,autovcrylllowlcvclsofprcpyrccncsswcrcoascrvcc.Inthcbytcgoricsofausincssmocclyncstrytcgyynccisblosurcs,morcthyn75pcrbcntofaynkswcrcfounctoacsignifbyntlyunccrprcpyrcc.Thismcynsthytcnvironmcntylsustyinyailitybonsiccrytionsyrcnottykcnintoybbountinthcstrytcgyccvclopmcntprobcss,orthytthcrclytcccisblosurcsyrccxtrcmclyinbomplctcorthcrcisnoyvyilyalcinformytionytyllonthcsustyinyaility.rclytccybtionstykcnayfnynbiylinstitutions,orcytyonthccmissionsayfnynbccybtivitics(Fcjcs,2o21).

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Thcynylysisylsolookccytaynks,cxposurctoblimytcrisk,whibhisylsocstimytcctohyvcsignifbyntimplibytions.Thcmcthocologylooksytthcborporytcloynportfolioofin-tcrmcciyryinstitutions,ayscconthcgrccnhouscgysintcnsity(GHG)2ofthesectorsofthenytionylcbonomywhibhyrcfnynbcc.ThcmocclyssumcsthythighlyGHG.intcnsivcbom-pynicsbyrryyhightrynsitionrisk,i.c.thcymyyinbursignifbyntlosscsinthctrynsitiontoysustyinyalccbonomyccpcncingonthccvolutionofblimytcpolibyyncrcgulytion.Byscconthcynylysis,ayaylynbcshccttotyl,57pcrbcntofthcaynkingscbtorhysmorcthyn15pcrbcntcxposurctothcmostpollutingscbtorswithinitsborporytcloynportfolio.Thisrytioishighcnoughtorcsultinsignifbyntlosscsforbrccitinstitutionsinthccvcntofysucccngrccntrynsition(Fcjcs,2o21).

Thcblimytcriskcxposurcofthcfnynbiylintcrmcciyrysystcmbynacrccubccayinb-rcysingthcfnynbingofgrccninvcstmcntsyncphysingoutthcfnynbingofunsustyinyalccbonomibybtivitics.Inyccition,fnynbingcbonomibybtiviticsyncinvcstmcntsthytbynacbonsiccrcccnvironmcntyllysustyinyalc,subhysrcncwyalccncrgyprocubtion,cncrgyc（bi-cnbyimprovcmcntsyncclcbtromoaility,rcprcscntsymyjorausincsspotcntiylforthcfnynbiylscbtor.ThcMNB(2o21)bonblucccinystucythytrcncwyalccncrgyisystyalc,brisis.rcsili-cntynccynymibyllycmcrgingscbtor,yncbontriautcstoybhicvingHungyry,sblimytcpolibyoajcbtivcs.Thcinbrcyscinthcshyrcofrcncwyalccncrgyay2o4o,sctaythcHungyriynstytc,forcsccsylyrgccxpynsionofphotovoltyibsolyrpowcrbypybity.ThccxpcbtccbypybitycxpynsionofsolyrpowcrplyntsbynacbouplccwithytotylncwinvcstmcntofyrouncHUF2,25oaillion,thcfnynbingrc4uircmcntsofwhibhboulcmcynuptoHUF1,6ooaillioninncwlcncingaythctyrgctccbycc.Itbynthcrcforcacsccnthytthcncccforinvcstmcntinthcgrccncbonomytrynsitionisvcryhigh,cspcbiyllyinthccncrgyscbtor,whibhylsoo伍crsyausincssopportunityforthcfnynbiylscbtor(MNB,2o21a).

Ncvcrthclcss,thcpcnctrytionoffnynbingforsustyinyailityyncthcryngcoffnynbiylprocubtsislowinHungyry.Quyntifccthroughyfcwcxymplcs,ybborcingtothcMNBcy-tyaysc,thcshyrcofgrccnaoncsissuccaynon.fnynbiylcntcrpriscswys11pcrbcnt,thcgrccnshyrcofgovcrnmcntccatscburiticswys3.9pcrbcnt,whilcthcshyrcofsustyinyalcinvcstmcntswysypproximytclyo.5pcrbcntin2o2o.Givcnthcnovcltyofthcprocubts,cytybollcbtionyncrcportingmcthocologyforthclistccfnynbiylinstrumcntsisnotstyncyrcisccyncitisci（bulttoyggrcgytcthcpositivcimpybtofthcprocubtsytthcportfoliolcvcl(MNB,2o21y).

Forloyns,thisrytioisci（bulttocstimytc.Thcfuncymcntylproalcmis,forcxymplc,thc4uyntifbytionofthcgrccnstobkofborporytcloyns.Thcci（bultystcmsfromthclybkofyuniformgrccnccfnition;thcrcforc,itisonlypossialctocstimytcthcproportionofloynscisaursccforgrccnpurposcsinHungyry.Ductothcsclimitytions,ymorcrcliyalccstimytcbynonlyacgivcnforloynsrclytcctocncrgyprocubtion,whcrcthcsolyrpowcrplyntloynportfoliois2.5pcrbcntofthctotylcomcstibborporytcloynportfolio,ybborcingtoMNBbylbulytions(MNB,2o21y).

Grccnrctyillcncingmyyylsorcprcscntysignifbyntausincssopportunityforthcfnynbiylscbtor,ys97pcrbcntofHungyry,shousingstobkisbonsiccrcctoaccncrgyinc（bicnt,whibhislinkcctosignifbyntbyraoncmissions(MNB,2o21y).Thcuptykcofgrccnhousingloyns,

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yncwiththisthccncrgyupgrycingofrcsiccntiylrcylcstytc,isfurthcrhympcrccaythclcvclofinformationandincomesituationofHungariansociety.AstudybytheHungarianEnergyE（bicnbyInstitutc(2o21)highlightsthyt-ylthoughthcrytcofrcnovytionisrclytivclyhighinHungyry-thcccpthofrcnovytionislow,yncthuscocsnotaringthcccsircccncrgyc（bicnbyimprovcmcnts.Houscholcsthytrcnovytcyrcnotsu（bicntlyinformccyaoutthclong.tcrmacncftsofcncrgyc（bicnby,yncthcrcforcthcyunccrtykccysyyncofboursclow.invcstmcntrcnovytionsrcsultinginy“l(fā)obk.in”3c伍cbt(MEHI,2o21).Howcvcr,invcst-mcntsinrcncwyalccncrgyyncyppropriytccncrgyc（bicnbyinrcsiccntiylauilcingsboulcmykcysignifbyntbontriautiontoblimytcbhyngcmitigytion,yncthcirfnynbingboulcylsoproviccbrccitinstitutionswithymorcstyalcrctyilloynportfolio(MNB,2o21y).

summyrisingthcsituytioninHungyry,thclcvclofprcpyrccncssofHungyriynfnynbiylinstitutionsislow,thcircxposurctoblimytcriskissuastyntiyl,yncthisisrcinforbccaythclowlcvclofsustyinyalcfnynbcyncfnynbiylprocubts,whibhisfurthcrcxybcraytccaythclybkofccbision.mykcrsyncfnynbiylprofcssionylswithcxpcrtiscinsustyinyailityissucsyncthclowlcvclofpualibywyrcncss.Ifthcrcisnobhyngcinthcpcriocyhcyc,thcsystcmibriskslistccyaovcwillintcnsify,whibhwillhyvcysignifbyntimpybtonthcstyailityofthccomcstibfnynbiylsystcm.

TheGreenproGraMMeofTheMaGyarneMzeTIbank

Rcsponcingtothcgloaylcnvironmcntylbhyllcngc,thcMygyyrNcm;ctiBynklyunbhccitsGrccnProgrymmcin2o19,withthcaysiboajcbtivcofimprovingthccnvironmcntylsustyinyailityofthccomcstibfnynbiylsystcm.Unccrthcprogrymmc,thcbcntrylaynk,inybborcynbcwithitsstytu-torymyncytc,“supportsthcmyintcnynbcofthcstyailityofthcfnynbiylintcrmcciyrysystcm,thccnhynbcmcntofitsrcsilicnbc,itssustyinyalcbontriautiontocbonomibgrowth,furthcrmorcthccbonomibpolibyofthcgovcrnmcntusingthcinstrumcntsytitscisposyl”(MNB,2o19y:7).

ThcProgrymmcisauiltyrouncthrccpillyrs,thcmostimportyntofwhibhyrcthcmcy-surcsy伍cbtingthcfnynbiylsystcm.ThcscmcysurcsyrcbomplcmcntccayprogrymmcitcmsonsobiylyncintcrnytionylrclytionsyncybtiviticstogrccnthcMNB,sownopcrytionylyb-tivitics,whibhylsohyvcymyjorimpybtonthcccvclopmcntofsustyinyalcfnynbc(MNB,2o19y).sinbcitslyunbhin2o19,thcbcntrylaynkhysylrcycytykcnynumacrofstcpstomykcthcfnynbiylsystcmmorcsustyinyalc.Inyccition,inAugust2o21,thcHungyriynpyr-liymcntissuccthcMNBysustyinyailitymyncytcthroughynymcncmcnttothclyw,yncthusblimytcynccnvironmcntylyspcbtsmyyplyyymorchighproflcrolcinitsybtiviticswithoutjcopyrcisingthcybhicvcmcntyncmyintcnynbcofpribcstyaility(MNB,2o21b).Inlightofthis,thcrcstofthcpypcrcxplorcspossialcsolutionstothcyaovcbhyllcngcs.

PillarI:Iniliali2esinlhefnancialseclor

Thcbcntrylaynk,sybtionsunccrthcfrstpillyrsccktoybhicvcthrccmyinoajcbtivcs,whibhyrcblosclyylignccwiththcbcntrylaynk,smyncytcs.Abborcingly,thcGrccnProgrymmc,sprimyrytysksyrctoccvclopyfnynbiylsystcmrcsilicnttocnvironmcntylcbonomibshobks,

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toidentifyrisksfromclimatechangeandotherenvironmentalanomalies,andtodevelopagreendomesticinancingenvironment.

Toexplorethesystemicrisksfromclimatechangeandenvironmentaldegradation,theMNBconductedalong-termclimatestresstest4thatillustratestheresilienceofthebankingsectortosevereeconomicshocksanddownturnsupuntil2o5o.Thestresstestisbasedonadynamicmodellingofthreeclimatescenarios,inwhichthevariableunderstudyistheevo-lutionofnon-performingloansinthedomesticbankingsystem.Diferentclimatescenarioshighlighttheimportanceofactingattherightpace.Themodelpredictsthatifthe“Failedtransition”climatescenariooccurs,theproportionofnon-performingloanswillrisetoover2opercentduetoadverseenvironmentalimpactsontheeconomy,whichwillseriouslyunderminetheproitabilityandcapitalpositionofcreditinstitutions,therebythreateningthestabilityoftheinancialsystem.Creditinstitutionsexperiencedasimilardeteriorationinportfolioqualityduringthe2oo8globalinancialcrisis.The“DisorderlyTransition”,throughdelayedmarketmeasures,wouldcreatetransitionrisksforcarbon-intensivesectors,coupledwithasuddendevaluationoftheirassetsandconidenceshocks.Inafast-changingmarketenvironment,thefunctioningoftheinancedrealeconomicplayersisthreatened,whichhasanalmostimmediatenegativeimpactontheinancialintermediarysystem.Inthiscase,asigniicantspikeinthenon-performingloanratioshouldbeexpectedintheshortterm.Itisimportanttonotethateventhe“orderlyTransition”scenario,wherethetransitionisachievedthroughcontinuousandscheduleddecarbonisationmeasures,envis-agesalowerluctuationofnon-performingloans.However,itmustalsoberecognisedthattheexpectedlossesonthistrajectorycanbeminimised.Thestresstesthelpstheinancialintermediarysystemtounderstandtheinancialrisksassociatedwithclimatechange.Italsohighlightstheneedtointegrateappropriateriskmitigationmeasuresintoriskmanagementsystemsandtoincreasetheinancingoflow-carbonsectorswithinthecorporateloanport-folio.

Ithasalreadybeenclariiedthatimprovingthegreeninanceenvironmenthelpstoreducetheclimateexposureofthedomesticinancialsystemandmitigatestherisksoftransition,andthatgreeninanceneedstobedevelopedinHungary.Forthesereasons,theHungariancentralbankhasintroducedauniquegreenpreferentialcapitalrequirementprogrammetoexpandgreeninancing.sincecapitalrequirementsafectthecostofcapitalofbankloans,thepreferentialtreatmentprovidedinthismannercanhelpachievegreenlendingtargetswithoutreducingbankproitability.Thepreferentialcapitalrequirementsschemehasbeenpromotedonboththeretailandcorporatebusinesssides,witharateof5percent,andinsomecases7percent,oftheexposuretowhichthepreferentialrateapplies.Theretailpreferentialratecoversenergye伍cient(atleastBBenergyrating)housingloans,introducedonthebasisofthe“greenhypothesis”.Accordingtothegreenhypothesis,i-nancinganinvestmenttoimproveenergye伍ciencyhasalowercreditriskthantransactionsthatareidenticalinallotherparameters.Thiscanbejustiiedbythefactthatthereducedenergyconsumptionassociatedwithmodernisationresultsinlowerregularmonthlycosts5forthehousehold,andthatmodernisationincreasesthevalueoftheproperty,whichresultsinabetterloan-to-valueratio(MNB,2ol9b).

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CivicReview·VOL.17.SpecialIssue,2021

Thcborporytcprcfcrcntiylbypitylrc4uircmcntprogrymmc,lyunbhccinDcbcmacr2o2o,yimsytyshiftinthcaylynbcshcctofbrccitinstitutionstowyrcsincustricslcsscxposcctotrynsitionrisks.Thcprcfcrcntiyltrcytmcntwysinitiyllytyrgctccytaynks,grccnaonccxposurcsyncrcncwyalccncrgyloyns.Atthccncofthcfrsthylfof2o21,9opcrbcntofthcaynksrclcvynttothcprogrymmcwcrcpyrtibipyting(ayaylynbcshccttotyl).Pyrtibi-pytinginstitutionsacncftccfromHUF42aillioningrccnaoncsyncHUF121aillioninphotovoltyibpowcrplyntloyns.Inscptcmacr2o21,ayscconthcsubbcssofthcprogrymmc,thcgrccnborporytcprcfcrcntiylbypitylrc4uircmcntwyscxtcnccctoothcryrcyssubhysclcbtromoaility,sustyinyalcygribulturcyncfooc,ynccncrgyc（bicnbyinvcstmcnts.Asyncwclcmcnt,trynsybtionsthythyvcaccnoriginytccunccrthcbrccitinstitutions,ownorthcaorrowcr,sgrccnfnynbingfrymcworkbynylsoacncftfromthcprcfcrcntiyltrcytmcnt(MNB,2o21c).

Inyccitiontoinbrcysingthcgrccnloynportfolio,thcsustyinyalcccvclopmcntofthcgrccnaoncyncc4uitymyrkctisbcrtyinlyylsoimportynt,ysthcmoailisytionofbypitylmyrkctrcsourbcsisylsonccccctofnynbcHungyry,scnvironmcntylyncblimytcgoyls.ThcMNBstyrtccccvclopingthcsustyinyalcCypitylMyrkctsstrytcgyinJuly2o2otocxpyncsustyinyalcinvcstmcnt.Thcstrytcgyyimstocnsurcthytbypitylmyrkctinstrumcntsbynfnynbcinvcstmcntsthytbontriautctomitigytingblimytcbhyngcynccbologibylproalcmsytyhighcrrytcthynthcsbylcccsbriaccyaovc,ynctofostcrmorcfyvouryalcybbcsstofnynbcforcnvironmcntyllysustyinyalcbompynics.Thcinitiytivcwillcnyalcthccxplorytionofthcsupplyyncccmync.siccbonstryintstothcccvclopmcntofsustyinyalcfnynbiylinstrumcnts,thciccntifbytionofmyrkctccvclopmcntmcysurcstosupportccvclopmcntyncthcccvclop-mcntofysupportivcrcgulytorycnvironmcnt.Thcfnylrcsultsofthcprojcbtyrccxpcbtccinthcfrst4uyrtcrof2o22(MNB,2o2oy).

InorccrtoimprovcthcrcsilicnbcofthcfnynbiylsystcmthcMNBissuccitsrcbommcn-cytionNo5/2o21(IV.15.)onblimytcbhyngcynccnvironmcntylrisksyncthcintcgrytionofcnvironmcntylsustyinyailityyspcbtsinthcybtiviticsofbrccitinstitutions(ylsoknownysthcGrccnRcbommcncytion6)inApril2o21.Thcrcbommcncytionsctsoutfuncymcntylcxpcbtytionsforbrccitinstitutions,whibh,inthcspiritofbomprchcnsivcncss,bovcrscvcrylyrcysofbrccitinstitutions,opcrytions:ausincssmocclyncstrytcgy,borporytcgovcrnynbc,riskmynygcmcntynccisblosurcs.Thcrcbommcncytiontopromotcy4uysi.institutionylrcformwillinbrcyscthcprcpyrccncssoffnynbiylinstitutionsforthcrcgulytorybhyngcsrclcvynttofnynbiylrisksyrisingfromblimytcbhyngc,ysthcburrcntsituytionshowsthytysignifbyntportionofthccomcstibaynkingscbtorcocsnottykcintoybbountcnvironmcntylsustyinyailityyspcbtsinitsopcrytions,whilcitishighlycxposcctoblimytcynccnviron-mcntylrisks.Thcrcbommcncytionproviccsguicynbconthcfulliccntifbytion,yppropriytcmcysurcmcnt,mynygcmcnt,bontrolynctrynspyrcntcisblosurcofthcscrisks.Bycoingso,thcbcntrylaynkishclpingbrccitinstitutionstomyinstrcymcnvironmcntylsustyinyailitybonsiccrytionsinthcirausincssybtivitics.Aspyrtofitssupcrvisoryybtivity,thcMNBcxpcbtsbrccitinstitutionstoboncubtysclf.ysscssmcntsurvcyinlincwiththcGrccnRcbommcncy-tion,ayscconwhibhitwillinitiytcpruccntiylcisbussionsybborcingtoysbhcculcccvclopccaythcaynks,thcrcayhclpingtocnsurcthcprcpyrccncssofbrccitinstitutions.

16o

ViktóriaDeák:TheMNB’GreenProgramme

Lystautnotlcyst,inlincwiththcgrccnmyncytcofthcMNB,ithysylsolookccythowgrccnbonsiccrytionsbynacmyinstrcymccintothcmonctyrypolibytoolaoxinyccitiontowhythysaccncisbussccthcyaovc.Asyrcsult,thcbcntrylaynkhyslyunbhcctwoyccitionylprogrymmcstofurthcrstrcngthcnthcfnynbingcnvironmcntforthcrcncwylofthcrcsiccntiylrcylcstytcstobk,yscctyilccyaovc.ThcGrccnMortgygcBoncPurbhyscProgrymmcyimstobrcytcycomcstibgrccnmortgygcaoncmyrkct,whibhwillbontriautctothcuptykcofgrccnmortgygcs.Inycci-tion,tofurthcrcnbourygcgrccnhousinglcncing,thcGrccnHomcProgrymmcwyslyunbhccyspyrtofthcFuncingforGrowthsbhcmc,whibhproviccsgrccnloynsytprcfcrcntiylintcrcstrytcstohouscholcswiththcyimofauilcingorpurbhysingncyr.;crocncrgyhomcs(MNB,2o21c).

PillarII:socialandinlernalionalrelalions

Mcysurcsyncpolibicsunccrthcfrstpillyrbyncnsurcthcstyailityofthcfnynbiylintcrmcciyrysystcmyncsupportthcrcylcbonomyinthctrynsitiontobyraonncutrylity,auttoybhicvcthis,ycc4uytchumynbypityliscsscntiyl.

ThcscboncpillyrofthcGrccnProgrymmcisintcnccc,intcryliy,toinbrcyscthcpoolofcxpcrtswithsustyinyailitycxpcrtisc.Ithysaccnfouncthytthcysscssmcnt,mynygcmcntynccvyluytionoffnynbiylrisksyrisingfromblimytcbhyngcyncthcccvclopmcntofgrccnfnynb-ingscrvibcsyncfnynbiylprocubtsyrcylsohympcrccaythcshortygcoffnynbiylcxpcrtswithsustyinyailitycxpcrtisc.Thcbcntrylaynk,skcyoajcbtivcisthcrcforctopromotcygrccnmincsctinthcfnynbiyllitcrybyofyoungpcoplcyncthcfnynbiylworkforbc.E4uippingunccrgrycuytccbonomibsstuccntswithgrccnfnynbcskillsiskcytocnsuringsustyinyailityinthcfnynbiylscbtor.UnccrthcGrccnProgrymmc,yscmcstcr.longgrccnfnynbcbourschyssofyraccncclivcrccytfourpromincntunivcrsiticsinHungyry.sinbcthcyutumnscmcstcrofthc2o19ybyccmibycyr,morcthyn6oostuccntshyvctykcnpyrtinoncofthcbourscs,ynumacrthytwillbontinuctogrowinthcbomingscmcstcrs.spcbiyliscctryiningforthoscylrcycyinthclyaourmyrkctisylsoimportyntforthcccvclopmcntofysustyinyalcaynkingscbtorinHungyry,yncscvcrylbourscsongrccnfnynbingyncycvisoryscrvibcshyvcaccnlyunbhccforthcm,orgynisccayysuasiciyryofthcMNB(MNB,2o21f).

Itiscysytosccthytbcntrylaynks,supcrvisorsyncfnynbiylintcrmcciyrics,ylthoughthcyyrccxpcrtsinfnynbc,conothyvcsbicntifb4uylifbytions.onthcothcrhync,NGos,bommuniticsyncbivilsobictyorgynisytionsworkingonblimytcprotcbtionyncthcnyturylcnvironmcnthyvcspcbiylrolcs,knowlccgcyncbypybiticsthytbrcytcsyncrgicswiththcfnynbiylyncrcgulytorypowcrsofthcMNB.Thcprogrymmcthcrcforcylsopyyspyrtibulyryttcntiontothcboopcrytionactwccncomcstibyncforcignmyrkctyncsobiylybtorsrclcvynttogrccnfnynbc,whibhbynhclpinfnc.tuningcomcstibfnynbiylmcysurcsrclytcctosustyinyaility.Thcprybtibylformofboop-crytionisorgyniscconscvcrylplytforms,inblucingintcrnytionylworkinggroups,workshops,bonfcrcnbcsyncsobiylbonsultytions.Asyncxymplc,sinbc2o19thcMNBhysaccnymcmacrofthcNctworkforGrccningthcFinynbiylsystcms,pyrtibipytinginintcrnytionylworkongrccnfnynbc,thuspromotingthcshyringofcxpcricnbcsyncthcycoptionofintcrnytionylgoocpryb-tibcs.ThcynnuylintcrnytionylGrccnFinynbcConfcrcnbcylsoproviccsynopportunitytolcyrnthcvicwsofcxpcrts(MNB,2o19y).

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CivicReview·VOL.17.SpecialIssue,2021

PillarIII:FurlhergreeninglheMXB,sownoperalions

Throughitsmyncytcysthcguyrciynofthcfnynbiylsystcmync