Eximbank conditions

This information material has been prepared in Hungarian and English, English translation is for information purposes only. In the event of discrepancies between English and Hungarian version, the Hungarian version shall prevail.

Hungarian Export-Import Bank Private Limited Company (“Eximbank”), based on the relevant Hungarian and international statutory regulations, provides medium and long-term credit with budgetary interest support (interest equalisation), while the Hungarian Export Credit Insurance Private Limited Company (“MEHIB”) provides export credit insurance, backed by a payment guarantee from the central budget, to cover non-marketable risks.

In accordance with the statutory regulations related to these two institutions (collectively known as “EXIM”) – specifically, Government Decree 435/2012. (XII. 29.) on guarantees assumed by Hungarian Export-Import Bank Pte Ltd alongside a full state payment guarantee and, on the conditions and detailed regulations applicable to replacement and interest costs associated with foreign exchange and interest rate swap transactions, Government Decree 85/1998. (V.6.) on the interest equalisation system of Hungarian Export-Import Private Limited Company and Government Decree 312/2001. (XII.28.) on the conditions of non-marketable-risk insurance assumable subject to a full Government payment guarantee – a condition of the above-mentioned interest subsidy, of the provision of an export-credit guarantee, as well as for the use of export-credit insurance provided against the central budget, is that the exported goods should have a certain degree of Hungarian content/origin.

 

A) EXPORT OF GOODS

In the case of goods exports, the regulations stipulate that, as a general rule, at least half of the goods shipped in the context of a fulfilled export transaction must be of Hungarian origin.

The Exporter must, following delivery, obtain a certificate of origin proving the Hungarian content of the delivered goods from the competent regional body of the chamber authorised to issue it (Hungarian Chamber of Commerce and Industry – MKIK, National Chamber of Agriculture – NAK) and submit it to Eximbank, and in the case of refinancing, to the financing financial institution, or in the case of insurance, to MEHIB (in the manner prescribed in the insurance contract) together with the damage report.

If the business entity conducting foreign trade activity exports goods to the same customer under the foreign trade contract in respect of goods of the same designation, customs tariff number and place of origin more than once, in order to prove the Hungarian origin of the goods it is sufficient to obtain a certificate of origin complete with a special clause issued by the competent chamber after the performance of the first export of the goods and send it to Eximbank, and in the case of refinancing, to the financing financial institution, or in the case of insurance, to MEHIB.

If a change occurs in the designation, customs tariff number or place of origin of the goods described in the certificate of origin complete with a clause or in the person of the buyer (customer), the business entity conducting foreign trade activity must obtain a new certificate of origin from the competent chamber for its first export after the change, and must submit it to Eximbank, and in the case of refinancing, to the financing financial institution, or in the case of insurance, to MEHIB.

NAK is responsible for products subject to the European Union’s common agricultural policy (CAP), while MKIK is responsible for all other (non-CAP) products.

The rules of origin applied by the chamber body authorised to issue the certificate of origin, available on the website of the authorised chamber body, and the provisions of the chamber procedure with respect to the issuing of the certificate of origin, must be applied to establish and certify the Hungarian origin of the goods.

In the case of the provision of cover in the national interest and financing in the national interest, the above requirements shall also apply to the certifying of the origin of the goods.

According to the above Government Decrees, the basis of the export transaction may also be the export of machines and equipment used by a company that has had a registered office in Hungary for at least five years, regardless of the origin of the goods. In the case of such an export transaction, the Exporter is under no obligation to provide proof of Hungarian origin.

 

B) EXPORT OF SERVICES

According to the Government Decrees referred to, in the case of the export of services, the business entity participating in the provision of the service under the export-purpose foreign trade contract must have a registered office in Hungary, but the Exporters do not need to provide any other documents to prove this condition exists.

 

C) CONSTRUCTION AND INSTALLATION CONTRACTS

The value of the foreign trade contract for the performance of construction, installation, technological installation, design and directly related services, less the financing costs, must be at least one quarter of Hungarian origin, as certified by the head office of the Hungarian Chamber of Commerce and Industry.

Information on the issuing of the certificate and the declaration to be submitted on the Hungarian content of the main contractor’s invoices, as well as the contact details of the MKIK’s head office, can be found on the following pages:

For more details, please read carefully the EXIM general Customer Information on the procedure for proving Hungarian content/share of Hungarian origin and its Annex 1 on the legislative background related to the foreign content.

Link iconAnnex 1
2025. 03. 03.
Link iconCustomer information
2025. 03. 03.

Pursuant to its environmental policy, it plays a key role to perform risk assessment for projects in order to review their environmental and social risks. Accordingly, the Bank does not support a transaction that has a negative, i.e. adverse environmental impact, or transaction which demonstrably violates fundamental human rights standards or results in significant greenhouse gas emissions. In order to screen these projects at an early stage of financing, the Bank applies environmental and social risk assessment.

Process of environmental and social evaluation:

  • Pre-screening – screening and assessment of project whether the transaction falls under the scope of the procedure. Pre-screening is implemented at an early stage of the transaction. During this stage some basic information should be obtained from the exporter.Transactions outside the scope of the procedure – i.e. project period does not exceed 2 years, and exports of goods / services relate to basic agricultural products and military assets (livestock, cereals, etc.) and where risk is not on the exporter – are not classified but indicated with “K” and are exempted from further steps of the environmental and social risk assessment.
  • Screening – all the information provided by the exporter is reviewed during screening. Screening can only be applied to projects with a risk-taking period of more than 2 years and if the value of the transaction exceeds 10 million SDRs, or if the project is on or near sensitive area or sector, or if it can be assumed that the implementation of the project involves potential environmental risk.
  • Classification – the project is classified into two main categories (new project or existing facility) and three environmental and social risk categories (A – sensitive, B – moderate, C – neutral). Further information can be obtained from the exporter if it is required.

Three categories of environmental and social classification:

    • Category A: a project is classified as Category A if it has the potential to have significant adverse environmental and/or social impacts, which are diverse, irreversible and/or unprecedented. These impacts may affect an area broader than the sites or facilities subject to physical works. Category A includes projects in sensitive sectors or located in or near sensitive areas.
    • Category B: a project is classified as Category B if its potential environmental and/or social impacts are less adverse than those of Category A projects. Typically, these impacts are few in number, site-specific, irreversible, and mitigation measures are more readily available.
    • Category C: a project is classified as Category C if it has minimal or no potentially adverse environmental and/or social impacts.

Result of the classification may vary flexibly (reclassification) on a case by case basis depending on the scope, depth and timing of the necessary information.

Information required for environmental and social risk categories:

    • Category A: Environmental and Social Questionnaire, Environmental and Social Impact Assessment (hereinafter referred to as ESIA) and if it is necessary Human Rights Impact Assessment (hereinafter referred to as HRIA)
    • Category B: Environmental and Social Survey Questionnaire (on a case-by-case basis ESIA)
    • Category C: no further information is needed (on a case-by-case basis ESQ)
  • Assessment – The assessment of the environmental and social impact of the transaction is based on the Questionnaire and all the relevant information and documentation that had been provided previously. In order to be able to perform the appropriate evaluation of projects different kind of information should be obtained depending on the environmental and social category of the project.

In order to evaluate the financing of category A, client must provide the ESIA on environmental impacts and documents on mitigating compensatory measures.

ESIA may be requested on a case-by-case basis for assessing category B projects which has a moderate impact on the environment, but the classification and evaluation of the project will be implemented based on the outcome of the Questionnaire and the consideration of the relevant environmental impacts.

For category C projects, only the result of the evaluation of the Questionnaire and the evaluation of the documents provided will be taken into account as the environmental and social risks of the transaction are negligible. However after evaluating the ESQ additional documents can be requested.

  • Decision – the Bank mainly take into consideration the information for which the customer is responsible when assessing environmental and social impacts. It is the responsibility of the client to be able to provide the necessary documentation, basic and additional information to the Bank. In addition, the Bank may obtain independent information if it is required (e.g. from a funder, other insurer, green organization, etc.).

Based on the outcome of the due diligence, the transaction will be accepted, conditionally accepted or rejected.

  • Monitoring – in case of all project classified as category A, the Bank requires regular ex post reports and related information to be provided during the involvement in the project to ensure that relevant potential environmental and/or social impacts are addressed according to the information provided by applicants during the environmental and social review. If project monitoring is included as a condition in the contract client should periodically provide a monitoring report on the environmental and social impact as long as the Bank is in risk.

The Bank should publish national ECA environmental and other related policy statements or principles and procedural guidance relevant to the implementation of the OECD common approaches.

 

For Category A projects the Bank should disclose publicly project information, including project name, location, description of project (ESIA report, summary) as early as possible during the review process but at least 30 calendar days before a final commitment to grant official support.

 

The Bank is ready to share information between other entities in case of co-financing or other partnerships.

 

The project sponsor is encouraged by the Bank to publish information with regards to the environmental and social impacts. Information related to the transaction shall not be disclosed by the Bank in accordance with business secrecy without the consent of the parties. The Bank considers legal and competition aspects for the protection of business secrets in accordance with the law on publishing environmental information.

 

The Bank provides information on funded projects (A, B, C) for OECD on a continuous basis, but at least in every six months. The Bank prepares reports annually (ex post) on A and B categories projects accepted according to the form and content of the OECD common approaches.

 

At least annually, the Bank ensures the availability to the public – considering the possibilities of national legislation –, all environmental information of categories A and B transactions.

 

In case of category A and B projects, if the provisions of the OECD Common Approaches have been applied, the projects will be reported to the OECD. The OECD annually publishes a summary of these reports on its website. In this manner, this information is made available to the public in an aggregated form. The report can be accessed using the following link: http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=tad/ecg(2017)3/final&doclanguage=en

 

The Bank annually publishes (on its website) the information (project description, technical data, standards, regulatory compliance, etc.) of the accepted environmentally and socially screened projects including categories A, B and C as well.

 

If you have any questions or concerns about the disclosure of environmental data for projects, please contact us at the following e-mail address: csecsei.adam@exim.hu

 

The OECD recognized that it can promote the coherence between the international environmental, climate change, social and human rights policies of the export credits and their commitments of relevant international agreements and conventions, thereby contributing to the sustainable development and the reduction of adverse environmental impacts through the export credit policy.

 

The OECD Common Approaches was developed and adopted in 2003. It established a set of rules for the environmental risk assessment of officially supported export financing. The document contains common practices for identifying and mitigating the environmental impact of projects. In addition to the impact on the environment, there has been an increasing emphasis on assessing social impacts. The OECD has expanded its existing approach with elements on social impact assessment and finalized it in 2012. In 2016, it has been revised which is the current version in use. The OECD Common Approaches aims to develop procedures for assessing the environmental and social impacts of officially supported export financing, to prevent and mitigate the adverse environmental and social impacts of projects, and to create the overall process of financial risk assessment for a supported project.

 

Hungary is being a full member of the ECG decision-making process. In 2001 the country formally declared that it accepts and will implement the common approaches. Accordingly, the institutions dealing with export credit financing and insuring had to integrate the environmental monitoring system, which is being operated according to the OECD Common Approaches. Hungarian legislations related to the Bank contain the condition according to which the environmental screening must be carried out.

 

Related Legislation and Regulatory Documents:

  • Government Decree 85/1998. (V. 6.) on the Interest Equalisation System of the Hungarian Export-Import Bank
  • Government Decree 435/2012. (XII. 29.) on Guarantees Assumed by the Hungarian Export-Import Bank with a State Payment Guarantee and on the Conditions and Detailed Regulations of the Replacement and Interest Costs of Foreign Currency and Interest Swap Transactions
  • Government Decree 312/2001. (XII. 28.) on the terms of the insurance of non-marketable risks by the Hungarian Export Credit Insurance Plc. with a government payment guarantee provided from the central budget
  • Act XLII of 1994 on the Hungarian Export-Import Bank PLC and the Hungarian Export Credit Insurance PLC
  • TAD/ECG(2016)3 recommendation of the council on common approaches for officially supported export credits and environmental and social due diligence (the “common approaches”)
  • Government decree 232/2003 on Tied Aid Loans Disbursed by Eximbank

Link iconMiga exclusion list
2023. 07. 05.

STANDARD SETTLEMENT INSTRUCTIONS OF MAGYAR EXPORT-IMPORT BANK (HUNGARIAN EXPORT-IMPORT BANK) BIC: HEXI HU HB

as from December 2018

Please find below the List of our correspondents in the main currencies:

Currency: Correspondent Bank: BIC: A/C:
EUR OTP Bank, Budapest OTPV HU HB HU90117820072100478600000000
USD Citibank NA, New York CITI US 33 36119273
GBP Citibank London Branch CITI GB 2L 10393347
HUF Magyar Nemzeti Bank MANE HU HB 19017004 00201483

In order to comply with the Act XXV of 2023 on Complaints, Public Interest Disclosure and the Rules for Reporting Abuse (the “Complaints Act”), and with the Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises, EXIM Hungary (Eximbank Plc. and MEHIB Plc.) encourages the reporting of information about illegal or suspected illegal acts or omissions or other abuses. The whistleblowing system operated by EXIM Hungary aims to provide EXIM Hungary with the opportunity to report violations of the law and of rules that are contrary to the public interest and the interests of EXIM Hungary. EXIM Hungary encourages the good faith reporting of abuse of which the whistleblower becomes aware, but also encourages the reporting of situations where the whistleblower has reason to believe that abuse will occur.

 

The whistleblowing system also aims to ensure that reported whistleblowing is treated fairly and investigated properly, i.e.

  • increase the chances that management will be informed in a timely manner of otherwise hidden threats and abuses, thereby preventing financial, reputational or other losses;
  • create an internal atmosphere in which employees can voice their concerns (even anonymously) without fear of discrimination;
  • reduce the time and resources needed to solve problems;
  • deter employees from unethical actions.

 

What can be reported?

  • an unlawful or suspected unlawful act or omission;
  • other information relating to abuse;
  • information relating to suspected violations of principles specified in the Code of Ethics of EXIM Hungary may be reported; and
  • infringements under Article 116 of the Banking Act.

 

Who can make a report?

In accordance with the provisions of the „Complaints Act”, from July 25, 2023, the group range of potential whistleblowers is expanded. Who can make a report in the whistleblowing system?

 

  • the employee,
  • an employee whose employment with the Company has been terminated or an employee whose employment with the Company has been initiated,
  • a sole proprietor, a business association, if he/she/it has or has had a contractual relationship with EXIM Hungary or if he/she/it intends to establish a legal or contractual relationship with EXIM Hungary and the procedure for the establishment of such legal or contractual relationship has been initiated,
  • a partner or supplier or a person under their supervision or control who has commenced a procedure for entering into a contractual relationship with EXIM Hungary (or has a contractual relationship with, or has had a contractual relationship with EXIM Hungary),
  • trainees, students and volunteers (even if their employment or contractual relationship with EXIM Hungary has ended).

 

The whistleblowing system process at EXIM Hungary allows whistleblowing with the highest possible confidentiality guarantee. Investigations of whistleblowing reports are the responsibility of the Compliance Directorate, in which the employees of the Directorate act without discrimination or prejudice and all information relating to the report is held confidential. In the process of making a whistleblowing report, the whistleblower is entitled to appropriate protection, including discretion and the assurance that no whistleblower will suffer legal, moral or other consequences, repercussions, or, in more serious cases, harassment or any other form of retaliation or discrimination which may adversely affect him or her in relation to his or her report.

 

Where to report?

The whistleblower may make the report in writing or orally, for which EXIM Hungary provides the following options:

  • to the Compliance Directorate’s whistleblowing e-mail address at Eximbank Plc.: whistleblowing@exim.hu, or to MEHIB Plc.’s whistleblowing e-mail address at whistleblowing@mehib.hu,
  • anonymously via the whistleblowing reporting interface available on EXIM Hungary’s internal intranet system,
  • by leaving a voice message on an answering machine at +36-1-374-9170 (non-stop),
  • by post to the head office address at 1065 Budapest, Nagymező utca 46-48. or to the P.O. Box at 1244 Budapest, Pf. 913. (Eximbank Plc.), 1243 Budapest, Pf. 510. (MEHIB Plc.).

 

Reports made by post must be made in a sealed envelope and marked “To the Compliance Directorate, to be opened by the addressee only”.

 

Investigation of the report

For a thorough assessment and full investigation of the report, it is necessary for the whistleblower to provide the following information (where possible):

  • the first and last name of the whistleblower,
  • the contact details of the whistleblower,
  • the essential data to identify the person (if known) concerned by the report,
  • the department/directorate/person concerned by the report,
  • a description of the fact(s) likely to constitute the incident, including all known relevant information (e.g. where, when, by whom, how, for what purpose, what happened),
  • whether the incident has occurred, is ongoing or is likely to occur in the future,
  • how the whistleblower became aware of the event/situation,
  • whether there are other persons with relevant information or data in relation to the notification;
  • whether the whistleblower has informed others about the matter, if so, when and whom,
  • the estimated amount of damages, if any, incurred in connection with the incident,
  • a declaration by the whistleblower that the notification is made in good faith.

 

EXIM Hungary provides option for anonymous reporting, but draws the attention of the whistleblower to the fact that this makes it more difficult to deal with the report in substance, since contacting the whistleblower and requesting information is significantly more difficult, and in some cases impossible. In the course of the investigation of the report, the Compliance Directorate will maintain contact with the whistleblower to the extent necessary, in the course of which it may invite the whistleblower to clarify the notification or the facts and to provide further information. The Compliance Directorate shall investigate the facts set out in the notification as soon as possible, but not later than thirty days from the date of receiving the report. Exceptions to this limit may be made only in particularly duly justified cases, subject to the authorisation of the Compliance Director, and after informing the whistleblower, but the investigation may not exceed three months.

 

The whistleblower is protected in the context of his or her report or disclosure of information. The identity of the whistleblower and the details of the report will be kept strictly confidential at all stages of the investigation and this information will not be disclosed to anyone other than the investigators of the report. Any processing of personal data will be carried out in accordance with EXIM Hungary’s internal rules and the provisions of the relevant legislation in force at the time (including in particular the GDPR). Detailed rules on data processing are available below.

 

These information rules are available both in Hungarian and English language. The English translation of the these Rules has been prepared with due care. In case of any inconsistency between the present translation and the Hungarian text, the latter shall prevail. In case further information are required in relation with the above written, please do not hesitate to contact EXIM Hungary.

Code of Ethics of EXIM Hungary

EXIM Hungary’s Code of Ethics sets out for the Company and those associated with the Company the values and principles that EXIM Hungary holds important, its commitment to fair and ethical conduct, its rules of behaviour in the conduct of its business, thus strengthening trust in banks and cooperation between members of the banking system and our clients. The Code of Ethics represents the basis of the Company’s values, the general principles to be followed and the guidelines to be followed in the event of breaches of standards. Our Company is committed to protecting our reputation and the trust placed in us through corporate governance. In doing so, we will respect and comply with the rules for the protection of life and limb, health and the environment, and provide a safe and healthy environment for our employees, business partners and others who have dealings with us. The principles, requirements and standards set out in the Code of Ethics are a shared responsibility of all of us and are binding on all persons employed or engaged in an employment relationship with us and our business partners. The Code of Ethics provides guidance that is not a substitute for acting in good faith and with good faith in the interests of the integrity of the Company. It is also intended to provide clear and unambiguous guidelines and expectations for ethical business conduct, employee behaviour and conduct, and to enable awareness of the knowledge and compliance with ethical standards and the whistleblowing system, in the spirit of commitment to sustainability principles.

In addition to the requirements of the applicable laws and internal regulations governing EXIM Hungary’s operations, the Code of Ethics summarises and describes to the Company’s employees the potential ethical and corruption risks associated with EXIM Hungary’s operations, provides support for the detection and prevention of ethical risks and sets out ethical expectations for employees. This includes the fight against and prevention of money laundering and terrorist financing, fraud and corruption, breaches of financial sanctions, and the identification, detection and elimination of situations of conflict of interest. The Code of Ethics also aims to regulate standards of conduct and behaviour, including the gift policy, based on the principles of respect for human rights, fair treatment and non-discrimination.

The full text of EXIM’s Code of Ethics is available on the EXIM Hungary’s Hungarian website. These informations are available both in Hungarian and English language. The English translation has been prepared with due care. In case of any inconsistency between the present translation and the Hungarian text, the latter shall prevail. In case further information are required in relation with the above written, please do not hesitate to contact EXIM Hungary.