{"id":171873,"date":"2026-09-21T06:43:14","date_gmt":"2026-09-21T06:43:14","guid":{"rendered":"https:\/\/friss-hirek.hu\/index.php\/ha-bajba-kerulnek-a-ner-nagyagyui-a-szamlat-az-allam-fizetheti\/friss-hirek\/"},"modified":"2026-09-21T06:43:14","modified_gmt":"2026-09-21T06:43:14","slug":"ha-bajba-kerulnek-a-ner-nagyagyui-a-szamlat-az-allam-fizetheti","status":"publish","type":"post","link":"https:\/\/friss-hirek.hu\/index.php\/ha-bajba-kerulnek-a-ner-nagyagyui-a-szamlat-az-allam-fizetheti\/uzlet\/","title":{"rendered":"Ha bajba ker\u00fclnek a NER nagy\u00e1gy\u00fai, a sz\u00e1ml\u00e1t az \u00e1llam fizetheti"},"content":{"rendered":"<p><strong>A rendszer pap\u00edron piaci alapon m\u0171k\u00f6dik, de a konstrukci\u00f3 miatt egyes nagyv\u00e1llalati hitelek kock\u00e1zat\u00e1nak jelent\u0151s r\u00e9sze v\u00e9gs\u0151 soron az \u00e1llamn\u00e1l landolhat.<\/strong><\/p><div id=\"friss-1642503852\" class=\"friss-etarget friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var etargetCurScript=document.getElementById(etargetScriptID);etargetCurScript.parentNode.appendChild(etargetPostloadPoint),document.addEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b);var etargetAllowOtherCheck=!0;if(typeof(\"forceRunPostload\")==\"string\"){etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b()}<\/script><\/div>\n<p><strong>Mi t\u00f6rt\u00e9nt?<\/strong> A <a href=\"https:\/\/telex.hu\/gazdasag\/2026\/09\/21\/start-garancia-zrt-allami-kezesseg-neres-cegek-nagy-hitelei-mogott-adofizetoi-kockazat\">Telex<\/a> alapos cikkben magyar\u00e1zza el, hogyan v\u00e1llalt a magyar \u00e1llam garanci\u00e1t a nagyv\u00e1llalatok hitelein\u00e9l. Mindez akkor v\u00e1lhat igaz\u00e1n fontoss\u00e1, ha az elm\u00falt \u00e9vekben komoly \u00e1llami h\u00e1tszelet kap\u00f3 nagyv\u00e1llalatok k\u00f6z\u00fcl egyre t\u00f6bb ker\u00fcl neh\u00e9z helyzetbe. Az \u00e1llami tulajdon\u00fa Start Garancia Zrt. ugyanis jelent\u0151s \u00f6sszeg\u0171 v\u00e1llalati hitelek \u00e9s k\u00f6tv\u00e9nyfinansz\u00edroz\u00e1sok m\u00f6g\u00e9 \u00e1llt be kezesk\u00e9nt. A konstrukci\u00f3 l\u00e9nyege, hogy ha egy v\u00e1llalat nem tud fizetni, a garancia egy r\u00e9sz\u00e9ig nem kiz\u00e1r\u00f3lag a finansz\u00edroz\u00f3 bank viseli a vesztes\u00e9get.<\/p>\n<p><strong>H\u00e1tt\u00e9r. <\/strong>A Start Garancia eredetileg j\u00f3val kisebb szerepl\u0151 volt a magyar garanciarendszerben, majd 2021-ben \u00e1llami tulajdonba ker\u00fclt, \u00e9s n\u00e9h\u00e1ny \u00e9v alatt eg\u00e9szen m\u00e1s l\u00e9pt\u00e9k\u0171 feladatot kapott. A szab\u00e1lyok lehet\u0151v\u00e9 tett\u00e9k, hogy ak\u00e1r 3000 milli\u00e1rd forintos garancia\u00e1llom\u00e1nyig v\u00e1llaljon k\u00f6telezetts\u00e9get az egymilli\u00e1rd forint feletti hitel- \u00e9s k\u00f6tv\u00e9ny\u00fcgyletek m\u00f6g\u00f6tt. A k\u00f6tv\u00e9nyekn\u00e9l ak\u00e1r 100 sz\u00e1zal\u00e9kos, hitelekn\u00e9l legfeljebb 80 sz\u00e1zal\u00e9kos kezess\u00e9gv\u00e1llal\u00e1s is sz\u00f3ba j\u00f6hetett.<\/p>\n<p>A garanciaszervezet \u00e1llom\u00e1nya ennek megfelel\u0151en gyorsan n\u0151tt, 2023 v\u00e9g\u00e9n 311 milli\u00e1rd, 2024 v\u00e9g\u00e9n 426 milli\u00e1rd forint volt, 2025 v\u00e9g\u00e9re pedig megk\u00f6zel\u00edtette az 500 milli\u00e1rdot. A t\u00e1rsas\u00e1g saj\u00e1t k\u00f6zl\u00e9se szerint 2025 v\u00e9g\u00e9ig \u00f6sszesen 730 milli\u00e1rd forintnyi hitel- \u00e9s k\u00f6tv\u00e9nypiaci finansz\u00edroz\u00e1s megval\u00f3sul\u00e1s\u00e1hoz j\u00e1rult hozz\u00e1, mik\u00f6zben kezess\u00e9gv\u00e1llal\u00e1sai mintegy 1200 milli\u00e1rd forintnyi beruh\u00e1z\u00e1st tettek lehet\u0151v\u00e9.<\/p>\n<p><strong>Piaci vagy nem piaci? <\/strong>A Start Garancia szerint a kezess\u00e9gv\u00e1llal\u00e1sok piaci \u00e1raz\u00e1s\u00faak, \u00e9s minden \u00fcgyletn\u00e9l kock\u00e1zatkezel\u00e9s el\u0151zi meg a d\u00f6nt\u00e9st. A k\u00e9rd\u00e9s ink\u00e1bb az, hogy kik kapt\u00e1k ezeket a garanci\u00e1kat, milyen hitelek m\u00f6g\u00f6tt \u00e1lltak, \u00e9s mekkora kock\u00e1zatot v\u00e1llalt v\u00e9g\u00fcl k\u00f6zvetve a magyar \u00e1llam. A pontos \u00fcgyf\u00e9llista nem nyilv\u00e1nos, a Telex forr\u00e1sai szerint azonban a kedvezm\u00e9nyezettek k\u00f6z\u00f6tt olyan, a Fidesz-korszakban gyorsan n\u00f6vekv\u0151 v\u00e1llalatok is megjelentek, amelyek m\u00e1s \u00e1llami finansz\u00edroz\u00e1si programokb\u00f3l, p\u00e9ld\u00e1ul a Magyar Nemzeti Bank N\u00f6veked\u00e9si K\u00f6tv\u00e9nyprogramj\u00e1b\u00f3l is jelent\u0151s forr\u00e1sokhoz jutottak. Az MBH Bank t\u00f6bb ilyen \u00fcgyletn\u00e9l is felbukkant finansz\u00edroz\u00f3k\u00e9nt, mik\u00f6zben a bajba ker\u00fclt Bayer Construct egyik jelent\u0151s hitelez\u0151je a Gr\u00e1nit Bank volt.<\/p>\n<p><strong>Mikor j\u00f6n a baj?<\/strong> A konstrukci\u00f3 val\u00f3di kock\u00e1zata akkor v\u00e1lhat l\u00e1that\u00f3v\u00e1, ha a finansz\u00edrozott c\u00e9gek nem tudj\u00e1k visszafizetni a hiteleiket. Ilyenkor ugyanis a garancia miatt a bank vesztes\u00e9g\u00e9nek egy r\u00e9sz\u00e9t az \u00e1llam \u00e1llhatja. Egy banki szakember szerint ez k\u00fcl\u00f6n\u00f6sen akkor jelenthet probl\u00e9m\u00e1t, ha egyszerre t\u00f6bb, kor\u00e1bban gyorsan n\u00f6veked\u0151 nagyv\u00e1llalat ker\u00fcl neh\u00e9z helyzetbe.<\/p>\n<p><strong>Mi most a helyzet?<\/strong> A Start Garancia most k\u00fcl\u00f6n\u00f6sen \u00e9rdekes helyzetben van, a tulajdonosi joggyakorl\u00f3 Gazdas\u00e1gi \u00e9s Energetikai Miniszt\u00e9rium kezdem\u00e9nyez\u00e9s\u00e9re teljes k\u00f6r\u0171 ad\u00f3-, p\u00e9nz\u00fcgyi \u00e9s jogi \u00e1tvil\u00e1g\u00edt\u00e1s zajlik a t\u00e1rsas\u00e1gn\u00e1l. K\u00f6zben az elm\u00falt \u00e9vekben \u00e1llami t\u00e1mogat\u00e1sokkal \u00e9s kedvez\u0151 finansz\u00edroz\u00e1si lehet\u0151s\u00e9gekkel meger\u0151s\u00edtett \u00fczleti k\u00f6rnyezet t\u00f6bb szerepl\u0151je m\u00e1r komoly probl\u00e9m\u00e1kkal k\u00fczd.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n<p><em>Bor\u00edt\u00f3k\u00e9p: Nagy M\u00e1rton kor\u00e1bbi nemzetgazdas\u00e1gi miniszter el\u0151ad\u00e1st tart a 63. K\u00f6zgazd\u00e1sz-v\u00e1ndorgy\u00fbl\u00e9sen Veszpr\u00e9mben, a Pannon Egyetem aul\u00e1j\u00e1ban 2025. szeptember 4-\u00e9n.<\/em><\/p>\n<p><!-- No email blocks found --><\/p>\n<p>The post <a href=\"https:\/\/www.forbes.hu\/penz\/ha-bajba-kerulnek-a-ner-nagyagyui-a-szamlat-az-allam-fizetheti\/\">Ha bajba ker\u00fclnek a NER nagy\u00e1gy\u00fai, a sz\u00e1ml\u00e1t az \u00e1llam fizetheti<\/a> appeared first on <a href=\"https:\/\/www.forbes.hu\/\">Forbes.hu<\/a>.<\/p><div id=\"friss-1474789275\" class=\"friss-etarget-cikk-vege friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var 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id=\"friss-1058874918\" class=\"friss-after-content_3 friss-entity-placement\">https:\/\/www.youtube.com\/watch?v=Pdnw4KiUWp0<\/div>","protected":false},"excerpt":{"rendered":"<p>A rendszer pap\u00edron piaci alapon m\u0171k\u00f6dik, de a konstrukci\u00f3 miatt egyes nagyv\u00e1llalati hitelek kock\u00e1zat\u00e1nak jelent\u0151s r\u00e9sze v\u00e9gs\u0151 soron az \u00e1llamn\u00e1l landolhat. Mi t\u00f6rt\u00e9nt? A Telex alapos cikkben magyar\u00e1zza el, hogyan v\u00e1llalt a magyar \u00e1llam garanci\u00e1t a nagyv\u00e1llalatok hitelein\u00e9l. Mindez akkor v\u00e1lhat igaz\u00e1n fontoss\u00e1, ha az elm\u00falt \u00e9vekben komoly \u00e1llami h\u00e1tszelet kap\u00f3 nagyv\u00e1llalatok k\u00f6z\u00fcl egyre t\u00f6bb [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-171873","post","type-post","status-publish","format-standard","hentry","category-uzlet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/171873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/comments?post=171873"}],"version-history":[{"count":0,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/171873\/revisions"}],"wp:attachment":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/media?parent=171873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/categories?post=171873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/tags?post=171873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}