Dominant retail market position in Hungary with solid domestic retail deposit base. High share of granular collateralized homeowner loans and geographic diversification in Central and Eastern Europe (CEE) and Russia. Strong pre-provisioning earnings, which serve as a buffer against elevated impairment costs and fairly new special banking taxes. High systemic importance in Hungary, and demonstrated liquidity support by the National Bank of Hungary. Heightened credit risk, particularly in some foreign markets, and significant domestic foreign currency lending. Likely continued pressure on OTP Bank's asset quality and earnings over the next year. Ongoing and potential new pressure on economic and industry conditions in the eurozone and more risky CEE markets in which OTP Bank operates. Standard&Poor's Ratings Services' outlook
