Brexit causes no ‘extreme events’ on Hungarian banking sector

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The United Kingdomʼs vote to leave the European Union caused no “extreme events” to Hungaryʼs banking market, industry leaders established in consultations with the National Bank of Hungary (MNB) and the National Economy Ministry, Levente Kovács, the head of the Hungarian Banking Association said, according to MTI.

In an interview with Hungarian state-owned all-news channel M1, Kovács said the Hungarian banking system is stable and the U.K.ʼs departure from the EU is not expected to put it at risk. The sector has only indirect exposure to the U.K.ʼs exit, as there are no British-owned banks in Hungary, but mostly Austrian-, Italian- and German-owned ones, he added.

The MNB noted on Monday that consultations with the heads of commercial banks had taken place, “in line with the practice established in years past”.

“According to the opinion expressed by Hungarian bank managers at the talks today, money market events neither on June 24 nor today caused financial movements on an extraordinary scale and domestic banks operated as usual,” the MNB said.

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