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Central bank levies HUF 1 bln in fines by mid-August

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The National Bank of Hungary (MNB) levied approximately HUF 1 bln in fines by mid-August of this year, chiefly penalizing savings cooperatives and insurers, Hungarian daily Napi Gazdaság reported today. 

The daily noted that compared to the same period a year earlier, the amount of fines issued by the central bank has fallen from approximately HUF 1.5 bln. Last year the central bank focused mostly on infringements of banking rules, the daily said.

The conversion of foreign exchange loans into forint-denominated ones was an administrative hurdle for banks in 2015 but there were relatively few regulatory problems associated with the transition, according to Napi Gazdaság.

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