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MNB fines MKB Bank HUF 34.7 mln for deficiencies

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Image by Jessica Fejos

The National Bank of Hungary (MNB) today fined MKB Bank HUF 34.7 million for deficiencies the central bank found in the course of an audit of the MKB groupʼs operation in the period prior to the bankʼs reorganization, according to reports.

The MNB audit investigated the period from January 1, 2012, to the first half of 2015 and found deficiencies at the bank which affected the calculation and accounting of impairment, the regulation of transactions, customer and partner ratings, the registration of restructured loans, the classification of exposures, collateral assessment, and the registration of collaterals and monitoring, according to Hungarian news agency MTI.

MNB also found shortcomings affecting the bankʼs sales of receivables, the quality of data reporting to the oversight authority, customer screening, capital requirement calculation, capital planning and business management.

MNB also fined the groupʼs car financing units, MKB-Euroleasing Pénzügyi Szolgaltató, MKB-Euroleasing Autohitel and MKB-Euroleasing Autolízing, a total of HUF 4.4 mln for infringements that affected the calculation and accounting of impairment, internal lending processes, accounting and the anti-money laundering activity.

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