MNB places oversight commissioner at Kézizálog

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The National Bank of Hungary (MNB) placed an oversight commissioner at Kézizálog Financial Services Company as a result of improper lending and refinancing practices, the Hungarian central bank said today.

The commissioner sent by the central bank will be in charge of Kézizálog's financial management, which was recalled by the central bank for a period of no longer than one year. The MNB added that the company poses no risk to Hungary's financial system, neither in terms of scale nor in its scope of activities.

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