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Consultation body of interbank clearing house GIRO holds first meeting

Telco

The consultation body of interbank clearing house GIRO held its first meeting on Friday, the National Bank of Hungary (MNB) said on Friday. Members delegated by the Hungarian Banking Association and banks, representatives of the MNB and leading officials of GIRO attended the meeting. 

The consultation body was set up by the MNB after it raised its stake to 100% through buying out the stakes held by banks and its own 53% unit Keler in July 2014. The banks' representatives expressed their opinion on the strategy approved by GIRO's board, the MNB said.

GIRO conducts HUF 300 mln in interbank transactions per year, typically conducting small-value transfers, while large-value transactions are settled mainly through the MNB's real-time settlement system VIBER. GIRO's share in all interbank transactions is about 99% by number and 5% by value. The company posted pre-tax profit of HUF 1.7 bln on revenue of nearly HUF 6 bln in 2013.

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