MNB appoints oversight commissioner at pension fund
The National Bank of Hungary (MNB) said today (Friday) that it has appointed an oversight commissioner at pension fund Első Országos Iparszövetségi Nyugdíjpénztár due to an emergency threatening its operations, Hungarian news agency MTI reports.
The temporary measure will remain in place until the central bankʼs audit is completed or for a maximum of four months.
The commissionerʼs duties are performed by Pénzügyi Stabilitási és Felszámoló Kft, which will take over the powers and duties of the board of directors.
The MNB has revealed that the institutionʼs management and audit controls are inadequate and certain basic material and personnel conditions of operations are insufficient. The central bank also found major shortcomings affecting customer service and identified significant IT security risks.
The measures do not affect the pension fundʼs obligations to its members. The fundʼs members account for just 0.004% of the total voluntary pension fund sector, so it does not affect the market as a whole, MNB added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.