MNB fines Erste HUF 19 mln

Banking

The National Bank of Hungary (MNB) yesterday fined Erste Alapkezelő, the local fund manager of Austria's Erste Group, a little over HUF 19 million, according to a release on the central bank's website.

The central bank fined the fund manager for failure to fully adopt measures in a recommendation the central bank and financial market watchdog made two years earlier on property funds.

In a probe, the MNB found unit volume of Erste Alapkezelő’s property funds exceeded thresholds. It added that Erste Alapkezelő did not have control mechanisms that would ensure compliance with the property fund requirements outlined in the recommendation.

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