MNB Fines 9 Banks HUF 18 mln


Based on an investigation by the National Bank of Hungary (MNB), the banking sector was able to comply with the rules of the payment moratorium with minor errors, according to a release on the MNB's website.

During the investigation, the central bank fined nine credit institutions a total of HUF 18 million.

The focus of this was the translation of the regulation into business logic, as part of which the supervision reviewed the practices for adequately managing the debts accumulated during the moratorium and calculating the expected term extension.

The inspection covered the first and second periods of the payment freeze.

The MNB's investigation found that two financial institutions charged late interest due to setup deficiencies.

At the same time, the affected banks corrected the error affecting a narrow circle of debtors in the first phase of the moratorium and began fixing the incorrectly charged amounts.


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