MNB fines Raiffeisen Bank HUF 49 mln

MNB

The National Bank of Hungary (MNB) yesterday said it had fined Raiffeisen Bank and its leasing unit a combined HUF 49 million for regulatory shortcomings, in an announcement released on its website.

In a probe, the MNB, acting in its capacity as financial market watchdog, found Raiffeisen Bankʼs internal controls, capital adequacy calculations and risk management practices were not in full compliance. It also identified problems with the lenderʼs IT system.

The MNB further found faults with Raiffeisen Corporate Leasingʼs risk management and data provision practices, and its IT security. The central bank noted that the problems do not affect the banking groupʼs sound operation.

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