MNB orders withdrawal restrictions at NHB Growth Credit Bank


BalkansCat /

The National Bank of Hungary (MNB) on Tuesday said it ordered restrictions on withdrawals of over HUF 7 million from accounts at NHB Growth Credit Bank – owned by Tamás Szemerey, a cousin of MNB Governor György Matolcsy – for a period of 30 days after the lenderʼs liquidity position "deteriorated significantly," according to state news wire MTI.

Photo by BalkansCat /

The MNB said NHBʼs liquidity coverage ratio had fallen under the 100% threshold even for the short term, justifying intervention.

The MNB placed an oversight commissioner at NHB to ensure compliance with the restrictions and instructed the bank to take measures to correct the situation. It ordered the bank to close on Tuesday to smooth out the technical implication of those measures. The bank will open its doors again on Wednesday. 

MNB noted that the withdrawal restrictions apply to 67 private individuals and 88 companies who have accounts at the bank. Among them are ten private individuals and 42 companies whose account balances exceed the EUR 100,000 coverage threshold of the National Deposit Insurance Fund (OBA).

The measures do not affect money on the accounts of clients for whom NHB provides investment services.

The MNB stressed that the problems at NHB Growth Credit Bank do not in any way threaten the stability of Hungaryʼs financial intermediary system as the bankʼs total assets account for just 0.2% of the sectorʼs total.

The central bank already imposed a fine of HUF 19 million on NHB in August for failing to fully comply with regulations on enterprise management, risk management, accounting, data provision, IT systems, and the prevention of money laundering and financing of terrorism.


The New Age of Commerce is Approaching Analysis

The New Age of Commerce is Approaching

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.