MNB Updates Green Recommendation

MNB

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The National Bank of Hungary (MNB) on Friday announced the issue of an update to its supervisory recommendation for lenders on climate-related and environmental risks, according to a report by state news wire MTI.

The recommendation, updated to reflect changes to European Union rules as well as market feedback, outlines more specific expectations and clearer goals related to making local banking operations more sustainable.

The recommendation also establishes a compliance timeline with deadlines in September 2022, July 2023, and January 2025.

The recommendation extends to lending policies, which should be sustainable from the environmental aspect and contain targets and standards.

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