Spokesperson confirms police probe of FHB

Analysis

Hungary’s FHB Bank is facing a police probe and has come under the scrutiny of investigators, government spokesperson Zoltán Kovács said today, confirming earlier reports from daily Magyar Nemzet, according to Hungarian news agency MTI.

During an interview with state-owned all-news channel M1 this morning, Kovács said the probe is in its early stages, thus nothing can be said about it at present. It is the task of investigators to weigh questions related to the integration of Hungaryʼs savings cooperatives, he added, according to MTI. 

Daily Magyar Nemzet said on its website late yesterday that the National Investigation Office had launched a probe of FHB. The National Police Headquarters (ORFK) confirmed to the paper that the investigation had begun on January 11, on suspicion of criminal activity, MTI noted.

Dismissing reports, National Bank of Hungary spokesperson István Binder said the central bank did not report FHB, and denied that the MNB, as the financial market watchdog, had reported state-owned Magyar Posta to the authorities.

Magyar Posta said yesterday that it was informed of the launch of a probe against it by authorities on the basis of a report by the MNB made on suspicion of graft, MTI reported.

The National Bank of Hungary (MNB) fined FHB Mortgage Bank HUF 105 million on charges of violating the rules on the prohibition of illegal market manipulation on June 7.

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