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MFB ordered to correct risk management shortfalls

Hungarian financial market regulator PSZAF on Thursday said it ordered the state-owned Hungarian Development Bank (MFB) to correct shortfalls in its risk management.

Following a targeted review of the bank, PSZAF gave MFB until May 15 to review its risk management and make the necessary changes to fully comply with rules on prudence. MFB must report on the changes to PSZAF by May 20.

MFB must also submit the results of a review of its lending portfolio, approved by the boards and containing new loan classifications, if necessary, as well as provisions and write-offs, to PSZAF by June 15. (MTI-ECONEWS)