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1st July, 2019

MNB fines MagNet Bank

MNB has fined MagNet Bank Ft 19 million for infractions it has made since January 2014, the financial supervisory announced on Friday.

According to MNB, the bank failed to maintain proper records on clients and partners, and to prepare adequate decision-making materials prior to taking financial risks. Data on collateral and some credit information were also improperly logged, MNB underlined.

The problems found do not bear systemic risks, MNB highlighted.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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