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PSzÁF orders independent audit of MFB

The State Financial Institutions Supervision (PSzÁF) announced on Thursday that it ordered an independent in-house audit of the Hungarian Development Bank Rt (MFB) and also called for the names of those persons who, through their alleged mismanagement, have put the bank in a position in which it could require additional risk provisions.

Under the resolutions the necessary level of risk provisions must be determined within 30 days. If the independent auditor finds that additional risk provisions are necessary, the bank must name the persons responsible for the shortfall within 30 days. The auditor also needs to examine whether or not MFB managers fully complied with non-disclosure regulations regarding business and banking data.

(BBJ 23.viii.02)

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