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Bank Failures in Hungary: Roles and Responsibilities

MNB’s Role in Bank Failures

The Hungarian National Bank (MNB) plays a crucial role in addressing bank failures. According to the law, the MNB has the authority to pass resolutions in case of bank failures, including:

• Appointing a supervisory commissioner
• Taking temporary nationalization measures
• Applying state financial stabilization instruments

Role of Bank Management and Directors

Bank managers and directors are responsible for ensuring that banks operate prudently and comply with laws and regulations. During the period of a supervisory commissioner’s appointment, they:

• May not perform their duties
• May not exercise signatory rights
• Have the right to seek remedy against MNB resolutions

Liability of Bank Managers and Directors

Bank managers and directors may be personally liable for damages caused by breaching rules, charter documents, or managerial duties. According to the Hungarian Civil Code:

• General rules for liability apply
• Specific regulations apply to banking activities under the Banking Act

Resolution Planning Exercises

Banks are required to have written policies and procedures for identifying, measuring, managing, and monitoring liquidity risk. This includes:

• Distinguishing between pledged and unencumbered assets available at all times, including during emergency situations
• Implementing measures to prevent liquidity risk

Capital Adequacy Requirements

Banks must maintain sufficient own funds to cover risks and meet minimum capital requirements defined in Regulation (EU) No. 575/2013. This includes:

• A minimum subscribed capital of 2 billion forints for founding a bank
• A minimum endowment capital of 2 billion forints for branch offices of third-country credit institutions