Concern over financial watchdog reform in Hungary
Source: Kossuth Radio
The central bank is concerned about the planned reorganization of the State Supervision of Financial Institutions [PSZAF] because it thinks that the unjustified reorganization threatens financial stability.
The bank has issued a statement to stress that there is no need for reorganization, instead, the PSZAF's authority should be extended and reinforced. According to the National Bank of Hungary, so far PSZAF has carried out its legal duties appropriately and, by doing so, it has fundamentally contributed to the firm and stable operation of the Hungarian banking, insurance and capital market system.
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