In the case of OTP Bank, the only Hungarian participant of the stress test published by the European Bank Authority today, there is no need to modify the Common Equity Tier 1 capital or any other parameters, as the review found negligible deficiencies only. By its own decision, the Magyar Nemzeti Bank also participated in the Asset Quality Review of euro area credit institutions, reviewing the Hungarian subsidiaries of these market participants. The results of these reviews will be used in the own supervisory activity of the Magyar Nemzeti Bank.

News agency Bloomberg committed an act of prohibited market manipulation by publishing an erroneous headline ahead of the central bank’s interest rate decision last week – HFSA established in a resolution. It has therefore imposed a fine of HUF 10 million on the news service. Although the news was published due to a technical error, the supervisory authority believes that the news agency failed to apply control mechanisms to prevent false news being published.

Mr. Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), which operates with the involvement of national financial supervisory authorities, on the invitation of Dr. Károly Szász, President of HFSA, visited Hungary on 16-17 April, 2013.

Budapest, 13 February 2013
The investigation carried out by Hungarian Financial Supervisory Authority (HFSA) to review the quoting procedures of the Budapest interbank offered rate (BUBOR) has revealed internal regulatory, risk management and control deficiencies. HFSA has notified the concerned banks in writing about its requirements relative to the appropriate methodology, as well as the development of the management and control systems.

In a resolution dated 25 January 2013, the HFSA revoked the foundation and operating licence of AIM Általános Biztosító Zrt. (AIM General Insurance Co. Ltd.) and ordered the institution’s final settlement (winding up procedure) effective 28 January 2013.

3 October 2012 - The European Banking Authority discloses today the final report on its EU-wide recapitalisation exercise and the data on all individual banks. Overall, the exercise led to an increase of banks’ capital positions of more than €200bn. 27 banks with an initial shortfall that submitted capital plans have strengthened their capital position by €116bn. Considering the still challenging market environment, the EBA’s Board of Supervisors underlined the need for banks to maintain their capital levels in view of the implementation of the new regulatory framework. In this respect, the EBA will adopt a new Recommendation on capital conservation once the final CRD IV/CRR text is agreed.

ESMA issues regarding extending the transitional period for the use of non-EU credit ratings, the endorsement of the Australian CRA regime and the adoption of four regulatory technical standards in the field of credit rating agencies.

8^th December, 2011 - The European Banking Authority (EBA) today published a formal Recommendation, and the final figures, related to banks’ recapitalisation needs. These measures form part of a broader European package, agreed by the European Council on 26 October and confirmed during the ECOFIN Council on 30 November, to address the current situation in the EU by restoring stability and confidence in the markets.

OTP Bank Plc. was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Hungarian Financial Supervisory Authority, the European Central Bank (ECB), the European Commission (EC) and the European Systemic Risk Board (ESRB).