Govt To Shorten Period Between Screenings In Wake Of Buda-Cash Affair
- 2 Mar 2015 4:00 AM
The government has already started drafting a package of changes to rules in the wake of the Buda-Cash affair, Economy Minister Mihály Varga told public television. The package would shorten the time between comprehensive reviews of financial institutions to three years from five at present, Varga said.
The committee will soon finish its work and make a report. The National Bank of Hungary last Tuesday said it had withdrawn the licence of Buda-Cash and reported suspected criminal activity to the police.
The NBH also put a limit on withdrawals at members of the DRB Bank group, which has ownership ties to Buda-Cash.
The government has set up a committee to assess damages to the state and local governments caused by the suspension of the Buda-Cash group’s activities.
Source www.hungarymatters.hu
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