The Hungarian banking system is stable and the UK’s departure from the EU is not expected to put it at risk, Levente Kovács, head of the Hungarian Banking Association, said.

The sector has only indirect exposure to the UK’s exit as there are no British-owned banks in Hungary, he added.

The NBH noted on Monday that consultations with the heads of commercial banks had taken place, “in line with the practice established in years past”.

Republished with permission of Hungary Matters, MTI’s daily newsletter.