The National Bank of Hungary (MNB) has updated its guidelines for the integration of environmental, social and governance (ESG) risks into banks' regular risk management framework, the central bank and financial market watchdog said on Monday.
In applying the updated recommendation, institutions must adapt their operations and decision-making processes to the changed regulatory environment. This focuses on the consistent and integrated management of environmental, social, and corporate governance risks.
The aim is to ensure that sustainability considerations are measurably reflected in the functioning of the financial system and that the banking system provides meaningful support for the green transition and long-term financial stability, the MNB emphasized.
To this end, the recommendation provides practical assistance in developing reliable corporate governance and risk management systems, which institutions must have in place in accordance with the provisions of the Hungarian Credit Institutions Act, effective as of January 11 this year.
The updated guidelines transpose ones issued by the European Banking Authority.
Compliance is required for the biggest lenders by July 1, 2026 and for the rest of banks by January 2027.
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