The Chair of FAB

Chair of the Financial Arbitration Board: Dr Erika Kovács

Her mandate is valid until February 9, 2026.

Qualifications: ELTE Faculty of Law 1986; bar examination, 1988; examination as a specialised lawyer of foreign trade, 1989; examination as a lawyer specialised for capital markets and banks, 1996.

Language skills: English and French 

The Chair of FAB represents the Board within and outside the organisation of the Magyar Nemzeti Bank, ensures that its operation and governance are legitimate. The Chair is appointed by the Governor of the MNB for a term of six years. The mandate of the Chair and her employment with the MNB may be terminated upon the expiry of the term of the mandate, by resignation, dismissal, the determination of conflict of interest, or by death. The Governor of the MNB may dismiss the Chair if she has displayed a conduct that prevented the proper functioning of the MNB or when she is unable to fulfil the tasks arising from her mandate for a term exceeding one hundred and eighty days. 

When performing his or her duties defined by law, the Chair shall not be instructed.  

She lays down the operating regulations of the Board in a directive, also published on the website of the Board. The chair defines the basic rules of the Board's internal operation, determines the internal organisational structure, decides – in justified cases –the prolongation of the procedural deadline of certain cases for one occasion with a maximum of 30 days, but she only explores the cases received and to be discussed by the Board subsequently. She sees to the equal distribution of cases among the departments and has governance rights in respect of all employees of the Board. The Board does not influence or instruct its members on professional matters and in specific cases, however, it will ensure that concerning the professional contents, the same decision will be made in each department on the same matter.

The Chair will also ensure that in consideration of the number of cases received and to be processed the staff should always be available in sufficient number to close the cases while observing the legal deadlines.  

The chair exercises direct rights in respect of the fulfilment of the job responsibilities of the office director and the department heads, and has governance rights in respect of all employees of the Board. She provides and causes to be provided the professional, technical and asset needs of daily operation, and will submit a proposal annually for the number of staff necessary for the fulfilment of the tasks of the Board. She defines the dates and duration of the hearing recesses and defines the regime of the assignment of paid leave. 

If the Chair is unable to fulfil her duties, she will be substituted by the office director.