Enhancing co-operation among the Banking Supervisory Authorities of South Eastern Europe
06/07/2007 - Press Releases
On the initiative of Mr Nicholas C. Garganas, Governor of the
Bank of Greece, the Governors of Central Banks of Albania, Bulgaria, Cyprus,
Former Yugoslav Republic of Macedonia, Greece, Romania and Serbia met in Athens
on 6 July 2007, with a view to agree on a new framework of enhancing regional
co-operation in the area of banking supervision.
Against the background of a constantly rising number of
cross-border banking institutions in South Eastern Europe, the Governors
discussed and agreed on a multilateral Memorandum of Understanding that defines
the areas and terms of co-operation among banking supervisory authorities in the
region, while being in line with the existing regulatory and supervisory legal
regimes in each country. The Governors also discussed an action programme to
facilitate and support the implementation of the new co-operation framework.
The envisaged new co-operation framework would help ensure a
more structured form of co-operation and allow banking supervisors to cope more
effectively with the increasingly complex banking institutions, thereby
contributing to financial stability in the region. The new framework would also
help alleviate the administrative burden on the banks stemming from regulatory
and reporting requirements. In its design and implementation, the Governors
agreed to draw on the evolving experience with the corresponding EU framework
and on the principles of the Basle Committee on Banking Supervision.
The Governors also decided to broaden the range of the
regularly exchanged information in the area of banking supervision, to set up
communication networks among the supervisory authorities in the region and to
establish working groups to explore the potential for convergence of regulatory
and supervisory practices, including those that aim at curbing money laundering
and the financing of terrorism.
The Governors agreed to explore the possibility of
participation in the new co-operation framework also of the supervisory
authorities of other countries, who are responsible for banking groups operating
in South Eastern Europe.
Finally, it was agreed that the next meeting of the Governors
of South Eastern Europe will take place in the first half of next year.