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The Bank of Greece and the National Bank of Romania to co-operate in strengthening bank supervision.

27/01/2003 - Press Releases

Press Release

On Friday, 24 January 2003, in Bucharest, the Governor of the National Bank of Romania, Mr. Mugur Isarescu, and the Governor of the Bank of Greece, Mr. Nicholas C. Garganas, signed the co-operation protocol on bank supervision.

The protocol stipulates stepping-up the exchange of information between the two banking supervisory authorities. Therefore, the National Bank of Romania and the Bank of Greece will ensure strengthening of bank supervision on a consolidated basis in the two countries. Moreover, the protocol will facilitate inspection by the two central banks of bank branches and /or subsidiaries of bank groups established in each other country.

At the end of 2002, the National Bank of Romania signed the first such protocol with Banca d’Italia, the central bank of another member state of the European Union. Preparations to sign similar agreements with Germany and the Netherlands are nearing completion.

Four Romanian banks with majority Greek capital and a branch of a Greek bank are currently operating in Romania. Half of the Romanian banking system is made up of banks with foreign capital participation.

The cordial meeting in Bucharest between the governors the National Bank of Romania and the Bank of Greece has occasioned an extremely fruitful exchange of opinions on the financial systems in the two countries and in Europe in general. The two governors have also explored possibilities of future co-operation in other areas of mutual concern regarding the functions of the central banks.




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