The Bank of Greece and the National Bank of Romania to co-operate in strengthening bank supervision.
27/01/2003 - Press Releases
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
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
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.