Press release of the NBRM
Today the Governors of the central banks of the Republic of Macedonia, Greece, Bulgaria, Romania, Albania, Serbia and Cyprus reached consent at their meeting in Athens on signing a regional Memorandum of Cooperation concerning the bank supervision. This Memorandum is aimed at strengthening the regional cooperation between the central banks responsible for supervision of internationally active banks, i.e. their subsidiaries and branches. It is expected to enhance the efficiency of the supervisory function and strengthen the financial stability in the Southeast Europe. Also, the Memorandum is expected to ensure gradual harmonization of the regulatory and supervisory practices of the central banks in order to ease the burden on the banking industry arising from their specific regulatory requirements. Besides the exchange of data and organizing joint supervisory examinations, the Memorandum also allows for delegating certain supervisory tasks from one supervisory agency to another. The Memorandum also calls for establishing expert teams to discuss issues concerning the implementation of the New Capital Accord (BASEL II), anti-money laundering and the crisis management in the region.