PRESS RELEASE
Bank of Albania signs the memorandum of cooperation with the European Banking Authority (EBA)

The European Banking Authority (EBA) signed on 23 October 2015, a Memorandum of Cooperation with supervisory authorities in six South-Eastern European (SEE) countries: the Banking Agency of the Federation of Bosnia and Herzegovina, the Banking Agency of the Republic of SRPSKA, the Central Bank of the Republic of Macedonia, the Central Bank of Montenegro, the National Bank of Serbia and the Bank of Albania. On behalf of the Bank of Albania the Memorandum was signed by the Second Deputy Governor, Ms Natasha Ahmetaj.

The signature of the memorandum of cooperation is the result of the Vienna Initiative (a public-private network established to assist in guaranteeing the financial stability in developing countries in Europe) and reflects the systemic role of the European Union banking groups in the financial systems of these countries.

It establishes a legal framework for the cooperation and information exchange among the parties. In this framework, the European Banking Authority shall inform the supervisory authorities of these countries on the relevant developments regarding the standardisation of rules, included in the "Single Book of Rules" and the progress in convergence of supervisory practices, thus facilitating their participation in the colleges of supervisors.

On the other hand, the supervisory authorities of South Eastern European (SEE) countries will provide regular and specific information to the European Banking Authority regarding their banking systems, which will be used for the purposes of risk analyses.  Also, these authorities will aim to bring their own regulatory and supervisory standards and institutional arrangements into line with those in the EU, according to a timetable appropriate to the conditions in individual countries.

Click here: EBA signs memorandum of cooperation with South Eastern European supervisors

Click here: Memorandum of Cooperation