Banking supervision cooperation in South-Eastern Europe discussed at Sinaia

South-East European (SEE) central bank governors on Friday convened in the central mountain resort of Sinaia to discuss measures to consolidate banking supervision in this geographical area amidst a worsening financial crisis in Greece, a country with a massive presence on SEE markets.

‘At the invitation of Mr. Mugur Isarescu, Governor of the National Bank of Romania (BNR), central bank governors and other officials from Albania, Bulgaria, Bosnia-Herzegovina, Cyprus, Greece, Macedonia, Montenegro as well as heads of the banking authorities of Bosnia-Herzegovina and the Serb Republic convened in a meeting on February 19, 2010 in Sinaia, for the fourth meeting agreed upon under a multilateral memorandum of understanding concluded in July 2007 in Athens that provides for continuing cooperation in the area of banking supervision in South-Eastern Europe and securing financial stability in the area,’ reads a press release issued on Friday by BNR.

Talks focused on the latest regional financial and macroeconomic developments, the situation at and prospects for the central banks, as well as the modifications in the regional regulatory framework, BNR reports. ‘The participants concluded that, despite the current financial troubles in the world, the banking system of each South-East European country is solid and has an adequate capitalistaion level.

At the same time, the participants underscored the special importance attached to cooperation and coordination between central banks and supervisory bodies in order to contain direct and indirect effects of the world’s financial troubles, to win back confidence and make sure financial stability will continue,’ says the release.

The attending banking officials underscored the importance of the part played by the recently-established Supervision College that operates within the framework set up in compliance with the Guidelines of the Committee of European Banking Supervisors (CEBS) in assessing and settling the risks facing cross-border banking groups and promoting a more efficient permanent supervisory platform.
The bankers say the platform will permit a more efficient joint assessment of the capital requirements of all the banking institutions in the area by considering risk profiles and safeguarding their interests in both home and host countries.

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