News in English     | 22.11.2018. 16:24 |

Memorandum of Understanding signed between FBiH Banking Agency and ECB

FENA Press release

SARAJEVO, November 22 (FENA) - Representatives of the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) and the European Central Bank (ECB) signed today a Memorandum of Understanding.

The purpose of the Memorandum is to establish cooperation and mechanisms for the exchange of information between the ECB and the FBA, the competent supervisory body of the Federation of Bosnia and Herzegovina.

Such cooperation is crucial in order to promote the integrity, stability, and efficiency of supervised entities.

The Memorandum is a result of constructive negotiations and the process of harmonizing FBiH regulations with EU regulations and provides FBA with access to the highest level of cooperation available to supervisors coming from non-EU countries.

This Memorandum will ensure the effective exchange of supervisory information for the exercise of the authority of the competent authorities over the supervised entities, to the extent permitted by law, and in accordance with the basic principles of effective supervision of the banks of the Basel Committee for Supervision of Banks.

"This will additionally contribute to strengthening the stability of the FBiH banking system and improving their safe, high-quality and lawful operations. The Memorandum is another recognition by international institutions for the professional and independent operation of the FBA and its employees," said the Director of the Banking Agency of the Federation of BiH, Jasmin Mahmuzić.

(FENA) S. R.

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