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CB signs Memorandum of Understanding with Estonian CB

07/11/2007 13:50
The Estonian Financial Supervision Authority and the Central Bank of Cyprus signed recently a Memorandum of Understanding. According to a CB announcement, the two sides signed the memorandum in order to expressing their mutual interest and willingness in establishing and promoting bilateral ties in the domain of supervision of credit institutions.

According to the CB, “the Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities with a view to facilitating the consolidated supervision of credit institutions with a cross-border establishment in Cyprus and Estonia respectively, so as to ensure the safe and sound functioning of the said credit institutions”.

The Memorandum of Understanding has been signed on behalf of the Central Bank of Cyprus by its Governor Mr. Athanasios Orphanides and on behalf of the Estonian Financial Supervision Authority by Mr. Raul Malmstein, Chairman of the Managing Board.

“In the field of banking supervision, the Central Bank of Cyprus has signed Memoranda of Understanding with the central banks of countries whose banks already have or may have, in the immediate future, a physical presence in Cyprus, as well as with central banks of countries in which Cyprus banks have a physical presence. Memoranda of Understanding have already been signed with the following authorities: the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine, the National Bank of the Republic of Belarus, the National Bank of Serbia, the National Bank of Romania, the Financial and Capital Market Commission of the Republic of Latvia, the National Bank of Slovakia, the Bank of Tanzania, the Central Bank of Jordan, the Bank of Greece, the Banque du Liban, the Central Bank of Armenia, De Nederlandsche Bank N.V., the Jersey Financial Services Commission and the Austrian Financial Market Authority. Moreover, negotiations are currently being carried out with another six overseas banking supervisory authorities for the signing of similar documents” the CB concluded.