NBR and BAFin to co-operate in enhancing bank supervision
04.03.2003
Mr. Mugur Isărescu, Governor of the National Bank of Romania and Mr. Jochen Sanio, President of Bundesanstalt für Finanzdienstleistungsaufsicht (credit institutions supervision authority) have signed a protocol on bank supervision on Tuesday, 4 March 2003, in Bonn.
The protocol sets forth the speeding up of the information flow between the two supervision authorities that will ensure strengthening of bank supervision on a consolidated basis in their countries. Moreover, the protocol shall facilitate inspections by each of the two authorities at branches and subsidiaries of their own banks operating in the other's country.
So far, the National Bank of Romania has signed such protocols with the bank supervision authorities of other two EU member states (Banca d'Italia and the Bank of Greece), and similar agreements with Austria and the Netherlands are drawing to completion.
On the occasion of this friendly meeting, the Governor of the National Bank of Romania and the President of the BAFin exchanged opinions on the financial systems in their countries and in Europe. They agreed with the fact that signing of the protocol is a step forward in strengthening and developing co-operation in bank supervision in view of Romania's accession to the EU.