Memorandum of Understanding signed between the Banking Agency of the FBiH and the European Central Bank
Representatives of the Banking Agency of the Federation BiH (FBA) and the European Central Bank (ECB) today signed a Memorandum of Understanding.The purpose of Memorandum of Understanding is to formalise cooperation and informationsharing mechanisms between the ECB and the FBA, the competent supervisory Authority of the Federation of Bosnia and Herzegovina. Such cooperation is essential in order to promote the integrity, stability and efficiency of supervised entities. Memorandum is the result of constructive discussions and the process of harmonisation the FBiH regulations with the EU regulations and it provides access for the FBA to the highest level of cooperation granted to supervisors from non-EU countries.
This Memorandum will ensure the effective exchange of supervisory information for the performance of the Authorities' respective supervisory powers over supervised entities, to the extent permitted by the law, and in accordance with the Core Principles for Effective Banking Supervision developed by the Basel Committee on Banking Supervision.
„This will further contribute to strengthening the stability of the banking system entities in the FBiH and improvement of their safe, quality and legitimate operations. Memorandum is one of a long line of great recognitions from international institutions for professional and independent operation of the FBA and its employees – said Jasmin Mahmuzić, Director of the Banking Agency of the Federation BiH.
On behalf of the FBA Memorandum is signed by Jasmin Mahmuzić, Director of the FBA and on behalf of the ECB by Daniele Nouy, Chair of the Supervisory Board at the ECB and Sabine Alice Lautenschlager Vice-Chair of the Supervisory Board.