Agencija za Bankarstvo Republike Srpske

Banking Agency of Republika Srpska signed Memorandum of Understanding with Croatian National Bank

30.09.2020. yr.

Banking Agency of Republika Srpska signed Memorandum of Understanding with Croatian National Bank

Director Rade Rastoka, on behalf of the Banking Agency of Republika Srpska, Jasmin Mahmuzić, Director of the Banking Agency of the Federation of Bosnia and Herzegovina, Senad Softić, Governor of the Central Bank of Bosnia and Herzegovina and Boris Vujčić, Governor of the Croatian National Bank, signed the Memorandum of Understanding.

Taking into account Croatia's accession to the European Exchange Rate Mechanism (ERM II), establishment of close cooperation between the European Central Bank (ECB) and the Croatian National Bank, as well as Croatia's accession to the Banking Union and the Single Supervisory Mechanism (SSM), the institutions responsible for banking supervision in Bosnia and Herzegovina and the Croatian National Bank expressed the need to update and upgrade the previous Memorandum of Understanding from 2003, in line with the new standards and guidelines of the European Banking Authority (EBA).

The objective of the Memorandum is to establish more efficient cooperation and a mechanism for the exchange of information between the signatory institutions, to the extent permitted by law, which are necessary for the implementation of the competencies of the signatory institutions.

The importance of signing this Memorandum is especially emphasized due to the connectedness of the banking systems and related institutions, as well as the market, which represents a key aspect in terms of improving and strengthening the stability and efficiency of supervision of these institutions and the financial system as a whole.

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