On the signing of Memorandum of Understanding

The External and Public Relations Department of the Bank of Russia informs that Memorandum of Understanding between the Central Bank of the Russian Federation (Bank of Russia), the Austrian Federal Ministry of Finance, the Austrian Financial Market Authority and the Oesterreichische Nationalbank (further — the Parties) concerning their cooperation in the field of supervision of credit institutions was signed on 18 October 2010 in Moscow.

While preparing the Memorandum of Understanding the Parties followed the recommendations of the Basel Committee on Banking Supervision on the principles of consolidated and comprehensive supervision and cooperation between banking supervisors and addressed the necessity to enhance cooperation in the field of banking supervision of credit institutions, including supervision of cross-border establishments of Austrian banks in Russia and Russian banks in Austria.

The reference to the Press Service is mandatory if you intend to use this material.

18.10.2010 00.00.00