The European Central Bank (ECB) concluded a Memorandum of Understanding with the competent national authorities of six EU member states that are not part of European banking supervision.
The Memorandum of Understanding will provide a framework for the Czech Republic, Denmark, Hungary, Poland, Romania and Sweden to share information and coordinate surveillance activities.
The agreement is aimed at strengthening cooperation in the field of surveillance at the European level. The memorandum also encourages the ECB and the NBR to inform each other of planned measures that could help reduce the risks of fragmentation of European banking markets in times of stress.
The ECB wants to strengthen cooperation with the national central banks of member states that do not participate in European banking supervision, as their banking sectors are significantly interconnected. Some ECB-supervised banks have subsidiaries or significant credit exposures in these Member States and carry out a significant part of their activities there.
Source: Hot News
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