The memorandum between National Bank of the Republic of Belarus and National Bank of Tajikistan of mutual understanding in the field of banking supervision

of June 7, 2007

The National Bank of the Republic of Belarus and National Bank of Tajikistan as the banking supervisor authorities which are hereinafter referred to as "Party" reached mutual understanding in question of need of exchange of information for effective implementation of the functions and stable functioning of bank systems of both countries. This mutual understanding also corresponds to recommendations of Basel Committee on Banking Supervision of the principles of implementation of the consolidated and comprehensive supervision and cooperation between banking supervisor authorities.

Article 1. General provisions

For the purposes of this Memorandum the following basic concepts and their determinations are used.

1. Credit institution - the legal entity having the right to perform banking activity which is subject to licensing and banking supervision by banking supervisor authorities.

1.1. In the territory of the Republic of Belarus the credit institution is understood as bank and the non-bank credit and financial organization.

Bank - the legal entity having exclusive right to perform in total the following banking activities: attraction of money of physical and (or) legal entities in deposits (deposits); placement of borrowed funds on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency; opening and maintaining bank accounts of physical and (or) legal entities.

The non-bank credit and financial organization - the legal entity having the right to perform the separate banking activities and types of activity provided by the Bank code of the Republic of Belarus, except for implementation in total of the following banking activities: attraction of money of physical and (or) legal entities in deposits (deposits); placements of borrowed funds on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency; opening and maintaining bank accounts of physical and (or) legal entities.

1.2. In the territory of the Republic of Tajikistan the credit institution is understood as bank, the non-bank financial organization and the microfinancial organization.

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