The memorandum of understanding between National Bank of the Republic of Belarus and the National Bank of Ukraine in the field of banking supervision
of December 21, 2007
The National Bank of the Republic of Belarus and the National Bank of Ukraine as banking supervisor authorities, hereinafter referred to as "banking supervisor authorities" or "Parties", 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.
1. The main legal act of the Republic of Belarus regulating banking activity is the Bank code of the Republic of Belarus according to which the National Bank of the Republic of Belarus regulates activities of banks and non-bank credit and financial organizations for its safe and liquid implementation and carries out supervision of it. The specified function is performed by National Bank of the Republic of Belarus by means of establishment of standard rates of safe functioning and supervision of their accomplishment, conducting checks of activities of banks and non-bank credit and financial organizations, removal to banks and non-bank credit and financial organizations for execution of instructions and application of stipulated by the legislation corrective actions of the Republic of Belarus to banks and the non-bank credit and financial organizations.
The National Bank of the Republic of Belarus exercises supervision of banking activity on the consolidated basis.
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