The agreement on cooperation between the Central bank of the Russian Federation (Bank of Russia) and National Bank of the Republic Belorus in the field of banking supervision

of October 7, 2005

Central Bank of the Russian Federation (Bank of Russia) and National Bank of the Republic of Byelorussia, hereinafter referred to as with "banking supervisor authorities", was reached by mutual understandings in question of need of exchange of information for effective implementation of the functions and stable functioning of bank systems of both countries that 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. Powers of banking supervisor authorities

1.1. Russian Federation

In accordance with the legislation of the Russian Federation the Central bank of the Russian Federation is body of bank regulation and banking supervision. The Bank of Russia exercises constant surveillance over observance by credit institutions and banking groups (bank holdings) of the bank law, the regulations of the Bank of Russia established by the Bank of Russia of obligatory standard rates. For implementation of functions of bank regulation and banking supervision the Central bank of the Russian Federation performs credit institutions (their branches), sends them instructions, obligatory for execution, about elimination of the violations revealed in their activities and applies the measures to credit institutions provided by the Federal Law "About the Central Bank Russian Federation (Bank of Russia)".

Credit institution is the legal entity who for generation of profit as main objective of the activities based on special permission (license) of the Central bank of the Russian Federation has the right to perform the banking activities provided by the Federal Law "About Banks and Banking Activity". The credit institution is formed on the basis of any pattern of ownership as economic society.

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