The agreement between National Bank of the Kyrgyz Republic and National Bank of the Republic of Belarus on cooperation in the field of supervision of activities of credit institutions

of January 29, 2004

The National Bank of the Kyrgyz Republic (NBKR) and the National Bank of the Republic of Belarus (NBRB) which are hereinafter referred to as with the Parties or supervisory authorities, expressing mutual interest in establishment and development of bilateral ties in the field of banking supervision, for the purpose of achievement of mutual understanding concerning banking regulation and interaction in the field of supervision of activities of credit institutions according to the Fundamental principles of effective banking supervision of Basel Committee on Banking Supervision, and also within the current legislation of the Parties agreed as follows:

1. For the purposes of this agreement:

1.1. the countries are understood as the Kyrgyz Republic and the Republic of Belarus;

1.2. supervisory authorities are understood as National Bank of the Kyrgyz Republic and National Bank of the Republic of Belarus;

1.3. supervising information is understood as information obtained by any of supervisory authorities in the course of accomplishment of the supervising functions including by exchange of information and/or as a result of conducting inspection checks within this agreement. Supervising information does not include information on transactions, accounts and deposits of clients, and also other data relating to the state or bank secrecy;

1.4. credit institution:

1.4.1. in the Kyrgyz Republic - the legal entity who for generation of profit as main objective of the activities based on special permission (license) of National (Central) Bank of the Kyrgyz Republic has the right to perform the banking activities provided by the Law of the Kyrgyz Republic "About banks and banking activity".

The credit institution is formed on the basis of any pattern of ownership;

bank - the financial credit institute created for attraction of deposits of legal entities and physical persons and other money and placement them on its own behalf on the terms of recoverability, the paid nature, urgency and also for implementation of payment under the order of clients;

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