THE MEMORANDUM OF UNDERSTANDING BETWEEN NATIONAL BANK OF THE REPUBLIC OF BELARUS AND BANK OF LITHUANIA

of April 26, 2002

National Bank of the Republic of Belarus (further - "The Belarusian Side") and Bank of Lithuania (further - "The Lithuanian Side"), further jointly the referred to as "Belarusian and Lithuanian Sides",

Referring on Basel the concordat and documents No. 30 "The basic principles of effective banking supervision" and No. 27 "Cross-border supervision" of Basel Committee on Banking Supervision (further "the Basel documents"),

Understanding that supervision shall extend to all foreign banking organizations without exception and that supervision shall be effective,

Expressing readiness to promote implementation of the rights and obligations and to promote reliable and steady functioning in the territory of the states of the Parties of cross-border credit institutions,

Showing willingness to develop and deepen mutually beneficial cooperation and exchange of information between both states on equal and non-discriminatory basis,

Convinced that exchange of information will promote strengthening of mutual understanding and cooperation between the Belarusian and Lithuanian Sides,

Understanding that exchange of information is important component of the bilateral relations between the Belarusian and Lithuanian Sides,

Referring to the legal base existing in the Republic of Belarus and the Republic of Lithuania on the basis of close cooperation and mutual trust reached the agreement on implementation of supervision of the credit institutions performing cross-border transactions in the Republic of Belarus and the Republic of Lithuania and also behind the financial organizations which are members of the corresponding consolidated groups.

For the purpose of effective cooperation the Belarusian and Lithuanian Sides consider necessary to lay the general foundation for determination of practical mechanisms of implementation of the procedures established by their legislation and concerning supervision of credit institutions and their cross-border organizations and to implement these mechanisms into accurate instructions for the workers.

For the purposes of this Memorandum the Belarusian and Lithuanian Sides agreed that:

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