Supervision of Banks: Austria and Russia Intensify Cooperation
A Memorandum of Understanding just signed facilitates cooperation in banking supervision between the two countries.
The Austrian Financial Market Authority (FMA) and the Oesterreichische Nationalbank (OeNB) signed today a Memorandum of Understanding (MoU) for bilateral cooperation in banking supervision with the Russian Central Bank.
This MoU facilitates cross-border co-operation with the non-EU country by specifying the legal provisions applicable for supervisory practice. This is particularly significant because of the considerable level of activity in Russia of the Austrian Banks (Raiffeisen group, Unicredit/Bank Austria group) in Russia and of Russian banks (VTB) in Austria, the importance of Russia for the world financial system and the role of the FMA and the OeNB in the group supervision of banking groups of particular importance.
With this MoU, the FMA and the OeNB strengthen the intensification of their cooperation with similar authorities and central banks in Central, Eastern and Southeastern Europe.