ID :
46409
Thu, 02/19/2009 - 16:09
Auther :
Shortlink :
https://oananews.org//node/46409
The shortlink copeid
UAE, Turkey ink MoU for banking cooperation
Abu Dhabi, Feb 19, 2009 (WAM) - The Central Bank of the UAE announced that it signed a Memorandum of Understanding (MOU) with the Banking Regulation and Supervision Agency of Turkey on Tuesday, regarding supervisory co-operation and exchange of information.
H.E. Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, signed the MoU on behalf of the Central Bank of the UAE and H.E. Tevfik Bilgin- Chairman of the Banking Regulation and Supervision Agency of Turkey signed the MoU on behalf of the Agency, in the presence of H.E. Zafer Alayan, Minister of Industry and Trade of Turkey and H.E. Durmu Ylmaz, Governor of Central Bank.
This MoU provides for a mechanism to cooperate in regulatory matters and supervision of banks and other financial institutions operating in both countries and exchange of supervisory information, in line with the Bank for International Settlements Home-Host information sharing, which would contribute to the realization of a sound financial system in the UAE and the Republic of Turkey.
Also, through this MoU, the two parties have agreed to supervisory cooperation in the areas of information sharing and communication during the licensing process and ongoing supervision of banks and other financial institutions, to the extent permissible under the prevailing laws.
H.E. Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, signed the MoU on behalf of the Central Bank of the UAE and H.E. Tevfik Bilgin- Chairman of the Banking Regulation and Supervision Agency of Turkey signed the MoU on behalf of the Agency, in the presence of H.E. Zafer Alayan, Minister of Industry and Trade of Turkey and H.E. Durmu Ylmaz, Governor of Central Bank.
This MoU provides for a mechanism to cooperate in regulatory matters and supervision of banks and other financial institutions operating in both countries and exchange of supervisory information, in line with the Bank for International Settlements Home-Host information sharing, which would contribute to the realization of a sound financial system in the UAE and the Republic of Turkey.
Also, through this MoU, the two parties have agreed to supervisory cooperation in the areas of information sharing and communication during the licensing process and ongoing supervision of banks and other financial institutions, to the extent permissible under the prevailing laws.
