Bank of Albania announced in a press release the signing of a Memorandum of Understanding with the European Banking Authority, in the framework of Vienna Initiative. The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector.
According to the Bank, the signed Memorandum is a legal framework upon which the involved institutions develop their relations and exchange information. The role of the European Banking Authority in this regard is to keep informed the Bank of Albania (and other national banks with which EBA has signed MoUs) about the latest developments of the European Union legal framework regarding the standardization of “Single Rule Book” and the progress of surveillance practices’ convergence.
In the other hand, Bank of Albania will provide regular and unique information to EBA for issues related to country’s banking system, information that will be used by EBA for risk analysis. Another collaboration aspect is the implementation of EU standards and institutional practices by Bank of Albania, based on a specific agenda.
The MoU between EBA and Bank of Albania was signed by the Second Vice-Governor, Natasha Ahmetaj. EBA signed Memorandum of Understandings with surveillance banking authorities of six Southeast Europe countries.
News source: ATA
Photo credits: Public Domain Pictures
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