The National Bank of Romania and Banca d'Italia to Co-operate in Strengthening Bank Supervision
12.12.2002
On Thursday, 12 December 2002, the NBR Governor, Mr. Mugur Isărescu, and the Governor of Banca d'Italia, Mr. Antonio Fazio, have signed in Rome a memorandum stating the commitment of the two institutions to develop co-operation in bank supervision.
The memorandum facilitates the exchange of information on the two banking systems and allows both parties to exert consolidated supervision and carry out inspections at the bank branches and subsidiaries of national bank groups in the other country.
For the NBR it is the first meeting of the kind with a EU central bank, and others will surely follow.
The agreement has been signed at a moment when the process of strengthening of the Romanian banking system is close to completion. More than half of the Romanian banking system is made up of strong banks with foreign capital, among which several branches and subsidiaries of Italian banks.
Moreover, the cordial meeting in Rome has paved the way for a fruitful exchange of opinions on the financial systems of the two countries and those in Europe in general.