CBC and Malta sign Memorandum of Understanding

15th July, 2008 – The Malta Financial Services Authority and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in the domain of supervision of credit institutions, have recently signed a Memorandum of Understanding.

According to a CBC press release, the Memorandum was signed on behalf of the Central Bank of Cyprus by its Governor Athanasios Orphanides and on behalf of the Malta Financial Services Authority by its chairman, Joe V. Bannister.

“The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two authorities with a view to facilitating the consolidated supervision of cross-border establishments and ensuring the safe and sound functioning of credit institutions in the respective countries, in accordance with their national laws and regulations,” the press release notes.

“The Central Bank of Cyprus pursues an active policy of signing Memoranda of Understanding for cooperation and exchange of information with competent overseas authorities,” it adds.

The Malta Financial Services Authority is the competent authority for the licensing and supervision of credit institutions operating in Malta. The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also, Cyprus’ licensing as well as banking supervisory authority.

As published on the Malta Business Weekly

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