Memorandum of Understanding between the Polish and American Bank Supervisory Authorities
Co-operation and exchange of information between bank supervisory authorities
The Polish and American bank supervisory authorities concluded a Memorandum of Understanding on 23 October 2004. The signatories of the Memorandum of Understanding are Leszek Balcerowicz, President of the NBP and representatives of three American institutions performing bank supervisory tasks: Doug Roeder (Senior Deputy Comptroller of the Currency, Office of the Comptroller of the Currency), Michael M. Zamorski (Director, Federal Deposit Insurance Corporation) and Stephen Hoffman (Director, Division of Banking Supervision, Board of Governors of the Federal Reserve Board).
The signed memorandum provides the principles and the co-operation procedure for Polish and American bank supervision, facilitates exchange of information and joint inspections of American bank branches in Poland and of Polish banks operating on the territory of the United States. Thanks to this memorandum of understanding there will be increased security and stability of the banking systems of both countries.
The memorandum is a crowning achievement of the 15 year old co-operation between the Polish and American supervisory authorities. Within its framework the American bank supervisory authority trained the employees of the General Inspectorate of Banking Supervision (GINB). Since 2002 the GINB - within the framework of the TIBS programme (Training Initiative for Banking Supervision) - has been providing additional training, in co-operation with US AID, to employees of supervisory authorities in countries undergoing structural transformation.
The conclusion of this memorandum is in conformity with the recommendations of the Basel Committee on Banking Supervision. A similar memorandum is to be signed by the Polish banking supervisory authority with the banking supervisory authorities of the other G-10 countries. These types of memoranda have a key significance for the security of banking systems of countries such as Poland where a leading role is played by banks with foreign capital participation.