Agreement between the Belgian and Polish banking supervisory authorities
Eddy Wymeersch, Chairman of the Commission bancaire, financiere et des assurances and Leszek Balcerowicz, Chairman of the Commission for Banking Supervision signed, on 9 February 2005, an agreement on supervision detailing the modes and principles for cooperation and for the exchange of information between the Belgian and Polish banking supervisory authorities.
The agreement makes it possible, among other things, for supervisors from both countries to conduct common inspections of banks which are dependent on entities whose seat is located in the other country. Investors remaining under the supervisory authority of the Commission bancaire, financiere et des assurances control two Polish banks which, together, control 5.1% of shares of the Polish banking sector.
This is the second agreement on supervision concluded with a supervisory institution from one of the EU 15 (another such agreement was concluded in December 2004 between the Commission for Banking Supervision with the German banking supervisory authorities). The agreement will contribute to the consolidation of banks' safety subject to Belgian and Polish banking supervision.