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The agreement between National Bank of the Republic of Belarus and the Central bank of the Republic of Armenia on cooperation in the field of supervision of activities of credit institutions

of July 19, 2000

The National Bank of the Republic of Belarus and the Central bank of the Republic of Armenia which are hereinafter referred to as "Party", expressing mutual interest in establishment and development of bilateral ties in the field of banking supervision, agreed as follows:

1. The parties express readiness at least once a half-year to communicate about condition and development of bank system of each of the Parties.

2. The parties provide on mutual basis information on existing rules and standard rates, requirements of banking supervision, and also on their basic changes by the operational direction each other of the relevant documents.

3. In case of need of the Party hold meetings at the level of heads of bodies (divisions) of banking supervision and (or) at the level of experts for discussion of the questions which are of mutual interest.

For the purposes of this agreement credit institutions are understood as banks, non-bank credit institutions (the organizations performing separate types of banking activities) which activities are subject to licensing and banking supervision of the Parties.

Credit institutions are recognized affiliated (joint), with equity according to requirements of the national legal system of the Parties.

The list of the credit institutions which are already operating at the time of agreement signature on which the Parties perform provided by subitems 5. 2, 5.3, 5.4 of the Agreement supervising actions, it is approved by the Parties taking into account requirements of the national legal system and serves as appendix to the Agreement.

On again created credit institutions falling under operation of the Agreement, the Parties make agreed decision on inclusion them in the above-stated list in a month.

4. The centers of preparation and advanced training of personnel of the Parties when planning seminars on banking supervision provide exchange of teachers and listeners.

5. The parties agree about collateral actions and about distribution of functions when implementing supervision of activities of affiliated (joint) credit institutions, separate divisions (branches, representations) founded by the credit institutions located in the territory of the country of other Party and also in case of control of equity of credit institutions of both Parties in the authorized capital of each other namely:

5.1. In the course of licensing of banking activity of the Party agree that:

5.1.1. in case of the appeal to the Party of the credit institution located in the territory of the country of other Party about issue of licenses for opening of affiliated (joint) credit institutions, permissions to opening of separate divisions, to equity in the authorized capital of credit institution the Party considers such addresses after written consent of other Party within the terms provided by the national legal system on banking regulation;

5.1.2. each of the Parties shall provide at the request of other Party information (financial position of parent credit institution, observance of economic standard rates by it, structure and the characteristic of major shareholders, co-ordination of the consolidated control of the divisions which are part of credit institution, etc.), necessary for decision making about opening of the affiliated (joint) organization, separate division, participation in the authorized capital of the credit institutions located in the territory of the country of other Party;

5.1.3. in case of decision making about issue of licenses for opening of affiliated (joint) credit institutions, and also permissions to opening of separate divisions, to equity in the authorized capital of credit institution of the Party are guided by requirements of the national legal system and take information obtained from banking supervisor authorities of the Parties into account;

5.1.4. The parties in writing inform each other not over 10 days on issue of licenses for opening of affiliated (joint) credit institutions, permissions to opening of separate divisions, to equity in the authorized capital of credit institution in time.

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