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The memorandum of understanding between National Bank of the Republic of Belarus, Bank of Latvia and the Commission on the financial market and the market of the capitals of the Republic of Latvia

of March 9, 2001

Bank of Latvia and the Commission on the financial market and the market of the capitals of the Republic of Latvia (further referred to as "the Latvian Side") and National Bank of the Republic of Belarus (further referred to as "the Belarusian Side") and further jointly the referred to as "Latvian and Belarusian Sides",

Referring on Basel the concordat and documents No. 30 "The basic principles of effective banking supervision" and No. 27 "Cross-border supervision" of Basel Committee on Banking Supervision (further the referred to as "Basel documents"),

Understanding that supervision shall extend to all foreign bank institutions without exception and that supervision shall be effective,

Expressing readiness to promote implementation of the rights and obligations and to promote reliable and steady functioning of cross-border credit institutions in the countries,

Showing willingness to develop and deepen mutually beneficial cooperation and exchange of information between both countries on equal and non-discriminatory basis,

Convinced that exchange of information will promote strengthening of mutual understanding and cooperation between the Latvian and Belarusian Sides,

Understanding that exchange of information is important component of the bilateral relations between the Latvian and Belarusian Sides,

Having reached agreements on implementation of supervision of the credit institutions occupied with carrying out cross-border transactions in Latvia and Belarus and also behind the financial organizations which are members of the corresponding consolidated groups according to the legal basis existing in Latvia and Belarus and in the spirit of close cooperation and mutual trust,

The Latvian and Belarusian Sides consider necessary, for the purpose of effective cooperation, to lay the general foundation for forming of practical mechanisms of implementation of the procedures determined in the relevant legal documents and concerning supervision of credit institutions and their cross-border organizations and to implement these mechanisms into accurate instructions for the workers.

For the purposes of this Memorandum the Latvian and Belarusian Sides agreed to use the following concepts:

the cross-border organization - any branch, the affiliated organization and representative office of credit institution from country of source located in the territory of the country of the location;

the credit institution functions in the Republic of Latvia as bank, credit union or branch of foreign bank;

the credit institution functions in the Republic of Belarus as unitary bank, bank - joint-stock company, the non-bank credit and financial organization.

I. GENERAL PROVISIONS

1 - General structure

Adoption of this Memorandum the Latvian and Belarusian Sides assume liability to perform cooperation with appendix of the maximum efforts on all questions concerning the cross-border organizations.

The bank of Latvia exercises supervision of activities of the banks and other credit institutions which obtained the license of Bank of Latvia. The Latvian Side exercises supervision of credit institutions and carries out their inspections, provides observance of resolutions, issued it obligatory to execution.

The National Bank of the Republic of Belarus exercises supervision of activities of the banks and other credit institutions which obtained the license of National Bank of the Republic of Belarus, carries out their inspections, provides observance of resolutions, issued it obligatory to execution.

In Latvia activities of the cross-border organizations are regulated by the Latvian legislation if other is not provided by the international agreements signed by Latvia. The cross-border organization shall bear responsibility in the claims declared in courts of Latvia and submit to all decisions and resolutions of the Latvian Side.

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