ABOUT THE CBA
Membership in Regional Structures
The Group of Banking Supervisors from Central and Eastern European Countries (BSCEE) was founded in Budapest, in 1991 by banking supervisory authority of six countries. Founders, sponsors and organizers of BSCEE were, in alphabetical order, Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovak Republic and Russia.
In 1996, at the International Conference of Banking Supervisors (ICBS) in Stockholm according to the recommendation of the Basle Committee on Banking Supervision the member countries declared their intention for cooperation within the operational and functional framework. During the conference representatives of the supervisory agencies of 16 countries concluded the Agreement on Governing Rules of the Group of Banking Supervisors from Central and Eastern European Countries.
The BSCEE member countries in order to coordinate and facilitate cooperation between them decided to have permanent Secretariat. The Secretariat of the BSCEE Group was located in Hungary and officially has started its activities in 1997.
At the 18th Annual BSCEE Conference the member countries decided that as of January 1, 2006 the Secretariat would be seated in Poland. Armenia became a member of BSCEE in 2012.
The FSB has been established to coordinate at the international level the work of national financial authorities and international standards setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions (including the members of the G20), international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. Armenia joined this regional consultative group on 22nd July, 2011.
Highlighting the monetary, financial and bank institutions role in the issues of financial stability and economics fast development as well as the promotion of mutually beneficial co-operation between the member-countries of the Central Asia, Black Sea Region and Balkans, during the first meeting of the governors of the central/national banks of the Central Asia, Black Sea Region and Balkan countries an initiative was launched to establish Central banks Governors’ Club.
The Governors’ Club was officially established in May 1st, 1998, followed by the signature of Protocol by the governors of the central/national banks from the 14 member countries. Thence the Club was supplemented by other members becoming the Club with 20 members and in 2010 People’s Bank of China become the member of the Club and the Protocol was updated with new signatures. Apparently the Club activity and format are so attractive and effective that it tends to develop and enlarge the membership. The Club’s members currently are as follows:
||Bank of Albania|
||Central bank of Armenia|
||Central bank of Azerbaijan|
||Bank of Greece|
||National bank of Kyrgyz Republic |
||National bank of the Republic of Macedonia|
||National bank of Moldova|
||Bulgarian National bank|
||Central bank of Bosnia and Herzegovina|
||National Bank of Kazakhstan|
||Central bank of Montenegro|
||National bank of Poland|
||Central bank of Russian Federation|
||National bank of Serbia|
||National bank of Tajikistan|
||National bank of Ukraine|
||Bank of Israel |
||National bank of Romania|
||People’s Bank of China|
||Bank of Georgia|
||Central bank of Turkey |
||National Bank of Czech Republic|
The aim to establish the Club`
- to strengthen the relations between the Central Asia, Black region and Balkan countries;
- to expand and deepen cooperation;
- to systematize more effectively the existing problems in the field of monetary policy, financial and banking spheres;
- to ensure quick exchange of economic and financial reliable data and information flow.
Functions of the Club`
- to encourage regular convening of the sessions;
- to encourage the exchange of ideas among the members of the Club on the monetary policy, financial and banking issues;
- to organize seminars and other training courses;
- to provide with technical assistance and advisory services.
There is a Governors’ Assembly of the Club and the Secretariat and Governors, Presidents, and their Deputies are the members of them. The President and the Deputy of the Club are elected from the members of the Assembly for two year period. The Assembly is convened twice a year and the sessions are called “The Governors Club Regular Sessions”. The next dates, place and preliminary program of the next Session are agreed. The sessions may be hosted not only in the chairing Governor’s country but also in Deputy Governors’ country.
Any decision during the Session is concluded on the ground of consensus of the Club Members. Sessions have been held in the countries of the Club Members since 1998 according to the Club Members decisions.
The Club doesn’t have its own capital and the sessions are organized and financed by the central/national bank of the hosting country, except travel expenses. It should be noted that short speeches (up to 15 minutes) on the existing economic picture and financial situation of that country by the all governors are included in the agendas of the sessions. Panel discussions on up-to-date challenges and problems in the moneyed interest are launched. It is common practice to invite worldwide known 1 or 2 scientists, Nobel Prize Laureates, or ex governors of the central/national banks, heads of international financial credible organizations, governors from central/national banks of non-member countries in the field of economics and finance to the Club’s sessions who present their lectures.