The Financial and Capital Market Commission (“FCMC”) of Latvia and the Central Bank of Cyprus, expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, have recently proceeded with the updating of the Memorandum of Understanding which was signed between them in 2003, before their accession into the European Union, in order to integrate, in the Memorandum of Understanding, recent developments in the field of banking supervision.

The updated Memorandum of Understanding has been signed on behalf of the Central Bank of Cyprus by its Governor, Mr. Athanasios Orphanides, and on behalf of the FCMC, by its Chairwoman Ms Irena Krumane. The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as the effective supervision and regulation of credit institutions with cross border presence, in accordance with the respective national laws and regulations.