The Governor of the Bulgarian National Bank, Ivan Iskrov, has met with his counterparts from eight South Eastern European countries in Sinaia, Romania, on Friday.

The congress was the fourth under the framework of the multilateral Memorandum of Understanding agreed in Athens in July 2007, aimed at further advancing cooperation in the area of banking supervision in South Eastern Europe (SEE) and safeguarding financial stability in the region.

It was hosted by the Governor of the National Bank of Romania. Governors of the Bank of Albania, the Bulgarian National Bank, the Central Bank of Bosnia and Herzegovina, the Central Bank of Cyprus, the Bank of Greece, the National Bank of the Republic of Macedonia, the Central Bank of Montenegro, as well as the Heads of the Banking Authorities in Bosnia and Herzegovina and Republika Srpska, attended.

The talks focused on recent macroeconomic and financial market developments, conditions and outlook of the banks as well as changes of the regulatory framework in the region. Participants concluded that, despite the global financial distress, the banking system of each country in SEE remains sound and well capitalized.

The meeting provided the opportunity to enhance the supportive role of EU member states within the region in sharing valuable experience in the supervision area with EU candidates and potential EU candidate countries.

Participants also underlined the key role of the recently created Colleges of supervisors, operating under the framework provided by CEBS Guidelines, in assessing and dealing with the risks faced by cross border banking groups, as well as in promoting a permanent platform for more efficient and effective supervision.