The National Bank of Romania 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 updated the Memorandum of Understanding which was signed between them in 2002, before the accession of Romania and Cyprus into the European Union, in order to integrate, in the new Memorandum of Understanding, recent developments in the field of banking supervision. 

The updated Memorandum of Understanding has been signed on behalf of the National Bank of Romania, by its Governor, Mr Mugur C. Isarescu and, on behalf of the Central Bank of Cyprus, by its Governor, Mr Athanasios Orphanides.

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.