The European Central Bank launched on Thursday a three-year program with the Bank of Russia in the areas of banking supervision and internal audit.
The banking supervision component of the program will aim at enhancing the institutional capacity of the central bank of Russia to maintain the stability of the Russian banking system, the ECB said in a statement.
It will focus on the transition of the Russian banking system to the Basel II principles, which are recommendations on banking regulations sponsored by the world's central banks to promote uniformity, make regulatory capital more risk sensitive, and promote enhanced risk management among internationally active banks.
The internal audit part of the cooperation program will aim to support the Bank of Russia's risk-based internal audit function, through training by and consultations with the experts of the euro-zone central banks.
The implementation of the program will start on April 1. The European Union has assigned 3 million euros (about 4.7 million U.S. dollars to the project within the framework of the EU-Russia cooperation program.
Source: Xinhua
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