Nordic-Baltic agreement on cooperation regarding cross-border banks

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Representatives of the central banks in the Nordic and Baltic countries have signed a Memorandum of Understanding on cooperation regarding banks with cross-border operations.

The MoU concerns sharing information and cooperation with regard to banking groups that have operations in more than one Nordic-Baltic country and involves an intensification of the cooperation between the central banks in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.

 

Banks with subsidiaries and branches in several countries play an important role in the financial markets of the Nordic and Baltic countries. Cross-border banking groups provide benefits and improve efficiency in the financial system. At the same, they increase the risk that a problem arising in one bank or banking group can affect financial stability in more than one country. More in-depth cooperation between the central banks is therefore essential for financial stability.

 

This MoU replaces the earlier agreements between the Nordic central banks signed in 2003 and the one between Sveriges Riksbank and the Baltic central banks in 2006. The MoU is not legally binding.

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