The European Banking Authority (EBA) has inked a memorandum of cooperation with supervisory authorities in six south-eastern European (SEE) countries, establishing a framework for cooperation and information exchange.

The signatory supervisory authorities are from the Federation of Bosnia and Herzegovina, the Republic of Srpska, the former Yugoslav Republic of Macedonia, Montenegro, the Republic of Serbia and Albania.

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Within this framework, the EBA will update these authorities on the relevant developments of the single rule book and of progress in convergence of supervisory practices.

Also, the EBA will open its regular training activities to them, while the signatory authorities agreed to provide the EBA with regular and ad-hoc information on relevant developments in their banking systems, which will be used for risk analysis purposes.

Additionally, these authorities agreed to bring their own regulatory and supervisory standards and institutional arrangements into line with those in the EU.

The pact has been reached under the auspices of the Vienna Initiative – the public-private network established to safeguard the financial stability of emerging Europe.

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EBA chairperson Andrea Enria said: "The signature of the memorandum of cooperation is the result of the commitment and the efforts put by the EBA and representatives of the Vienna Initiative towards enhancing cross border cooperation and supervision.

"I look forward to working with the SEE authorities further, helping them align their supervision and regulation with the EU standards and benefit from their contribution in the supervision of the EU cross-border groups."