News

EU banking supervision programme coming to a close in Egypt

19-03-2012

The European Central Bank (ECB) and Central Bank of Egypt (CBE) announced last week the completion at the end of this month of the EU-funded banking supervision programme that started on 1 January 2009. The programme was financed under the EU Neighbourhood and Partnership Instrument.

 
The ECB and the Central Banks of Bulgaria, the Czech Republic, Germany, Greece, France, Italy and Romania assisted the CBE in its preparation of new regulations, guidelines and reporting systems to implement the core components of the Basel II capital adequacy framework in Egypt. The new regulatory framework was designed in close consultation with the Egyptian banking system, which provided input on the consultative documents published by the CBE.
 
The quantitative and qualitative impact of the new framework was tested and discussed with the banking industry and the results showed that the majority of Egyptian banks would stand ready to meet the requirements of the new regime in terms of risk management and capital requirements. For the Egyptian financial system, the new framework will contribute to stability by strengthening banking supervision. (ENPI Info Centre)
 
Read more
 
Press release
 
EU delegation - Egypt
 
ECB website

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