The Eurosystem – comprising the European Central Bank (ECB) and the 15 national central banks of the euro area – and the Central Bank of the Russian Federation (Bank of Russia) launched last March 20, 2008 a three-year cooperation programme in the areas of banking supervision and internal audit.

The banking supervision component of the programme will aim at enhancing the institutional capacity of the Bank of Russia to maintain the stability of the Russian banking system. It will focus on the transition of the Russian banking system to the Basel II principles, drawing on the experience of the Basel II implementation in the European Union.

The implementation of the programme will start on 1 April 2008. From the Eurosystem, the programme will involve the ECB as well as the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank, the Oesterreichische Nationalbank and Suomen Pankki – Finlands Bank.