Cooperation agreements


In view of the supervisory mandate of the Central Bank of Montenegro (hereinafter: the Central Bank), the activities of the Supervision Department, as a separate core organizational unit in the structure of this institution, include a business process which is reflected in participating in the development, with other competent organisational units, of documents known as Memoranda of Understanding (hereinafter: MoU) concluded between the Central Bank and a foreign supervisory (banking) authority or another state body or organisation. Note that, depending on the legal framework of the country that is the counterparty/signatory, a foreign supervisory authority may be a central bank/national bank, a banking agency, or another supervisory body or authority. The Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17, 125/23), more precisely, Article 9 of this Law, provides for "International Cooperation" in such a way that the Central Bank may cooperate with other central banks, international financial institutions and organisations, which scope of activities is related to the pursuance of the objectives and the exercise of the functions of the Central Bank, and it may be a member of international institutions and participate in their work.


In accordance with the provisions of the Law on Credit Institutions, the Central Bank may enter into an agreement with one or more competent authorities of third countries for the purposes exercising the supervision on a consolidated basis over a credit institution whose parent undertaking is established in a third country, or a credit institution in a third country that is a subsidiary undertaking of a credit institution, a financial holding company or a mixed financial holding company with head office in Montenegro.


Within the meaning of Article 8 of the Central Bank of Montenegro Law, the Central Bank may, in pursuing the established objectives and without prejudice to its autonomy and independence, cooperate with the Government and other government bodies and organisations, and take any actions within its competence to promote this cooperation. In this context, the Central Bank may conclude agreements with a state administration body, i.e. with other bodies holding public powers.


The content of the wording of each specific MoU, in terms of the subject of cooperation of the signatories, contractual obligations, etc. is determined by the different reasons and circumstances of the conclusion of such act by two or more signatories.


The aim of concluding an MoU is achieving a cross-border exchange of information with other authorities responsible for the supervision of subsidiaries for the purposes of exercising the supervisory function of the Central Bank.



The list of agreements of understanding the Central Bank has concluded with other authorities in the area of supervision:


  • National Bank of Serbia, concluded as at 23 April 2003;
  • Bank of Slovenia, concluded as at 14 October 2003;
  • Bank of Albania, concluded as at 27 April 2005;
  • National Bank of the Republic of North Macedonia, concluded as at 30 January 2007;
  • Hungarian Financial Supervisory Authority (HFSA) with regard to the supervision of the OTP Group and its members, concluded in 2009, revised in 2020. Signatories: Central Bank of Hungary, European Central Bank, Bulgarian National Bank, National Bank of Romania, National Bank of Slovakia, Croatian National Bank, Bank of Slovenia, National Bank of Serbia, Bank of Albania, National Bank of Moldova, National Bank of Ukraine, Central Bank of the Russian Federation. 
  • Central Bank of Bosnia and Herzegovina, Banking Agency of Republika Srpska, and Banking Agency of the Federation of Bosnia and Herzegovina, concluded as at 8 March 2007;
  • Central Bank of the Russian Federation, concluded as at 28 September 2007;
  • Southeast Europe Supervisory authorities (Bank of Greece, Bank of Albania, Bulgarian National Bank, Central Bank of Bosnia and Herzegovina, Central Bank of Cyprus, National Bank of the Republic of North Macedonia, National Bank of Romania, National Bank of Serbia, Banking Agency of the Federation of Bosnia and Herzegovina, Banking Agency of Republika Srpska), concluded as at 8 February 2008;
  • Bank of France, concluded as at 8 August 2008;
  • Croatian National Bank, concluded as at 29 September 2009, revised as at 6 May 2022;
  • National Bank of the Republic of Belarus, concluded as at 6 November 2009;
  • Central Bank of Kosovo, concluded as at 13 June 2014;
  • European Banking Authority, concluded in October 2015;
  • FMA on HAAG College, concluded as at 27 November 2015;
  • European Central Bank – Single Supervisory Mechanism (SSM), concluded as at 26 November 2018;
  • National Bank of Ukraine, concluded as at 12 April 2019;
  • Agreement on the organisation and governing rules of the Group of Banking Supervisors from Central and Eastern European Countries – BSCEE, concluded as at 26 November 2018, revised as at 24 March 2022;


The list of memoranda of understanding within the competence of supervision department and other organisational units of the Central Bank with other international authorities as well as Montenegrin state bodies:


  • MoU with the Insurance Supervision Agency and the Capital Market Authority, concluded in 2016;
  • Agreement on electronic transfer of data with the Agency for Prevention of Corruption, concluded as at 2018;
  • MoU with the Croatian National Bank, concluded in 2022.