The Republic of Turkey is the Country Coordinator for the Working Group on Banking and Finance for the term November 2009 -31 December 2011

Banks and financial institutions are a vital lifeline in economies of the Member States. They help finance and accelerate privatization programs and structural reforms, thus creating a common economic space in our countries and a higher level of economic collaboration.

The interaction of the BSEC Member States in the field of banking and finance is being achieved through the BSEC Working Group on Banking and Finance. The Working Group is assigned with the tasks of encouraging the promotion of closer and more beneficial cooperation among the Member States in the field of banking and finance, planning joint actions for the cooperation in this field and developing a strategy of securing financial resources for the BSEC projects and programs.

 

The Working Group on Banking and Finance has contributed, along with other bodies of the Organization to the development of BSEC. It acts as a subsidiary organ of the Organization and elaborates, upon the relevant mandate given by the Council of Ministers, relevant recommendations for the Member States in the field of banking and finance.

 

The most important achievement of the Working Group is its contribution to the establishment of the Black Sea Trade and Development Bank. The Agreement establishing Black Sea Trade and Development Bank has been negotiated within this Working Group.

 

The 15th Meeting of the BSEC Council (Moscow, 1 November 2006) considered the Report of the Meeting of the Working Group on Banking and Finance held in Istanbul on 11 September 2006 and  stressed the importance of the banking and finance sector in sustaining dynamic economic and social development of the BSEC Member States and called upon the Member States to undertake the necessary measures to strengthen the cooperation in this field.

 

The Working Group itself agreed to have regular meetings of the group and raise its efficiency based on a strategic vision to be reflected in the group’s action plans. It was stressed that the action plans shall be strategically oriented to and practically based on the provisions of the BSEC Economic Agenda for Future. It was also suggested to include in the future activities of the group the issues related to the insurance sector, anti-money laundering and counter-financing of terrorism measures undertaken in the BSEC Member States.