TERMS OF REFERENCE OF THE WORKING GROUP ON BANKING AND FINANCE
The Working Group on Banking and Finance is assigned with the following tasks:
1. To encourage the promotion of closer and more beneficial cooperation among the Participating
States in the field of Banking and Finance.
2. To plan joint actions for the cooperation in this field.
3. To develop a strategy of securing financial resources for the BSEC projects and programs.
4. To cooperate with the Black Sea Trade and Development Bank (BSTDB) and follow the activities of the Bank.
5.To create an appropriate mechanism of interaction between the BSEC and the BSTDB.
6. To elaborate appropriate mechanisms of interaction and coordination of the Participating States in
the area of combating organized crime in banking and financial spheres, including money laundering, etc.
7. To consider the possibility of founding a BSEC union/association of the banks and finance
institutions of the Participating States.
8. To study and develop, in collaboration with interested banks and financial institutions, a subregional/regional capital market.
9. To review periodically the situation regarding the creation of BSEC special funds (scientific fund,
environmental fund, etc.) and their further utilization.
10. To cooperate in training specialized personnel in banking and finance in the Participating States.
11. To convene periodically and in rotation meetings among banks and finance institutions from the
Participating States where representatives may familiarize themselves with the state of national economies on macro scale and future trends therein. The objective of this exercise is to seek business and other investment opportunities, individually or as joint enterprises.
12. To invite on a regular basis representatives from the banking community of the Participating
States to its meetings and thus create a durable interaction and cooperation between the BSEC
programs/activities/projects and the national banking and finance institutions.