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Cyprus PIO: News Update in English, 03-12-02
From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>
[01]Tuesday, 02 December 2003 Foreign Minister says OSCE member states
obliged to implement ECHR judgments
[02] Cyprus Central Bank signs Memorandum of Understanding with Central
Bank of Jordan
[01] Foreign Minister says OSCE member states obliged to implement ECHR
judgments
The Minister of Foreign Affairs, Mr Georgios Iacovou, has noted that the
member states of the Organisation for Security and Cooperation in Europe
(OSCE), which were also members of the Council of Europe, had an obligation
to implement the decisions of the European Court of Human Rights (ECHR)
without preconditions or deviations. Speaking at the two-day 11th Meeting
of the OSCE Ministerial Council, yesterday in Maastricht, The Netherlands,
Mr Iacovou explained that the aforementioned position was directly
associated with the European framework for protecting human rights as well
as with the OSCE's institutional cooperation with other organisations, such
as the Council of Europe. Mr Iacovou also pointed out that the peaceful
resolution of 'frozen conflicts' would be a determining factor for
increasing security, adding that "the problem faced by Cyprus is a
characteristic example of anachronism that affects relations between OSCE
member states and it needs to be addressed". He further expressed hope that
the negotiation process for a solution of the Cyprus problem, under the
good offices mission of the UN Secretary-General, would resume soon and
that those who were responsible for the failure of the peace effort last
March would now demonstrate the necessary political will for a comprehensive,
viable and lasting settlement. Mr Iacovou stressed that the Greek Cypriot
side remained committed to resuming peace talks whenever called for by the
UN Secretary-General. In his address, the Foreign Minister also made
reference to today's official ceremony that would mark the commencement of
the destruction of anti-personnel stockpiled landmines in Cyprus, in
compliance with the Republic's obligations under the Ottawa Convention.
This year's meeting of the OSCE Ministerial Council focuses on tackling
terrorism and threats against security and stability in the 21st century,
as well as slavery and human trafficking. At the meeting, which concludes
the Dutch Presidency of the Organisation, 45 out of the 55 OSCE member
states are represented by their Ministers of Foreign Affairs. On the
sidelines of the meeting, Mr Iacovou held bilateral talks with many of his
counterparts from other OSCE member states.
[02] Cyprus Central Bank signs Memorandum of Understanding with Central
Bank of Jordan
The Central Bank of Cyprus and the Central Bank of Jordan have signed today
a "Memorandum of Understanding" on mutual co-operation and exchange of
information in the field of banking supervision. The Central Bank of Jordan
is the competent authority for the regulation and supervision of the
banking sector in Jordan. The Central Bank of Cyprus, in addition to being
the country's monetary authority, is also the banking supervisory /
regulatory authority as well as the licensing and regulatory authority for
International Collective Investment Schemes, their Managers and their
Trustees under the International Collective Investment Schemes Law of 1999.
The "Memorandum of Understanding" has been signed on behalf of the Central
Bank of Cyprus by its Governor Mr Christodoulos Christodoulou and on behalf
of the Central Bank of Jordan by its Governor Mr Umayya Toukan. The
"Memorandum of Understanding" establishes a general framework of mutual co-
operation and exchange of information between the two authorities with a
view of facilitating co-operation for effective consolidated supervision of
cross-border establishments and performance of their respective duties for
the safe and sound functioning of credit organisations in their respective
countries, in accordance with their respective laws and regulations. The
signing of the "Memorandum of Understanding" with the Central Bank of
Jordan became necessary because of the presence in Cyprus, in the form of
branches, of four banks incorporated in Jordan. The Central Bank of Cyprus
pursues an active policy of signing "Memoranda of Understanding" for co-
operation and exchange of information, in the fields of its competence,
with respective overseas authorities. In the field of banking supervision,
"Memoranda of Understanding" have been signed with the Central Banks of
countries whose banks already have or may have, in the immediate future, a
presence in Cyprus. "Memoranda of Understanding" in this field have already
been signed with the Central Bank of the Russian Federation, the Bulgarian
National Bank, the National Bank of Ukraine, the National Bank of the
Republic of Belarus, the National Bank of Yugoslavia, the National Bank of
Romania, the Financial and Capital Market Commission of the Republic of
Latvia, the National Bank of Slovakia and the Bank of Tanzania. Moreover,
negotiations are currently being carried out with another eleven overseas
banking supervisory authorities for the signing of similar documents.
From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/
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