Macau: Banking supervisory associations under discussion

8 November 2007

Macau, China, 8 Nov – The monetary authorities of the countries and territories with Portuguese as an official language Wednesday in Macau re-launched negotiations for setting up an association of banking supervisors, said Félix Pontes, fro Macau’s Monetary Authority.

“It was one of the main issues covered at the meeting of the monetary authorities of China and the Portuguese-speaking countries and it will continue to be worked on,” Pontes told Portuguese news agency Lusa, noting that the project is similar to that for the area of insurance and which essentially aims “at multilateral cooperation in several intervention areas,” of banking supervisors.

Pontes also said on the sidelines of the meeting, which ended Wednesday after two days of work, that the Macau Monetary Authority had been in contact with several countries, including Angola and Mozambique, and was finalizing technical cooperation agreements with the National Bank of Angola and the bank of Mozambique.

Pontes noted that a proposal put forward by the Export Import Bank of China (Eximbank) to become a leader of future banking syndicates for big investments in Portuguese-speaking countries, “deserves to continue to be studied.”

“It is a proposal that is not limiting and there could be agreements with other institutions, including China itself,” he said.

“The scheme proposed is to set up banking consortia to finance significant projects in the countries that need it and for Macau and Portuguese-speaking banks to also be part of that consortium, depending on the merit of each project and investment conditions,” said Pontes, explaining that the non-exclusivity of the organization of banking syndicates opened doors for other entities such as the China Development Bank. (macauhub)