Azerbaijan to sign collective agreement on banking sector

Baku. 11 December. REPORT.AZ/ The Financial Market Supervisory Authority (FIMSA) has held a meeting with Azerbaijani banks.

Report informs citing the FIMSA, the meeting was organized by the Azerbaijan Banks Association (ABA). The meeting presented "Baku approach" jointly developed with the World Bank on the implementation of the measure "Building legal mechanisms for inactive assets management" of the "Strategic Road Map on Financial Services Development".

Notably, the document envisages restructuring of inactive assets on the balance sheet of the banks on the parameters defined in advance and as a part, signing of a collective agreement between the ABA, FIMSA and the banks intending to participate in the process.

"Baku approach" on restructuring of inactive assets caused interest of banks and it was decided to start negotiations with the purpose to conclude a collective agreement and to establish a working group consisting of representatives of the banks and FIMSA.