PRISTINA (Kosovo), November 1 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Friday it is seeking a consultant to support Kosovo’s central bank in its efforts to strengthen its corporate governance framework for financial institutions.
“Corporate governance arrangements in financial institutions need to be sufficiently robust to capture the complexity of their business and to identify and mitigate risks to which they are exposed,” the EBRD said in a press release.
The assignment involves a review of the regulatory framework related to corporate governance of financial institutions, review of the practices of selected financial institutions and the supervisory capacity of the central bank, issuing a regulation aligned to EU best practices, assisting the central bank in compiling and processing the corporate governance-related disclosures received from the financial institutions, strengthening the bank’s supervisory methodology as well as assisting the bank’s supervision team in implementing the new methodology.
The EU introduced corporate governance requirements that apply to banks, building societies and investment firms that apply throughout the EU, including more onerous requirements that apply to ‘significant’ firms,” the bank noted, adding that Kosovo is a potential candidate for EU accession and as such it aims to approximate all of its domestic policies on legal, economic and social matters with the EU acquis.
The cost of the assignment is envisaged to total 250,000 euro ($278,899), exclusive of VAT, and the deadline for submitting bids is December 2.
The assignment is expected to start in November and has an estimated overall duration of 18 months, EBRD said.
($ = 0.8963 euro)