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By Sara Israfilbayova

A meeting of the International Coordination Council of Banking Associations of the CIS, Central and Eastern Europe will be held in Baku on October 26.

Bankers of the CIS states, Georgia, Moldova, Montenegro, Serbia and other countries plan to exchange experience in the field of the activities of the Institute of Banking Ombudsman, as well as discuss other pressing issues of the financial sphere, Trend reported.

Earlier, the Association of Banks of Azerbaijan (ABA) reported that the Institute of Banking Ombudsman will start functioning in Azerbaijan from September.

Its activities are designed to provide practical assistance in overcoming differences, as well as to simplify, speed up the procedure for considering the issues that have arisen on mortgages between the bank and the borrower.

The ombudsman is expected to handle disputes with the amount of a claim up to $2,000. In addition, the ombudsman activity will cover only those banks that signed the Declaration on the transfer of disputes involving individuals - clients of the financial institution to the Banking Ombudsman.

The Banking Ombudsman is not entitled to take decisions on making amendments and additions to mortgage loan agreements, including termination of (full or partial) obligations of the parties to the contract. The competence of the banking ombudsman includes holding meetings and providing banks with recommendations on the borrowers' appeals concerning changes in mortgage conditions.

The International Coordination Council of Banking Associations of the CIS, Central and Eastern Europe, also called the International Banking Council, includes banking associations of Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Serbia, Tajikistan, Uzbekistan, Ukraine, Montenegro, as well as the Central and Eastern European Banking Association (BACEE), the CIS Financial and Banking Council and the Eurasian Economic and Financial Association (FBA EAS).

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