Mrs. Vasilika Vjero

Mrs. Vasilika Vjero was born in Tirana in 1976.
Mrs.Vjero graduated from the University of Tirana, Faculty of Economics, Department of Business Administration in 1998. In 2003 she completed a master’s degree from the University of Nebraska, Lincoln USA, and University of Tirana, Faculty of Economy. She has also been trained in economic growth by Harvard Kennedy School.
Ms. Vjero has held senior management positions, such as General Director of Taxes, General Director of the National Business Center, General Director of the Albanian Road Authority. In her career she counts more than 10 years of work experience for the Municipality of Tirana in the management of the Tax Administration and the Department of Strategic Planning and local budgets, as well as a series of experiences as a financial expert with foreign donors. She has also served as an expert independent fiscal and budget for local government in Albania for a total of 24 municipalities and communes throughout the country.
Ms. Vjero speaks english and italian.

Mr. Genc Mamani

Genci Mamani is the General Director of the Albanian Deposit Insurance Agency and at the same time a member of its Steering Council.
Mr. Mamani, graduated in 1991 at the University of Tirana, Faculty of Economics, Department of Finance.
In 2001 he completed postgraduate studies at the University of Wisconsin – La Cross, USA, in finance – banking and in 2012 he postgraduate at master’s level in Business Administration at the International Hellenic University, in Thessaloniki, Greece.
Mr. Mamani started his career in 1991 as an economist at the Central Bank of Albania. He pursued his career by holding managerial positions on different commercial banks such as FEFAD Bank (actually Pro Credit Bank), the Italian-Albanian Bank and further on to be back at the Bank of Albania until late 2015. In July 2015 he took over as General Director of the Deposit Insurance Agency.
Mr. Mamani is fluent in English and Italian.

Mr. Donald Duraj

Mr. Donald Duraj was appointed Chairman of the Board of Directors of the Deposit Insurance Agency in 2015. He has a progressive career of more than 15 years in the banking system, an integral part of which have been quite active and successful achievements within various prestigious local financial institutions and those in the international network such as Austria, Poland, Slovakia, Ukraine and Belarus. Since 2015, Mr. Duraj holds the position of Chief of Staff of the Governor of the Bank of Albania with the responsibility of advising, assisting, monitoring and coordinating all issues related to the progress and proper functioning of the Governor’s Office and other departments of the Bank of Albania. From 2010 to 2015 Mr. Duraj was Head of Commercial Organization and Market Development Sector at Societe Generale Bank in Albania playing a key role in the strategic direction, short-term and long-term planning, setting key objectives, coordinating inter-divisional and inter-institutional relations, locally and internationally, with public and private companies, et cetera. During this period Mr. Duraj has successfully led at least 15 projects, among the most important ones for the Bank, and with a direct impact on the expansion of activity in the local market and with an increase in profitability. Mr. Duraj worked from 2005 to 2010 at Raiffeisen Bank Albania and Raiffeisen International Austria covering key operational and strategic positions. The most important of them were Head of Individuals Segment, Head of Consumer Credit Products, Project Manager in the “Retail Leadership” Program at Raiffeisen International Austria, etc. Mr. Duraj has graduated at the Faculty of Economics, Department of Finance, Banking Profile, at the University of Tirana.

11/03/2016

DIA wins award for “Deposit Insurance System Improvements”

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In the annual general meeting of the International Association of Deposit Insurers (IADI) which was hosted in Seoul, South Korea, on 23-28 October 2016, the Albanian Deposit Insurance Agency (ADIA) was won the award “Deposit Insurance System Improvements”. The Albanian DIA was represented in this event by Mr. Genci Mamani, General Director, to whom this prestigious award was given to by Mr. Thomas M. Hoenig, President of IADI. ADIA had previously applied for this award, which evaluates the steps undertaken by deposit insurance schemes for a three year period (respectively October 2013-October 2016) in adopting and applying best standards and practices of deposit insurance.n

ADIA was rated positively by a special committee from IADI in all sections submitted. This evaluation comprised of, among others, the steps undertaken for implementing and IT system for the monitoring of subjects member of the deposit insurance scheme and the automatic reporting of data, calculation of insurance premiums, as well as for the payout of depositors in case of an insurance event. This electronic system replaces a process which previously was conducted manually. Now the system facilitates a fast and timely payout of depositors if needed. The Agency’s payout capacities were tested twice in technical simulation exercises of an insurance event conducted during the evaluation period, with the participation of members of the financial safety net such as Ministry of Finance, Bank of Albania and Financial Supervision Authority. These simulation exercises helped ADIA in drafting an action plan in the case of an insurance event, for a fast and accurate payout of depositors.

In addition, ADIA was valued for a series of important legal reforms which enabled the modernization of the scheme. In 2014, the Parliament approved a new law “On deposit insurance” which, among others, adopted the maximum coverage levels for banks and saving and credit associations, presented a methodology for the calculation of the insurance premium and the automatic reporting of depositor data from subjects member of the scheme, as well as enhanced the Agency’s financial independence and the management of its funds. Furthermore, in 2016, this law was amended to include legal persons and traders in the deposit insurance scheme, as well as to give the Agency the exclusive right to enter into REPO agreements with the Bank of Albania in case of an insurance event. These legal reforms triggered changes in some of the Agency’s bylaws which had to be amended accordingly, among which the Payout Regulation which details all steps of a payout process.

Another important step from a financial perspective, was the Agency’s right to independently approve the investment policy for its financial means. This creates for greater flexibility in investments, as it allows taking into consideration various regulative, economic factors, changes in the securities’ market, as well as allows for a greater diversification of the Agency’s investment portfolio. In addition, in 2014 the Agency signet a loan agreement with the European Bank for Reconstruction and Development, which makes available a credit line of 100 million EUR to the Agency in an insurance event. This credit line, which is a supplementary security measure for depositors, allows the Agency to use additional liquid funds in an insurance event, in line with best practices for an effective deposit insurance system.

Lastly, ADIA was positively rated for its public awareness campaigns and the steps undertaken in this direction. An important step was changing the image of ADIA, through a new logo and the production of new informative leaflets for depositors on the functioning and objectives of the deposit insurance scheme. Through this evaluation period, ADIA also produced and educative video for the public, as well as increased its presence in social media. The new brand is accompanied by a thoroughly revamped web presence (www.asd.gov.al). The new website provides a platform which is clearly structured and provides all relevant information on deposit protection and the functioning of the deposit insurance scheme.

IADI is an organization with the membership of 83 states which sets best standards and practices, through adopting core principles, in the area of deposit insurance. This organization has taken a particular importance internationally due to the role played by deposit insurance schemes in the wake of the global financial crisis in 2008, towards increasing the confidence of depositors, thus contributing in safeguarding financial stability.

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