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.

12/29/2016

Press release meeting of the Financial Stability Advisory Group 28 December 2016

The Financial Stability Advisory Group (FSAG) held its regular meeting on 28 December 2016. The attendees were the Minister of Finance, Governor of the Bank of Albania, Chair of the Board of the Financial Supervision Authority, Director General of the Deposit Insurance Agency, as well as other representatives from these institutions.

According to the program, representatives of the Bank of Albania, at the beginning of the meeting, presented an assessment of financial performance and risks for the banking sector activity based on the more complete data of 2016 Q3. The participants assessed that the banking sector is performing at a stable pace and is profitable. Credit in the domestic currency continues to dominate the lending activity, while deposits in foreign currency provide the main contribution in the growth of deposits. They also analysed the relevant risk indicators of the banking activity and assessed that such risks remain contained.  The analysis showed that banking sector has good levels of capitalization and liquidity, thus being sufficiently protected against banking activity risks.   

Following the discussion of the previous meeting related to the need to strengthen the use of the domestic currency in both, the Albanian economy and in the financial system, the participants were introduced to some concrete proposals in this regard and supported the drafting of a general collaboration framework. The participants highlighted the importance of this project to improve effectiveness of the monetary policy and to reduce risks to the financial stability.  At the same time, they identified the challenges of this process and the need to act in a gradual and stable way. 

In relation to international and regional developments the participants also discussed about the respective exposure and sensitivity of the Albanian economy and of the banking system. Following the analysis and given the experience of the last years, the FSAG assessed that in relation to the external trading activity and the exposures of the financial system, the Albanian economy has improved its diversification and flexibility, hence better controlling for the sensitivity against the unfavourable developments.  Nevertheless, FSGA emphasised that this issue should be in the focus of monitoring by the respective authorities.

In this meeting, the Financial Supervision Authority informed the participants on the developments in the financial markets, by highlighting the increased interests of market’s participants to improve its infrastructure, in particular the one related to the trading of debt and equity securities.

As another issue, the Financial Supervision Authority also presented current information on the performance and monitoring of on-line trading portals, following the specific discussions of this issue in previous FSAG meetings to improve public awareness about related risks. The participants supported the efforts for the stable and orderly developments of the financial market, where the initiative of the market players and the inter-institutional cooperation of public authorities should be based and addressed according to the respective legal framework.  

At the conclusion of meeting’s discussions according to the program, the heads of the participating institutions approved this press release and authorized its publication.

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