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.

02/22/2018

Press release: Meeting of the Financial Stability Advisory Group 21 February 2018

The Financial Stability Advisory Group (FSAG) met on 21 February 2018. The attendees were the Minister of Finance and Economy, Governor of the Bank of Albania (BoA), Chair of the Board of the Financial Supervisory Authority (FSA), Executive Director General of the Financial Supervisory Authority, Director General of the Deposit Insurance Agency (DIA), as well as other representatives from these institutions.nnThe agenda of the meeting included the assessments of the present financial authorities about the developments in the institutions and markets they supervise.nnThe representatives of the Bank of Albania presented an overview on the financial performance and risks for the banking sector’s activity until the end of 2017, emphasizing that the banking activity continued to grow in 2017-Q4, albeit at a slower pace, due to the lower growth of deposits. Overall lending to the economy remained moderate, while lending in lek continued to provide the sole positive contribution. The non-performing loans fell notably, by around ALL 30.2 billion, over 2017. Hence, at end-2017, the non-performing loans ratio was down at 13.2%, from 18.3% in the previous year. In addition to the lost loan write-off in the balance-sheets of banks, other factors that included loan restructuring and loan settlements, provided the main contribution to the fall of non-performing loans. In 2017, the banking sector improved the financial result considerably, where the fall in credit risk provisions provided the main contribution. Liquidity in the banking sector remains ample. The capital adequacy ratio was up by 0.2 percentage point, over the previous year, standing at 16.6% as at end-2017.  These developments show that the banking sector situation remains stable, with good indicators of liquidity, financial result and capitalization. nnRepresentatives of the Bank of Albania informed the FSAG also on the expected regulatory changes that will envisage using only official financial documentation of the entity applying for a loan, in the analysis that banks conduct during the loan underwriting process. The participants assessed that the use of the official financial documentation in such process serves to the formalization of the economy, supports a fair competition ground and reduces the risk in the lending activity of banking sector. They assessed that the fall of non-performing loans should establish more favorable conditions for a higher commitment by the banking sector toward lending, based on the necessary prudence regarding the indicators of credit concentration and other supervisory requirements.nnAlso, BoA’s representatives informed the FSAG on the package of measures to promote the use of the national currency in the activity of banks, approved by BoA’s Supervisory Council on 7 February 2018. The attendees affirmed the need for such measures and stated their commitment to act in a harmonized way, in compliance with the stipulations in the Memorandum of Cooperation of 18 April 2017.nnThe representatives of the Bank of Albania informed also on the joint MFE and BoA work in undertaking some preparatory regulatory and operational actions, to promote the development of Government debt securities transactions, after their issuance, in the so-called “secondary market”. The development of this market is an important challenge to all its operators and a process that takes time. This process will take place in regular consultation with the World Bank, the International Monetary Fund and the European Bank for Reconstruction and Development. FSAG participants said that this process is necessary and suggested that information be regularly shared on its progress.  nnAccording to the agenda, the meeting continued with the presentation by FSA representatives, regarding the assessment of the situation in the institutions and markets that this institution supervises. nnRegarding the insurance market, referring to 2017-Q3, the FSA representatives highlighted the on-going growth of gross premiums for life and non-life insurance companies, and the growth on ratio of insurance damages to net premiums for non-life insurance companies. Also, the net financial result of insurance companies shows considerable improvement. On the other hand, FSA is committed to address problems related to compliance with regulatory requirements in some insurance companies. In capital markets, the net assets of investment funds and number of quotas, grew over 2017. Investment funds, depending on the currency, invested mainly in public and private debt securities, and less on equity securities of foreign private entities. Also, voluntary pension funds grew considerably in 2017.  Nevertheless, the low starting base dictates their rather low share in the total assets of the financial system. nnFSA’s representatives highlighted that the important developments in capital markets over 2017 include the higher interest of private entities in issuing short-term debt securities with private offer, the licensing of Albanian Stock Exchange – ALSE, the increasing number of financial institutions that serve as “depository” for investment funds and the increase of those that serve as “custodian” for securities issued by private entities. The participants assessed that these developments contribute to deepening the capital markets, and highlighted the need for the legal and regulatory framework to contribute to the stability of these developments. In this regard, the participants agreed with the suggestion of the FSA to start a review process of cooperation practices between the authorities on addressing simulated stress situations in the financial markets. nnDIA’s representatives regularly participate in FSAG meetings. In this meeting, DIA’s representatives presented the performance of insured deposits at banks and savings and loan associations (SLAs).  nnThe insured deposits grew in both banks and SLAs, over 2017. In total, households’ savings continued to dominate the insured deposits, and show a slight dominance of foreign currency deposits. By maturity, time deposits dominate the insured deposits of households, while deposits of entrepreneurs and commercial companies are concentrated in current accounts. In line with the performance of insured deposits, the deposits insurance fund was up over the previous year. The payments of deposit insurance premium by banks and SLAs as well as the management of financial assets by DIA were the financing source of the insurance fund in 2017, as laid down in the law under normal situations.nnAfter the discussions of the above issues, the senior officials of the institutions assessed positively the developments in the financial system, in financial markets an in the relevant regulatory framework, and affirmed the stability of the financial system. They highlighted the importance of monitoring the financial developments and preparing further legal and regulatory improvements, to address the respective problems and accelerate the approximation with the best standards in the respective fields.  nnNext, participants discussed on other issues of common interest that may be addressed further in greater detail in the next FSAG meetings.nnAt the conclusion of discussions according to the agenda, the senior officials representing the participating institutions approved this press release and authorized its publication.

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