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.

The Financial Stability Advisory Group (FSAG) met on 9 April 2019. The meeting was chaired by the Minister of Finance and Economy, and was attended by 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.nThe agenda focused on the most recent assessments about the developments in the institutions and markets the present financial authorities supervise.nThe presentation by the Bank of Albania focused on the assessment of the banking system’s financial situation and highlighted that, overall, developments were positive in 2018. Financial markets functioned normally, while volume of transactions remained stable and interest rates low. The banking sector expanded its activity, notwithstanding the reducing statistical effect from the exchange rate appreciation of the Albanian lek (ALL). The banking sector’s exposure to the activity risks was contained. The nonperforming loans fell by around ALL 15 billion, driving the non-performing loans ratio down at 11.1%. The contribution of repayments to the fall of non-performing loans increased; thus, enhancing the steadiness of the downward trend of non-performing loans. Market risk indicators did not show pronounced changes over the year, but it remains necessary to carefully assess the indirect impact of exchange rate and of interest rates. Banking sector’s capability to withstand risks is assessed as strong, while the liquidity situation assessed as very good and the banking activity as profitable and well capitalized. The presentation also evidenced the structural changes taking place in the banking sector until Q1-2019. Following these changes, the share of domestic capital in the banking sector has increased. In addition to the consolidation of the banking sector, this development is expected to affect positively the growth of bank lending. Also, on-going initiatives on various legal and regulatory improvements in the field of micro- and macro prudential supervision and of payment systems were presented. Proposed changes in the payment systems’ law, will expand possibilities that technological advances improve public access to financial services, at lower costs and at faster speed. This will provide concrete benefits to relevant stakeholders and to transactions that are important for the entire economy, including remittances. More broadly, these proposed changes are expected to contribute significantly on the formalization of the economy and the growth of financial intermediation.nFurther, the FSAG members discussed on the need for identifying actions to gradually enhance the use of domestic currency in the real sector of the economy. The discussion emphasized the importance of this step for successfully achieving the objective for the overall increase of the use of ALL in the financial system and Albanian economy. In compliance with the relevant inter-institutional strategy, representatives of the Ministry of Finance and Economy committed to address this issue with priority.nRepresentatives of the FSA acquainted members of FSAG with the recent developments in the financial markets FSA supervises. The presentation evidenced developments in: voluntary pension funds, investment funds and retail securities market. In the latter, transactions between households and the preference for short-term securities of government debt dominate. In addition, they informed about efforts by the stock exchange to begin the trading of private debt and capital securities, particularly after the establishment of the base infrastructure for their clearing and settlement. Regarding the insurance market, FSA representatives evidenced the increase of gross paid premiums over 2018, and also the rapid growth of the indemnities. The compulsory vehicle insurance dominates the market structure, having the highest share in gross written premiums. In the framework of convergence with European standards and to better address local market developments, the members of FSAG were informed about the main elements and the status of several draft-laws prepared by the FSA related with the activities of compulsory insurance in the transportation sector, collective investment undertakings and capital market.nAfter the discussions of the issues set out above, the senior officials of the institutions assessed positively the developments in the financial system, in financial markets and in the relevant regulatory framework, by affirming the stability of the financial system. They highlighted the importance of monitoring the financial developments and accelerating the process of legal and regulatory improvements, to address the respective problems and ensure the approximation with the best standards in the respective fields.nAt the conclusion of discussions according to the agenda, the senior officials representing the participating institutions approved this press release and authorized its publication. Press Release FSAG_09.04.2019

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