Tirana, 17.12.2024

The Albanian Deposit Insurance Agency participated in the workshop organized by the Resolution Department of the Bank of Albania with the World Bank’s FinSac Technical Assistance mission.

The main purpose of this meeting was to discuss at a technical level the possible scenarios of the Agency’s participation through the transfer of the deposit compensation fund in banks in case of resolution, as well as the expected proposals within the reform of the European Union’s regulatory framework for the management of financial crisis.

In his speech, Mr. Genci Mamani, General Director of the Albanian Deposit Insurance Agency, presented a broad overview of the support that the Albanian Deposit Insurance Agency has received from FinSac’s technical assistance over the years, both in terms of legal packages in accordance with EU directives and international regulatory standards, as well as through various projects that have contributed to strengthening the deposit insurance scheme in the country. In particular, FinSac’s technical assistance was essential for the legal reform that established resolution regime in banks, as a critical function for the management of crises in the banking sector. This reform determined, inter alia, the new legal function of the Agency for the administration of the resolution fund on behalf of the Resolution Authority, as well as the function of participating with the transfer of the deposit compensation fund in the event of the application of a resolution tool.

FinSac experts Mrs. Pamela Lintner and Mr. Nan Zhou shared experiences and best practices with a focus on institutional interaction for crisis management and resolution of banks.

The participants discussed the most efficient ways of cooperation and interaction of the Deposit Insurance Agency and the Bank of Albania in order to maintain public confidence in a safe and stable financial system.