General Questions

What is ADIA?

The Albanian Deposit Insurance Agency (ADIA) is a public institution implementing its activity in virtue of law no. 52/2014, dated 22.05.2014 “On Deposit Insurance” ADIA mission is the management of deposit insurance scheme aiming the fulfillment of scheme public objectives in support and implementation of the law. The objective of the scheme for deposit insurance is the compensation of the deposits of depositors. In support of its main objective, the two secondary objectives of the scheme are: to protect the interests of depositors and to contribute to the stability of the banking and financial system. ADIA ensures and compensates the insurable deposits of each depositor * in the bank or foreign bank branch to the extent of 100 %, not exceeding in every case the amount of ALL 2,500,000 to each bank and * in SCA to the extent of 100 %, not exceeding the amount of ALL 2,000,000 .

Who covers the deposit insurance of the bank and/or SCA failing to pay/bankrupts?

Deposit insurance fund differs from other insurance funds. Depositors are not charged for their insurance of their deposits. The banks and SCAs bear the legal obligation to pay for the insurance of their depositors’ deposits. Payments of initial contributions at the licensing moment and periodic payments of insurance premiums in the Agency’s accounts are the respective costs of subjects for deposits insurance.

How will I be compensated if I have an account in Euros or other foreign currency?

In the case of compensation, the deposits in a foreign currency will be converted in ALL as per the exchange rate issued by the Bank of Albania (BOA) on the date of the operation in bank or/and SCA and compensation will be carried out in ALL. ALL deposits and (converted) foreign currency will be added and the depositor will be compensated up to the maximal coverage level.

Are there exceptions from deposit insurance scheme?

Exceptions from deposit insurance are listed in law nr. 53/2014, item 32, dated 22.05.2014 “On Deposit Insurance “

How could I be identified as the real depositor if there are found one more/other persons with the same first and last name as mine?

In order to ensure a unique identification it is extremely important that the depositor provides, besides any identification document (ID, passport), the deposit contract or any other document proving its ownership on the deposits.

If I am not available in Albania during the time the compensation of deposits in the bank I have my savings, what should I do to benefit from the compensation defined by law?

At the end of the compensation process legal deadline, the leftover part of compensation insured deposit fund composed of unused compensation amounts until the end of period, is transferred by the Agency to an other particular account at the Supervisory Authority. In conformity with the law, the deadline the depositor can submit his claim for compensation to the Agency is 10 years.

Can it happen that the ADIA could not afford to pay for all the insured deposits? How can ADIA ensure reimbursement funds to guarantee deposits?

The law “On deposit insurance” enables all the mechanisms to guarantee that the Agency fulfils entirely the obligations toward depositors. To this end, the Agency has established and manages the deposit compensation fund. This fund is financed from the state Budget and keeps growing through initial contribution payments of first - time subjects members, periodic insurance premium and income and capital growth from its operations over years. In case of insufficient funding, the Agency could collect special contributions from these subjects. Likewise, the Agency establishes agreements with international financial institutions enabling additional funds to depositors’ compensation. If further funding would be necessary, the Law anticipates that the Agency might borrow from the State Budget, subventions or growth of fundamental fund.

If a child has a saving account managed by his/her parent/s, is this deposit insured and separated from deposit/s of his/her parent?

Deposits on behalf to a child are insured by the Agency and compensated to this child. As per provisions of the law “On deposit insurance”, despite who opens a deposit, the insurer and compensator is the owner of the deposit. Thus, if the deposit title-holder is a child, the deposit under his possession is insured, not the parent who manages this account. In case of compensation, the payment is effectuated through the parent, in the capacity of his/her legal representative.

How does ADIA invest the funds under its management?

The Agency manages its financial assets in compliance with the provisions of law “On deposits insurance” aiming establishing a healthy funds ensuring fulfillment of its obligations toward depositors. Currently, the Agency financial assets are invested in debts instruments issued by the Government of ROA, as well as those issued by  international governments and central banks and interest – accounts in the BOA.

If an individual possesses a deposit in a foreign bank in Albania, the compensation will be effectuated as per law “On deposit insurance” or the jurisdiction of the country of the said bank?

Compensation will be carried out as per the law “On deposit insurance” i.e. until ALL 2,500,000. All the banks operating in the territory of the Republic of Albania are subject to the Albanian state jurisdiction.

The coverage level is on depositor or account base, in each bank or system?

The insurance covers each depositor, in each bank, despite his/her number of accounts.

If I possess a certain amount in account/deposit and a loan, will I be compensated for the deposit?

The depositor will be compensated for his/her deposit; even he/she has a loan. However, if in the day, the subject has become member of liquidation scheme, he /she shows to have overdue payments, such obligations will be deducted from the amount the depositor benefits form the compensation.

How could I be further informed about DIA?

DIA provide information through communication means/channels like

  • web DIA www.asd.gov.al
  • DIA Facebook profile
  • Meeting at the premises of the Agency

Questions for Banks

Questions for SCA-s