Kreu / SIGURIMI I DEPOZITAVE / Q&A
The most frequently asked questions
When opening a deposit in a bank or saving credit association, the employee of this financial institution must inform you about the insurance of your deposit by making available detailed information on the maximum levels of coverage from the Deposit Insurance Agency. , insured deposits and those excluded from insurance, etc. The employee of the bank or credit savings association (SCA) is obliged to give you this information before signing the contract.
At the moment it is agreed to open the deposit, the form for informing the depositor about the elements of the deposit insurance scheme is given to the depositor, who signs it to confirm that the necessary information has been made available to him. This form becomes part of the deposit opening and administration documentation.
The Deposit Insurance Agency insures every depositor, regardless of the number of deposits or their type, in every bank up to 2,500,000 (two million five hundred thousand)ALL and in every savings credit association up to 2,000,000 (two million ) ALL.
In case of compensation, the depositors turn to the Liquidator to benefit from the part of the deposit that exceeds the maximum level of coverage. The liquidator is appointed by the Bank of Albania to administer the bank or saving credit association placed in forced liquidation. In this process, he administers the assets of the bank or the SCA placed in forced liquidation, with the aim of paying off the obligations to third parties and the final closure of its activity.
The agency secures the deposits of individuals, traders and legal entities in banks and SCA. These are monetary values deposited in current and SCA, term and non-term deposits, debit card accounts, etc.
In accordance with the Law “On deposit insurance”, the following are excluded from insurance and compensation in the event of an insurance event:
a) the part of the deposit above the maximum level of coverage (2,500,000 ALL for deposits in banks and 2,000,000 ALL for deposits in savings and credit companies);
b) deposits under the value of 100 ALL;
c) deposits placed in the name or on account of financial institutions licensed by the Bank of Albania and the Financial Supervision Authority;
d) deposits of the director, bank administrator and their family members, according to the family status certificate;
e) deposits of shareholders of the bank or savings and SCA that own shares of 5 percent or more in the capital of these entities that are members of the deposit insurance scheme;
f) deposits derived from activities related to money laundering and terrorist financing, which have been declared illegal by a final court decision;
g) deposits of insurance and reinsurance companies, domestic or foreign;
h) deposits of business entities or collective investments, local or foreign;
i) deposits of pension funds or pension insurance, domestic or foreign;
j) titles issued by financial entities and any other type of obligation that these entities have based on their pledge agreements;
k) deposits of central or local government units, as well as any public entity of the Republic of Albania or a foreign country;
i) unnamed deposits and/or the title of which is not clearly defined;
m) deposits placed in the member entity of the deposit insurance scheme during and after the day of the insurance event in this entity;
n) deposits of the members of the management bodies of the savings and credit company, according to the provisions in the law on SCA, except for the general assembly;
o) deposits of legal entities, except for those defined in point 17, article 3, of the law “On deposit insurance”.
All banks and SCA licensed by the Bank of Albania and members of the deposit insurance scheme.
In the case when a bank or SCA, due to financial impossibility, does not make their deposits available to depositors according to the terms of the contract, the Bank of Albania places this financial entity in forced liquidation. This decision is announced publicly. Upon receiving the notification, the Deposit Insurance Agency receives from the bankrupt subject the necessary data for calculating the amount of compensation and calculates the amount for each depositor. A bank is selected through which the compensation payments will be made and the relevant data is transmitted to this bank.
The Deposit Insurance Agency informs the public through means of public communication when and how the compensation process will be carried out. Importantly, depositors do not have to take any action. It is not necessary to contact the bank or the SCA placed in forced liquidation or the Deposit Insurance Agency. Depositors only need to present themselves with an identification document at the counters of the bank through which the compensation payments will be made and receive the compensation payment according to the legal provisions.
The amount of compensation is calculated and paid by the Deposit Insurance Agency in accordance with the data registered in the bank or SCA on the day of the placement in forced liquidation by the Bank of Albania. Entities placed in forced liquidation or managers placed for their administration are responsible for the authenticity of the data and their timely transmission to the Deposit Insurance Agency.
The amount of the compensation payment is calculated and paid in ALL.
Depositors’ compensation payment is calculated as follows:
In calculating the amount of deposit compensation payment for a depositor (including individual, trader and legal entity), the sum of all legally insurable deposits, in all currencies held by the depositor in a bank or SCA, is considered , including interest accrued but unpaid on the day of the insurance event. This amount is deducted from the unpaid obligations that the depositor has towards the financial institution placed in forced liquidation.
If the classified deposit for compensation is kept in a joint account, it is divided to each co-owner in equal parts, except for cases where it is stipulated otherwise in the agreements or contracts between the parties.
The amount of the deposit for compensation is equal to the amount of deposits accepted by the insurance law that the depositor has in the bank or SCA on the day of the insurance event (the placement of this financial institution in forced liquidation by the Bank of Albania) , but cannot exceed the amount of 2,500,000 ALL for deposits in banks and 2,000,000 ALL for deposits in SCA.
The Deposit Insurance Agency (ADIA) is a public institution established by law that administers the Deposit Insurance Funds in banks and SCA with the aim of compensating deposits in these financial institutions, according to legal provisions. The agency also administers the Emergency Intervention Fund to finance emergency intervention methods in banks.
The main functions of the Agency are: a) Compensation of insured deposits in individuals, merchants and commercial companies; b) Participation with the transfer of monetary assets, in the extraordinary intervention of banks, in order for depositors to continue to be able to use their deposits; c) Verification of banks and savings and credit companies for deposit insurance and compensation; d) Collection of premiums and contributions and their investment, etc.
Banks and SCA pay for the insurance of depositors’ deposits.
In case of compensation, deposits in foreign currency are converted into ALL, at the official exchange rate, on the day the bank or SCA is placed in forced liquidation.
The unique identification of the depositor is done through a valid identification document as well as the deposit contract or any other document that proves the ownership of the deposit.
Deposit compensation can be obtained through the presentation of general or special powers of attorney. In addition, the time limit within which depositors can appear to withdraw the deposit compensation amount is 10 years.
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