What is the compensation amount?
ADIA insures and compensates EACH DEPOSITORS, IN EACH BANK, up to the maximum legal level of 2,500,000, ALL regardless of the number of deposits or the type of currency, in the event that the Bank of Albania places a bank in forced liquidation and revokes its license.
Also, ADIA insures and compensates EACH DEPOSITORS, IN EACH SAVINGS-CREDIT SOCIETY up to the maximum legal level of ALL 2,000,000, regardless of the number of deposits or the type of currency, in the event that the Bank of Albania decides on forced liquidation of a savings-loan society and revokes its license.
The insured sum of 2,500,000 ALL includes principal and accrued interest until the license revocation date. The sum of 2,500,000 ALL, which is benefited from the compensation, will be deducted from the unpaid obligations on time. The same principle also applies to the calculation of the insured amount in savings and credit companies, up to the maximum legal level of 2,000,000 ALL.
Deposits of natural and legal persons in the same bank are insured separately up to 2,500,000 ALL.
Depositors should be aware that ADIA does not hold any interest on the amounts paid in the compensation process.
According to the law, the amounts in the account, where the balance is less than 100 ALL, are non-payable.
In case of merger of banks, deposits in each bank are secured up to 3 (three) months after the merger. After the expiration of this period, a person’s deposits in both banks are combined and insured and compensated as a single one.
If the depositor also has obligations (loans) unpaid on time to the bank/sca, they are calculated and deducted from the amount of compensation that resulted for that depositor.
A deposit that serves as collateral or guarantee is not included in the calculation of the insured amount and is not compensated.
For the part that exceeds the maximum legal level (2,500,000 ALL for deposits in banks and 2,000,000 ALL for deposits in savings and credit companies) the depositors turn to the liquidator appointed by the Bank of Albania for the administration of the assets of the bankrupt bank/sca, in accordance with the legislation in force.
Example 1
Z has a bank account in the amount of 200,000 all and a savings account in the amount of 900,000 ALL including accrued interest. Z will benefit from the 1,100,000 ALL deposit insurance scheme.
Example 2
Y has a savings account in the amount of 100,000 ALL, as well as a loan for which he has not paid the monthly installment of 25,000 ALL.
Y will benefit 85,000 ALL as the unpaid obligations for the loan installment will be deducted from her savings account.
Example 3
Z and N have a joint bank account in the amount of 3,000,000 , while N also has a savings account in the amount of 1,000,000 ALL.
Z will benefit from the sum of 1,500,000 ALL from the joint account, which is divided between Z and N.
N will benefit 2,500,000 ALL, since 1,500,000 ALL are from the joint account, plus 1,000,000 ALL from the savings account.
Example 4
J has a bank account in the amount of 500,000 ALL, a savings account in the amount of 1,000,000 ALL, and a merchant account in the amount of 2,700,000. For the benefit of J, a bank account was opened in the amount of 400,000 ALL by Mr. J will benefit from the deposit insurance scheme:
a. as an individual: 500,000 + 1,000,000 + 400,000 = 1,900,000, i.e. the deposits of J and the deposits as beneficiaries of Mr.
b. as a trader: 2,500,000 ALL, i.e. no more than the maximum level of coverage in a bank.
Example 5
L has a savings account in the amount of 27,000 euros, in a savings and credit company, including interest accrued up to the valuation day. This amount is converted into ALL, e.g. 27,000 x 104 = 2,808,000 ALL.
L benefits from ALL 2,000,000 up to the maximum level of coverage in the sca.
