The Deposit Insurance Agency, as a member of the negotiating group for Chapter 9 “Financial services”, along with the Bank of Albania and the Financial Supervision Authority, attended the Albania-EU Bilateral Meeting, held on February 13-14, 2023.
During the two days meeting, the experts of the European Commission got acquainted with the legal and regulatory framework in the banking and non-banking financial services. The experts of the Albanian negotiating group offered a detailed overview of the developments in the Albanian financial markets as well as the steps taken by the financial regulators in the context of further conformity with the European directives. Referring to the specific areas covered by the acquis in chapter 9, such as financial services in banking, insurance, voluntary pensions, investment services and securities markets, the experts of the Albanian negotiating group respectively addressed the questions raised by the experts of the European Commission.
During this bilateral meeting, the Deposit Insurance Agency reported on the features of the deposit insurance scheme, the legal and regulatory framework for the protection of insured depositors and its role in the financial safety net in the country. Furthermore part of this reporting were the trends of deposits in the banking system and on SCA’s, the funds administered by the Agency for the compensation of insured depositors, as well as the level of conformity of the regulatory legal acts with Directive 2014/49/EU on Deposit Guarantee Schemes.
Following this meeting, EC experts will analyze in detail and draw conclusions on the level of conformity with the European Directives, as well as give recommendations on further required steps to be followed.