The Albanian Deposit Insurance Agency (ADIA) was established in 2002 and carries out its activity based on law no. 53/2014, dated 22.05.2014 on “On Deposit Insurance”, as amended.
ADIA administers the deposit insurance scheme. The Agency insures deposits in banks and SCAs in the territory of the Republic of Albania, which are the member entities of the scheme. Their membership in the scheme is mandatory. ADIA is a “paybox plus” model. The law on deposit insurance, amended, allows the Agency to also use different methods for bank resolution.
ADIA insures deposits in each Bank up to a maximum of ALL 2.5 million per depositor per Bank. For SCA’s, the limit is a maximum of ALL 2 million per depositor, per SCA.
Any depositor who is a member of a bank or SCA is a beneficiary of the insurance scheme and deposit. These include any individuals, traders and companies, residents or non-residents, Albanian or foreign citizens who have a deposit in a bank or SCA in ALL or in a foreign currency, according to law no. 53/2014, dated 22.05.2014 “On Deposit Insurance”, amended.
Foreign currency deposits are insured up to the same amount. In case of an insurance event, foreign currency deposits are converted to ALL, at the exchange rate on the day of the intervention by the Supervisory Authority (Bank of Albania). The compensation process duration is 3 months from the date of intervention by Bank of Albania on an insured subject.
The initial financing of the deposit insurance scheme was derived by the state budget. The deposit insurance fund for banks and SCAs has continued to grow through the payment of the initial contribution of subjects joining for the first time as well as the payment of the periodic insurance premiums. The deposit insurance premium is calculated by the member entities and paid on a quarterly basis to the Agency’s Bank of Albania account.
ADIA is the administrator of Resolution Fund (RF). The Agency administers RF in accordance with the Financial Assets Management Policy approved by the Bank of Albania, which is the Resolution Authority.
ADIA is administered by the Governing Council and chaired by the General Director.
ADIA reports to the Parliament of the Republic of Albania, the Ministry of Finance, and the Bank of Albania.
ADIA is a member of the International Association of Deposit Insurers (IADI) and the European Forum of Deposit Insurers (EFDI).