PRESS RELEASE
Governor Sejko meets with commercial banks CEOs to discuss on the implications of the earthquake on the economy and the relevant measures by the banking system

On 3 December 2019, the Governor of the Bank of Albania, Mr Gent Sejko invited the CEOs of commercial banks operating in Albania and representatives from the Albanian Association of Banks to discuss together the implications of the earthquake on the Albanian economy and the financial system, as well as relevant measures to be taken by the banking system.

The meeting was initiated and organized under the auspices of Governor Sejko at the premises of the Bank of Albania. It focused on potential implications from the earthquake that hit Albania on 26 November 2019 and their treatment by the banking system, as well as on relevant actions that may be taken in the future.

Governor Sejko emphasized that in this moment it is necessary for all stakeholders to cooperate closely in order to harmonize and coordinate the measures that will be taken with a view to maximizing the efficiency of all actions to overcome this situation.

The Governor highlighted that the primary objective remains the maximum commitment by commercial banks to continue their full operational activity in order to provide all financial products and services.

Furthermore, he invited banks to help their clients affected by this natural disaster offering them all possible facilitations, both by reviewing the terms of their existing agreements and by treating carefully their requests in the future. In this regard, he praised the initiative undertaken by commercial banks to waive commissions and fees on all expected donation transfers.

In the light of the assessment of the situation, the Governor urged banks to analyse as soon as possible the impact on the quality of their respective loan portfolios and look at all possibilities so that the implications do not slow down lending to the economy.

He also urged banks to offer full assistance and support to all borrowing clients affected by the damages of the recent earthquake in dealing with the insurance companies.

On their part, bank CEOs stated that they have made their assessments on the situation created in the cities hit by the earthquake and, despite the damages to certain premises in some areas, they are committed to continuing to provide normally all the necessary financial services. They also stated that they are conducting individual assessments of all their borrowing clients affected by the earthquake, in order to have a clearer picture of the situation.

In response to the request of the Governor, bank representatives suggested drafting a plan of measures for borrowing clients affected by the earthquake to restructure relevant loans, if necessary, without imposing additional costs.

Representatives and CEOs of the banking system also noted that each bank is assessing individually the possibility to contribute with donations of various forms to those families affected by the earthquake.

The Governor added that at this time any additional contribution by banks in the framework of their social responsibility is appreciated.

Another very important point Mr Sejko emphasised is the activation of a clear, open and informative communication with the public on all the measures and facilitations offered by banks in this situation.

In conclusion, Governor Sejko invited banks to continue the productive cooperation with the government, other public and international institutions. In addition the Governor iterated Bank of Albania stands ready to contribute actively and promptly to any joint efforts, at any time.