PRESS RELEASE
Bank of Albania organises "Discussions on the implementation of Banking Recovery and Resolution Directive"

On 5 October 2015, the Bank of Albania and World Bank's Financial Sector Advisory Centre (FinSAC), organised a meeting on 'Discussions on the implementation of Banking Recovery and Resolution Directive'.

The meeting took place in the framework of the revision of the existing legal framework aiming at its improvement for the timely and adequate approximation to the standards of Bank Recovery and Resolution Directive 2014/59/EU. Representatives of the Bank of Albania, World Bank, European Commission, Albanian banking system, Albanian Deposit Insurance Agency and savings and loan associations attended the meeting. 

In the opening address, the Governor of the Bank of Albania, Mr Gent Sejko, stated that the assessments of the Bank of Albania, and recommendation of international partners show that the existing legal framework needs to be improved, to provide the authorities, with the necessary legal instruments to manage effectively difficult situations in the financial sector.

In his address, the Governor informed the audience on the recent decision of the European Banking Authority (EBA) that confirms the Bank of Albania has accomplished all the standards to be included in the list of the supervisory authorities of the countries that have signed the Memorandum of Cooperation with EBA. This Memorandum enables the Bank of Albania to be integrated in the European Union supervisory authorities, contributing to the further strengthening of its international authority. 

In the end of the meeting, Ms Natasha Ahmetaj, Second Deputy Governor of the Bank of Albania pointed out that this meeting was the start of the work for the drafting the legal framework on the management and resolution of financial institutions, a process that will be discussed will all groups of interest, in order for the new law to maximise the public interest. 

Information about FinSAC

The FinSAC was established by the World Bank with the purpose to provide technical assistance on the regulation and supervision of the financial sector to central banks and financial regulators in Europe and Central Asia.