PRESS RELEASE
Decisions by the Supervisory Council, 7 July 2021

On 7 July 2021, in addition to the decision to keep the policy rate unchanged, at 0.5%, and the overnight deposit and overnight lending rates at the Bank of Albania, at 0.1% and 0.9%, respectively, the Supervisory Council of the Bank of Albania reviewed and decided to:

• Approve the Regulation “On the rate criteria of conversion of debt to equity”

The purpose of this Regulation is to set forth the criteria that the Bank of Albania considers when setting conversion rates of debt to equity while applying the power to write down or convert debt to equity of the bank.

• Approve the Regulation “On classes of arrangements to be protected in a partial transfer”

The purpose of this Regulation is to safeguard certain arrangements in partial transfers of assets, right and liabilities for a bank in resolution.

• Approval of the Regulation “On the organization and functioning of the assets management company”

The purpose of this Regulation is to law down the conditions for the establishment and functioning of the Assets Management Company, as a resolution tool. 

The drafting of the three above-stated regulations complements the regulatory framework of the Bank of Albania pursuant to the Law 133/2016 "On the recovery and resolution of banks in the Republic of Albania".

• Approve the Regulation “On the internal rules for the credit registry management at the Bank of Albania”

This regulation sets forth the internal functions, duties and procedures to be accomplished and realised by certain units of the Bank of Albania, on Credit Registry management.

• Grant the preliminary approval for the ownership by Çalik Holding A.S., Turkey, of 100 per cent of the equity capital of the National Commercial Bank, sh.a.

Based on this decision, the Supervisory Council grants the preliminary approval for the acquisition of 100% voting shares in the capital of National commercial Bank sh.a. by Çalik Holding  a.Ş., Turkey.

• Approve the Code of Conduct for Foreign Exchange Reserve Management  

The purpose of this Code is addressing conduct aspects arising while carrying out the foreign exchange reserve management function at the Bank of Albania, by formalising, for the first time, the rigorous practices applied to date at the Bank of Albania, throughout the management of foreign exchange reserve.  

The Supervisory Council was also informed on daily functional and operational activities of the Bank of Albania.