PRESS RELEASE

The Bank of Albania is an independent constitutional institution that serves the public interest and considers accountability and transparency as the foundation of its institutional good governance. Adherence to these principles by the members of its steering bodies and employees is crucial for its credibility and vital to securing the trust and confidence of the public, the media, and the country’s legal and executive authorities in the Bank of Albania.

Based on these standards and in full harmony with the spirit of the Code of Conduct for high-level ECB officials, the Supervisory Council of the Bank of Albania adopted the Code of Conduct in June 2003.  This Code lays down the rules of integrity and conduct to be applied by the members of steering bodies and the employees of the Bank of Albania. The Code reflects best practices, while acknowledging and taking into account, the particular institutional characteristics of the Bank of Albania and its political independence.

In determining the core principles of the behaviour of Supervisory Council’s members, the Code of Conduct sets out their obligation to be mindful of the importance of their duties and responsibilities, as they represent the highest decision-making and supervisory body of the Bank of Albania.  Members of the Supervisory Council shall act in the best interest of the Bank of Albania and of the banking system in Albania (paragraph 1.3).

In this regard, the Code of Conduct sets out that any other activity of the member of the Supervisory Council, different from the duties laid down in the Law on the Bank of Albania, shall not have a negative impact on the obligations of the member towards the Bank of Albania and will not damage the reputation of the Bank of Albania (paragraph 2.3).

The Code of Conduct stipulates only one case when the member of the Supervisory Council is allowed to differentiate its opinions from those of the Bank of Albania.  In scientific or academic contributions, members shall make clear that such contributions are made in a personal capacity and do not represent the views of the Supervisory Council or of the Bank of Albania (paragraph 2.3).

Based on the above, the Bank of Albania has continuously informed all the members of the Supervisory Council on the obligation that, since the moment of their appointment till the end of the mandate, they represent, in any situation, the highest decision-making and supervisory body of the Bank of Albania, and that any statement or action undertaken by them may damage the reputation of the Bank of Albania.

This institutional position is in compliance with the best international practices, which require public officials to exercise particular prudence when participating in either political or public debates, and ensure that such activities do not damage public confidence in their ability for fulfilling their duties impartially and with discretion.

 On this basis, the Bank of Albania is firm in its position that members of the Supervisory Council, while carrying out duties conferred upon them, shall observe the restrictions imposed by the Code on their political or public activity, which are legally laid down due to the particular nature of their position and function. Any individual position that opposes the public character of the role of Supervisory Council's members and their obligation to promote public trust in the integrity, impartially, and effectiveness of the Supervisory Council, should be considered as not presenting the institution and incompliant with the rules of the Code of Conduct.