BANK OF ALBANIA
Decisions by the Supervisory Council, 3 May 2017
Publication date: 03.05.2017
In its meeting on 3 May 2017, in addition to the decision to keep the key interest rate unchanged at 1.25%, as well as the rates on overnight deposit and overnight loan facilities at the Bank of Albania at 0.25 and 2.25%, respectively, the Supervisory Council of the Bank of Albania considered and decided to:
Approve some amendments to the Regulation 'On transparency of banking and financial products and services'
The Regulation was amended with a view to completing and improving the regulatory framework of the Bank of Albania on transparency of banking and financial products and services.
The amendments of the Regulation were driven mainly by the problems faced by the banking system related to transparency and aim to increase the requirements of the supervision authority toward banks in terms of consumer protection. These amendments also take into account the requirements of the relevant European Directives on consumer protection, as users of products and services offered by banks and non-bank financial institutions.
Approve the guideline 'On the internal capital adequacy assessment process'
The guideline sets out the condition and the requirements for the due and appropriate development of an internal capital adequacy assessment process by the banks and the supervision of this assessment by the Bank of Albania, as an integral and important part of the entire supervision process.
The purpose of this guideline is to complete the regulatory framework of the Bank of Albania on banks, in accordance with the Directives and Regulations of the European Union that regulate the activity of credit institutions, as well as with the requirement of the Basel Committee Capital Accord Pillar II, which deals with the supervision process.
The Supervisory Council was also informed on the daily functional and operational activities of the Bank of Albania.