Decisions by the Supervisory Council, 6 June 2018

In the meeting of 6 June 2018, the Supervisory Council of the Bank of Albania, in addition to the decision to lower the policy rate down to 1.00%, and the interest rates on the overnight deposit and overnight loan facilities at the Bank of Albania, respectively at 0.10% and 1.90%, as well as the decision to undertake foreign currency purchasing operations in the domestic foreign exchange market, discussed and decided to:

• Grant the preliminary approval for the acquisition by the American Bank of Investments sh.a. of 100% of NBG Albania sh.a. shares

Based on this decision, the Supervisory Council grants the preliminary approval for the acquisition of 100% voting shares in the capital of NBG Albania sh.a. by the American Bank of Investments sh.a.   

• Approve the Audit Committee members

The Supervisory Council approved 3 members of the Audit Committee for the period 2018-2021. All three are non-executive members of the Supervisory Council.

• Approve the Regulation "On the co-operation modalities between the Supervision Department and the Resolution Department"

The Regulation defines the modalities of cooperation and exchange of information between the Supervision Department and Resolution Department, during all phases of the recovery and resolution processes in banks.

• Approve the Accounting Policies according to International Financial Reporting Standards

The review of Accounting Policies according to the International Financial Reporting Standards reflects the requirements set out in IFRS 9 - Financial Instruments. This standard is considered to be one of the most important standards developed by the International Accounting Standards Boards in recent years, which will be effective for annual periods beginning on or after 1 January 2018.

Also, the Supervisory Council reviewed the Supervision Report 2017, which addresses the Bank of Albania's banking supervision functions and main activities in this field. It also details developments in the legal and regulatory frameworks during 2017. The report analyses the performance of the banking system and its specific indicators, the quantitative and qualitative developments of this system in Albania.

This report will be presented to journalists and will be published on the official website of the Bank of Albania in the coming days.

In conclusion, the Supervisory Council - reviewed additional information related to the daily operational and functional activities of the Bank of Albania.