PRESS RELEASE
Decisions of the Supervisory Council in the meeting held on January 6, 2016

On January 6, 2016, the Bank of Albania's Supervisory Council  held its first meeting for 2016. The Supervisory Council in this meeting reviewed and decided to:

1. Approve the schedule for the meetings of the Supervisory Council of the Bank of Albania for 2016

After taking under review its operation in 2015, the Supervisory Council of the Bank of Albania approved the schedule for 2016. In addition to the decision-making in monetary policy and banking supervision, the activity of the Council for 2015 aimed for the restoration of the public confidence towards the institution. A number of institutional decisions aimed to strengthen the independence, accountability and the transparency of the institution. More specifically : (i) the  duty commencement by the Governor of the Bank of Albania; (ii) the appointment of the Second Deputy Governor of the Bank of Albania after a period of several years of absence; (iii) the fulfilment of the Council with a new member, driving to the fulfilment of the composition of this body; (iv) the commencement of the Audit Committee activity, pursuant to the continuous IMF recommendations and in accordance with the best standards of accountability of the central banks; (v) the resumption of reporting the activities of the audit by the Inspector General to the Council; (vi) the approval of the Medium-Term Strategy and Medium-Term Budged for the period  2016 to 2018; and (vii) the adoption of the new organizational structure of the Bank of Albania together with the establishment and the operation of the Bank of Albania museum, constitute some of the important decisions in this regard.

Meanwhile at the work program of 2016, the monetary policy and its perfection, the increase of capacity of banking supervision and the strengthening of financial stability of the banking system will take a special place in the decision making of the Supervisory Council in accordance with the legal mandate of the Bank of Albania.

An important place is given to the further institutional perfection of the Bank of Albania. Following the adoption of the new organizational structure and based on the three-year-strategy document of the development of the Bank of Albania, at the decision-making of the Supervisory Council of the Bank of Albania, ongoing improvements of legal acts and regulations that regulate the daily activity of the Bank Departments, the mobilization and the motivation of human resources and the use of funds to finance the activity, will be materialized.

The aim remains the perfection of the operation administration of the institution, mainly through continuous strengthening of internal control and better management of risk activity.

2. Approve the new Regulation "On the organization and functioning of the Issue Department."

In accordance with the new organizational structure of the Bank of Albania adopted at the end of 2015, the Supervisory Council began the approval process of the respective regulations of the activities for each department. Through this process the strengthen of the legal framework for the activity management and the minimization of operational risks arising from the daily activities from each department of the Bank, is aimed.

In conclusion, The Supervisory Council got acquainted with some other information, related to the daily operational and functional activities of the Bank of Albania.