BANK OF ALBANIA

PRESS RELEASE
Decisions taken by the Supervisory Council of the Bank of Albania, 7 October 2015

Publication date: 07.10.2015

 

In its meeting of 7 October 2015, the Supervisory Council of the Bank of Albania   reviewed and decided on:

  • Approval of the Financial Stability Report, 2015 H1

The Financial Stability Report is an important periodic document compiled by the Bank of Albania with the main purpose to detect and assess the risks facing the financial system and its infrastructure. The Financial Stability Statement, whose half-yearly release is a legal requirement, prefaces the Report.

This Report is the fourteenth issue since its first publication and analyses the developments over the first half of 2015. The financial indicators, in terms of performance, capitalisation and liquidity of banking sector's activity, during the period under review, overall improved, hence strengthening its ability manage the risks related to its activity.

The full financial stability report will be published in the coming days on Bank of Albania's website:www.bankofalbania.org

  • Approval of the Regulation "On the organisation and functioning of the Investment Committee"

The Investment Committee is an internal collegial body of the Bank of Albania. The objective of this Committee is to ensure the implementation of the investment policy on the foreign currency reserves management, as adopted by the Supervisory Council of the Bank of Albania.

In addition to a clear definition of the purpose and responsibilities of the Committee, its composition is one of the main novelties laid down in this Regulation. One of the amendments to this Regulation consists in the number of members of this Committee (six members). The Administrator that directly supervises the activity of the Monetary Operations Department shall be the chair of this Committee, and the head of units, considered they should be part of this Committee, shall be members of this Committee. The Governor shall issue an order to formalise the composition of the Committee.

The articles of the Regulation clearly lay down the tasks of the Committee, the main competences of the Chair of the Committee and of the Secretary of the Committee, and the decision taking. 

For the first time, it stipulates the right of the Committee to be informed on the findings of the Audit Committee concluded during the audit of the foreign currency reserve management. 

  • Preliminary approval on 100% ownership of the qualifying holding in the equity of Credit Agricole Bank sh.a, by Tranzit sh.p.k.

This Decision of the Bank of Albania provides the legal ground for the transfer of full ownership of Credit Agricole to Transit sh.p.k, whose qualifying holding in the equity is owned by the two international financial groups: NCH Balkan Fund L.P. and New Century Holdings XI, L.P.

  • Preliminary approval for an additional financial activity by National Commercial Bank

In accordance with this Decision, the National Commercial Bank (Banka Kombëtare Tregtare sh.a.) is entitled to conduct the additional financial activity of intermediation in insurance and reinsurance.

Also, the Supervisory Council reviewed additional information related to the daily operational and functional activity of the Bank of Albania.