Bank of Albania to make changes in the financial legal framework

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Bank of Albania and World Bank’s Financial Sector Advisory Center organized a joint meeting with main theme “Discussion on the implementation of Directive standards for the recovery and resolution of banks”, on Thursday, October 8^th, in Tirana. FinSAC is a World Bank body established with the aim to offer technical assistance for the surveillance of the financial sector, for central banks and financial regulators in Europe and Central Asia.

According to Bank of Albania press release, the meeting was organized on behalf of the revising process of the existing legal framework with the aim to improve it in accordance with the standards of the 2014/59 EU Directive, for the recovery and resolution of banks in difficult situation.

Present in the meeting, the Bank of Albania Governor Genti Sejko declared: “Based on the Bank of Albania’s evaluations and on the recommendations made by international partners, the improvement of the legal framework is required, in order to enable authorities the necessary legal instruments for the management of difficult situations in the financial sector.”

The same opinion shared also the Second vice Governor Natasha Ahmetaj, according to whom, this is the beginning of work for the compilation of the legal framework, a process that will involve in discussions all groups of interest.

Governor Sejko also declared that Bank of Albania has completed all the standards to include in the list of supervisory authorities of signing countries of the Memorandum of Cooperation with European Banking Authority.

News source/photo credits: ATA