Deposit Guarantee Scheme to Cover Business Savings

TIRANA, September 30

As of January 1, 2016, the deposit guarantee scheme in the Albanian banking system will include not only personal customers but businesses as well. The Bank of Albania (BoA) has adopted two specific ordinances, which define that the banking system guarantees both individuals and businesses a limit reimbursement of Lek 2.5 million or Euro 18,000.
According to the ordinance, the scheme insures all types of savings no matter if they are deposits, current accounts or any other instrument of saving.
Data from the Albanian Deposit Insurance Agency (ASD) confirm that the bank deposits of some 126,000 businesses in Albania for 2015 were Lek 145 billion or Euro 1 billion.
The new scheme will guarantee about 28 percent of this amount or said in figures, about Lek 40 billion.
Moreover, companies may benefit more given that they can have both personal and businesses deposits.
The inclusion of the business sector in the deposits guarantee scheme was one of the main recommendations of the World Bank (WB) following the assessment that it made on the Albanian financial system over two years ago. On its part, ASD says that this measure is conforming to the European Union directives.

News Source: TCh