The EBRD’s $100 ml line of credit to the Albanian Deposits Insurance Agency have been ratified and published in the official bulletin on November 19th. According to the agreement, the loan will serve as an instrument of readiness in order to increase the effectiveness of the Albanian Deposits Insurance Agency in fulfilling its legal obligations, the protection of deposits of individuals. The line of credit is a very known and recommended mechanism in the field of insurance of deposits.
According to the signed agreement, the European Bank for Reconstruction and Development will give to the IDA the loan at the amount of 100 ml EUR based on the predicted terms and conditions. The minimal amount of withdrawal is 8 ml EUR, the same as the amount of cancellation and prepayment.
The Albanian Deposits Insurance Agency has declared a total amount of bank system deposits at 1 trillion ALL, from which deposits of individuals make 82% of the deposits. The Albanian bank system has about 1.9 million bank accounts of individuals which are part of the insurance scheme of deposits in Albania.
News source: ATA
Photo credits: Flickr / David Hilowitz
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