The Albanian Deposits Insurance Agency communicated the receiving of a $100 ml loan by the European Bank for Reconstruction and Development. According to the agency, the loan will serve to ensure the bank system in Albania. The loan approved by the parliamentary Economy Commission after the presentation of this project by economy experts, according to which, the agreement with the EBRD will grant additional funds for ADIA, so that this institution can meet its obligations versus depositors.
As foreseen in the agreement, the loan will be paid by the Albanian Deposits Insurance Agency. The loan will guarantee the necessary funds for the agency to increase the level of the deposits from 3.7% to 6%. This leap is expected to contribute in the ability of the agency to meet its legal obligations, in cases when is needed.
The funds of the agency currently cover 8 from 16 second tier banks which operate in Albania, but after receiving the loan, ADIA will be able to cover 4 more banks. This will also shorten the time needed to compensate depositors.