The Albanian Association of Banks confirms: Grexit does not affect Albania

The Albanian Association of Banks has confirmed that a possible Grexit in the upcoming days does not represent danger for the Albanian economy.  In a press statement, the AAB says: “Following the latest developments of the Greek economic crisis, the Albanian Association of Banks in the name of all its member banks wants to ensure the public and the depositors that the latest developments in Greece do not affect the stability and the normal functioning of private banks in Albania”.

The AAB also cites that second tier banks have sufficient capital and it is independent from the Greek banks. The Albanian bank system including even the private banks with Greek capital, according to the statement, is financially and operationally independent from the other countries’ bank systems. Private banks operate in Albania as independent legal units and are supervised by a legal framework which foresees banking supervision by Bank of Albania which plays the role of a regulator in the market.

Albania is out of risk from the economic crisis of the neighboring countries since all private banks which currently operate in the country are not direct branches of foreign banks and do not depend from foreign capitals. The AAB statement underlines that private banks have sufficient capital and high levels of liquidity, a guarantee that ensures the stability and the functioning of these trade units in normal conditions at low risk.

News source: ATA

Photo credits: Marabu / Pixabay