Bailiffs of bad loans
16/09/2013 00:00
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Bad loans, which have crossed the 1.2 billion USD figure have brought to
life a new market, that of bad loans sales and purchases.
Confidential sources say for Top Channel that the Albanian banks have started to buy and sell problematic loans not only among each other but also with other financial institutions and banks.
Top Channel learned that one of the Albanian banks sold a problematic loan of 3 billion ALL (30 million USD) to a foreign fund.
The name of the bank is unknown, but the operation affected all the figures of the system. According to the bank association data, bad loans fell with 0.5%, from 24.2% in June to 23.8%. Officially, the transaction has not received a legal effect, since Bank of Albania must confirm it first.
Sources said for Top Channel that the Central Bank of Albania has asked private banks to show their agreement’s conditions before taking any action. However, this is not the only case of bad loans being traded. There have been several in the past months, with financial institutions buying bald loans from banks.
These prove a certain fact, that Albania has officially entered in the bad loan market, where problematic loans are sold with lower prices than their values, usually to financial institutions and not banks. This market offers higher profit norms, but with a high risk, almost to the extreme.
Top Channel
