The financial situation of banks in our country is stable and without
problems. According to the government, the Bank of Albania draft law for
creating a special salvation fund for banks at the brink of bankruptcy,
aims minimizing interventions with public money.
“Many countries used tax-payers’ money during the crisis to save banks from bankruptcy. This process requires a huge part of the budget and a burden for tax payers. Wit this draft law we want to avoid such activities from the government and especially from the budget”, declared the Minister of Finances, Arben Ahmetaj.
The salvation fund will be created by bank contributions. The opposition also agrees with this decision in principle, but say in current conditions, with the banks not taking risks, the attention should be on supporting the economy.
“I agree that the banking system has no added risk, but is this the moment to ask for extra costs, when we expect the banking system to take risks and the economy leave the current dormant state?”, said the former Minister of Finances, Ridvan Bode.
The bank salvation fund will be managed by the Bank of Albania, and will be used only when the bank in bankruptcy may trouble the financial stability. At any case, deposits are secured based on the law. The scheme only covers the banking sector, not investment funds.
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