Bank of Albania

11/07/2018 | Press release | Distributed by Public on 11/07/2018 03:13

Bank of Albania signs cooperation agreement with the Single Resolution Board

Ms Natasha Ahmetaj, Second Deputy Governor of the Bank of Albania, and Ms Elke K├Ânig, Chair of the Single Resolution Board (SRB), signed a bilateral agreement on the exchange of information and cooperation in the field of drafting Resolution Plans, as well as on the implementation of these plans in relation with cross-border banking institutions that exercise their activity in the Republic of Albania and vice versa.

This agreement further fosters the close cooperation between the two resolution authorities, in order to safeguard financial stability. The cooperation towards planning and implementing the resolution is very important in the framework of the global nature of financial markets and the significant share that EU-based banks have in the Albanian banking sector. The purpose of this agreement is to facilitate the resolution for banks and banking groups present in the respective jurisdictions.

The signing of the agreement between the Bank of Albania and the Single Resolution Board, which is the central resolution authority for the European banking union is in accordance with Article 70 of the Law no. 133/2016 'On the recovery and resolution of banks in the Republic of Albania' and is an important achievement in the field of planning the resolution in Albania.