Albanian Deposit Insurance Agency, is established since October 2002 as part of Albanian safety net, its main target is protection and compensation of individuals deposits in banking system, with final aim at the contribution to strengthen the financial system in Albania.
Law no. 8873, dated 29.03.2002 "For Deposit Insurance", amended by Law no. 10 106, dated 30.03.2009 "On some amendments and addenda to Law no. 8873, dated 29.03.2002 "On Deposit Insurance", approved by the Albanian Assembly aims at approaching the ADIA legal framework to the European Union Deposit Guarantee Directives , as well as strengthening the role of the Albanian Deposit insurance Agency , in function of increasing the effectiveness of deposit insurance scheme, the integration of our country in the European Union, as well as improving the legal framework for the progress of the banking system in the Republic of Albania.
Main amendments provided by this Law consist on :
- Increase of the coverage amount for the insured deposit up to the amount of 2.500.000 (two million five hundred thousand) Lek, for each depositor to each insured bank.
- Remove of the criteria for the co-insurance.
- Reduction of the period for the beginning of the compensation process.
- Increase the power of the Agency and strengthen its role within the function of ”pay box”.
Actually yours savings deposited in any bank operating in Albania are insured by the Law nr. 8873, dated 29.03.2002 “On Deposit Insurance” amended by the law no 10101 date 30.03.2009 “ On some amendment and addenda on the law no 8873 date 29.03.2002 On deposit insurance”.
The impact of these amendment brought the number of the fully covered depositors subject of these Law over 90 % of the total number of the depositors in the banking system , referring to the latest data of the Agency .