Albanian bank system won't be affected by neighboring Greece's crisis

Albanian Association of Banks (AAB) on Monday ruled out a direct impact of the Greek crisis on the country's banking system, stating that the banking system in Albania operates at high levels of capital adequacy and liquidity, Albanian telegraphic agency reported.

To ease the public concerns over the repercussions from a possible Greek exit from the euro zone, ABB said in a press statement that "in view of the latest situation in Greece, the Albanian Association of Banks, on behalf of all its member banks, wants to reassure the public and all depositors and customers that the developments in the banking systems of the neighbouring country will not affect the stability and normal functioning of the banks in Albania."

According to AAB, "Albanian banking system, including banks with Greek shareholding, is financially and operationally independent from banking systems of other countries. None of banks operating in Albania does represent any branch of any foreign bank."

AAB explained that as reflected regularly on the financial statements and information published, the banking system in Albania operates at high levels of capital adequacy and liquidity which guarantees its stability, normal functioning and independence from negative developments in neighboring countries.

"Any actions of the Greek government and central bank about imposing measures on the Greek financial system have no legal effect in Albania, and can in no way affect the normal functioning and the stability of the Albanian banking system," AAB concluded. Endit