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New deposit guarantee scheme in Albania to include business savings: media

Xinhua, October 3, 2016 Adjust font size:

The new deposit guarantee scheme in the Albanian banking system will include not only individuals but businesses as well, the Albanian Telegraphic Agency (ATA) reported Sunday, quoting central bank sources.

Implementation of the scheme will start from Jan. 1, 2017, the report said.

The Bank of Albania (BoA) has adopted two special directives that stipulate that the banking system guarantees both individuals and businesses a limit reimbursement of 2.5 million leks or about 20,000 U.S. dollars, the ATA reported.

Under the directive, the scheme insures all types of savings no matter if they are deposits, current accounts or any other instrument of saving.

Data from the Albanian Deposit Insurance Agency showed that the bank deposits of some 126,000 businesses in Albania for 2015 were 145 billion leks or over 1 billion U.S. dollars.

The new scheme will guarantee about 28 percent of this amount, or about 40 billion leks.

The inclusion of the business sector in the deposits guarantee scheme was one of the main recommendations of the World Bank (WB) following the assessment that it made on the Albanian financial system over two years ago. Endit