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BSH establishes new rules for non-bank financial entities. What are the conditions?

2024-06-18 10:22:48Biznes SHKRUAR NGA REDAKSIA VOX

BSH establishes new rules for non-bank financial entities. What are the

The Bank of Albania has decided to make some changes in the regulation for non-bank financial entities. After discovering the fraud scheme by Micro Credit Albania and Final, the Bank of Albania revoked the licenses of both these institutions, although the relevant regulation only provided for procedures for the licensing process and not for revocation and liquidation actions.

As a result, in order to have a better administration of such cases in the future, in the regulation on the licensing of non-banking financial entities, the Bank of Albania has added details on revocation and liquidation procedures.

According to the new provisions of this regulation, in case of revoking the license of the non-banking financial entity, the Central Bank immediately begins the process of liquidating the portfolio of loans created by the exercise of financial activity based on the license, excluding cases where the entity has requested revocation of his license and no credit balance in his portfolio.

After the revocation of the license, the Bank starts the liquidation process, despite the fact that the entity is in a state of solvency. In cooperation with the Ministry of Justice, it appoints the liquidator, who has the right to administer the loan portfolio of the non-bank financial entity, after the revocation of the license and the start of the liquidation process. In case of sale of the portfolio, the sale is carried out by auction.

The liquidator reports to the Credit Register all financial loans, depending on the documentation found and the progress of the liquidation process.

At the same time, the governor creates a working group, which, together with the Supervision Department, has the main task of supporting the liquidator in the liquidation process, preparing the initial package of information for the liquidator with the information available from the subject's reports to the Bank of Albania, with purpose of knowing the financial situation of the subject placed in liquidation.


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