Creditor claims are recognized as financial collateral - The new legal framework aims for more security for transactions, integration with European markets
A new legal framework for payment systems and financial collateral is expected to be created in Albania, with the aim of increasing the security of financial transactions and aligning the domestic market with European Union standards. This is the main change brought about by the new initiative, which significantly expands the rules for the functioning of the financial infrastructure.
According to the explanatory report, the new framework aims to strengthen the legal certainty of payments and financial transactions, as well as to better protect payment and securities settlement systems. At the same time, it creates the legal basis for the progressive integration of the Albanian financial market with European markets, within the framework of the European Union accession process.
One of the most important innovations is the expansion of the powers of the Bank of Albania. The institution will have more authority for licensing, supervision and inspection of payment systems, as well as for preventive interventions in cases where risks to financial stability are identified. In addition, clearer rules are foreseen for cooperation with the Financial Supervisory Authority and with European authorities.
For the first time, Albanian legislation will also recognize credit claims, or loan portfolios, as a form of financial collateral. Credit claims are the right of a bank to get back the money it has lent to customers through loans. This gives banks and financial institutions the opportunity to use a wider range of assets to secure funding, increasing liquidity and improving risk management.
The amendments also provide for stronger protection for payments and collateral arrangements even in cases of insolvency or extraordinary interventions, in order to avoid legal uncertainties and guarantee the continuity of financial transactions. It also aims to create the conditions for the further development of modern payments and integration with European financial infrastructures.
According to the Bank of Albania, these changes will contribute to strengthening financial stability, increasing investor confidence and fulfilling one of the country's commitments in the negotiations for membership in the European Union, without incurring additional costs for the state budget.
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