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The "era" of loans only with an identity card comes to an end

2024-09-04 12:21:50Aktualitet SHKRUAR NGA REDAKSIA VOX

The "era" of loans only with an identity card comes to an end

The era of fast loans in the country, only with an ID card, without necessarily being in a job may end soon. The Bank of Albania has drafted the draft regulation "On the management of operational risk by banks, payment institutions and electronic money institutions".

With the new regulation that is expected to be approved by the Supervisory Council, to enter into force at the beginning of next year, in order to give loans, non-bank financial institutions will have to analyze more deeply the solvency of those seeking loans.

"Unfortunately, in Albania but also in the world, the same phenomenon happens: Laws or regulations are not established once by the Parliament, by the Bank of Albania or the AMF, but once a crisis occurs... we have to burn and then learn", he says for the television A2, Mateo Spaho, economics lecturer.

Based also on the recommendation of the Assembly conveyed through the draft resolution, "On the evaluation of the activity of the Bank of Albania for the year 2023", the new regulation provides that the subject of this regulation will now be only non-bank financial entities, as well as savings societies. credit unions and their unions, licensed by the Bank of Albania.

"And this is especially a problem. This is because microcredit companies assume a higher risk. Precisely because they give small loans without a collateral. And when things don't go well, because of high interests, what happened happened that seems to have produced a social crisis", says Spaho.

According to the draft resolution, the Bank of Albania is also required to analyze the regulatory framework for the licensing of Non-Bank Financial Institutions, with the aim of further strengthening the criteria for licensing these entities. "This has been a relatively new market for Albania and therefore there have been legal gaps on the part of the regulators for market management", says Spaho.


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