Bank account insurance called adequate; covers up to 0.7 million lek

TIRANA, May. 16 – The state in Albania can provide a guarantee for bank deposits up to 0.7 million leks and any sum above that will remain the risk of personal depositors. During the yearly report of the agency for deposit insurance to the Economy Commission its head, Silvana Sejko, has stated that the current level is optimal as it covers 87 percent of all deposits and is double the amount of yearly revenues in the country. European Union countries, as well as some regional neighbors like Macedonia, have an insurance cap of 20,000 euro. Macedonia has chosen this cap despite having lower yearly revenues per capita (around $2800) in order to encourage the fight against informality. Former finance Minister Arben Malaj has called upon the Commission to reconsider this cap in order to align the law with the European standards.
In other business, the European Union said on Wednesday it had cancelled a tender for hiring a supplier of equipment for a pre-trial detention center in the southern city of Vlore.