Fast action needed on BoA governance

TIRANA TIMES EDITORIAL
Albania’s executive and legislative branches must act quickly to select a new central bank governor, auditor and fill the vacant seats in the Bank of Albania supervisory council.
The investigation over the multi-million dollar theft at Albania’s central bank has taken a new turn with the arrest and sacking of the bank’s governor and top auditor.
Now the relevant actors – including the president, prime minister and parliament – are discussing how to select a new governor and fill other large gaps in the Bank of Albania governance structure.
Although the deputy governor has stepped in to serve acting governor, Albania’s executive and legislative branches must act quickly to select a new central bank governor, auditor and fill the vacant seats in the Bank of Albania supervisory council.
The council is working with only five out of nine members mandated in law, accounting for Fullani’s sacking, another member’s resignation this week and seats left vacant in the past. The auditor’s position remains completely unfilled, relying on parliament to select someone new as soon as possible.
The remaining officials and the acting governor insist it’s business as usual at the bank in terms of its supervisory duties, but feeling the pressure of the unprecedented situation, they have called on parliament to quickly fill the empty seats.
As the relevant political actors look to find a replacement for the governor of the Bank of Albania, they should keep in mind that the next candidate needs to an expert and be hired for his or her professional background and ability to do the job — not for political reasons.
An increasing number of commentators and former officials have said it might be better to hire an international banker to do the job. While some countries do hire foreigners to lead their central banks, this newspaper disagrees that that would be the best solution in Albania’s case. The notion that Albania lacks capable people to do take the helm of the central bank is insulting. Just because one official erred, it doesn’t mean Albania lacks people with the integrity and professional ability to do the job. In addition, in the name of fiscal responsibility, one could not justify the much higher salary that an international candidate would demand.
Many Albanians are rightfully angry with Governor Adrian Fullani and the other members of supervisory council for allowing the theft to happen under they watch. They clearly failed to perform their duties as watchdogs of the country’s most important financial institution.
However, to be fair and cool-headed, while charges of negligence might be appropriate, it is also important to note that prosecutors are yet to present any evidence that Fullani or the top auditor, Elivar Golemi, are directly involved in the theft. And they are innocent until otherwise proven guilty in a court of law. And the courts are clearly catering to public opinion in denying them bail.
In this case, the court of public opinion has pretty much already deemed Fullani as guilty, with the much of the public anger fueled by the governor’s political connections and show of opulence. In a country with enduring poverty by European standards and lack of trust in public institutions, Fullani and his family’s lack of filter in their show of wealth and power clearly hit the wrong tone with Albanians.
At the end of the day, Fullani’s case is quickly becoming a test case for prosecutors and courts in the eyes of public opinion – on how the justice system acts in a country where often public officials are perceived as morally guilty and corrupt by society only to be cleared legally and keep enjoying their powerful positions.