Legal changes prevent use of taxpayer money in case of bank collapse

TIRANA, Dec. 6 – Albania’s central bank has proposed some new legal changes aimed at protecting the country’s financial system and minimizing the need to use taxpayer money in case of a possible bank collapse in Albania, despite the overwhelmingly foreign-owned banking system posing no current threat due to being liquid, well-capitalized and profitable. The changes which have already been approved by the government and are pending the final okay by Parliament also partly bring in line Albania’s legislation to the May 2014 EU Banking Recovery and Resolution Directive. “This law clearly determines the parameters and criteria when a bank…