Completed Projects

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Project: Improving Auction Procedures for Immovable Collateral under Foreclosure

Updated on: 25 February 2009

Current Status

The PWG has approved the final PWG position document on the bailiff service and on CPC amendments. SPI Committee approved the PWG Recommendations as presented during the SPI Committee meeting, November 2008 and forwarded them to the respective institutions. On December 11th ,and 29th , the Draft Law on the
liberalization of the Bailiff services and the Civil Procedure Changes were respectively approved by the Parliament.

Achievements

• PWG have sent to MoJ their comments on Bailiff Liberalization Draft Law, together with the main findings of the banking survey on the difficulties in interacting with the bailiff offices.
• PWG finalized their proposals for amending CPC provisions on auction procedures for immovable collateral under foreclosure.

Contributions

• The Project Manager provided study cases from real life experience that illustrate the impact of the current
regulatory framework on the bank’s businesses.
• Project Working Group members Veronika Prifti (PM) Banka Kombetare Tregetare; Andin Jakova, International Commercial Bank; Ermal Dobi Tirana Bank, Rudina Ziu Raiffeisen Bank, provided their
inputs/suggestions on necessary Civil Procedure Code amendments.
• The Project Managemet Team formulated the draft Project Working Group proposals for Civil Procedure
Code amendment.
• The Project Management Team and SPI Secretariat attended 2 meetings with the Ministry of Justice
representatives from the Enforcement Department.
• SPI Secretariat drafted: Project Terms of Reference, a Note on International Experience, Scoping the
Problem Document, a Questionnaire on Banks’ difficulties in dealing with the Bailiff Office.
• SPI Secretariat ran with Albanian Association of Banks’ support the banking survey on the qualitative and
quantitative impact of the amendment proposals to the Civil Procedure Code and prepared a summary.
• SPI Secretariat prepared the draft documents on the PWG recommendations for SPI Committee’s
endorsement

Outputs


Project owner letter to international organizations
PWG Recommendations on Civil Procedure Code Amendments
PWG Recommendations on Improving Bailiff Service
Regulatory Impact Assessment Questionnaire Main Findings
EBRD Albanian Mortgage Enforcement External Memo
Aggregated individual contributions on the Civil Procedure Code and PWG Proposals
Questionnaire on Bank’s Difficulties in Dealing with the Bailiff Office
Note on International Bailiff Experience
Note on Enforcement of Collateral
Project Terms of Reference

Project: The impact of IFRS implementation on banking regulations

Updated on: 25 February 2009

Current Status

The project is concluded with the approval from the PWG of the final document on amending the Banking
Regulations for IFRS Implementation.
SPI Committee approved the PWG Recommendations as presented during the SPI Committee meeting,
November 2008. The Recommendations were sent by the Governor to the respective Bank of Albania
department which will work revising individual regulations.

Achievements

• PWG agreed on the ToRs.
• PWG agreed on the main changes to be brought to the BoA regulations most impacted by IFRS implementation.
• With AAB support, SPI Secretariat run a bank survey on the banks’ readiness to implement IFRS. The main findings were delivered to the PWG and to all the Banking Community.
• The first objective of the project was achieved by National Accounting Council’s release of an official interpretation of the decree issued by the Ministry of Finance on the implementation of IFRS. The interpretation was delivered to the PWG and to all the Banking Community.

Contributions

• SPI Secretariat prepared the draft Terms of References, several notes on situation in Albania and on international experience, list of the draft list of all the Bank of Albania Supervision regulations that may be impacted by the IFRS implementation and the Scoping the Problem document.
• The Project Management Team had a decisive contribution in classifying the affected regulations and on the sense of the changes.
• The Project Working Group members contributed through their feedback in the grouping of regulations and with comments on the proposed changes.
• With AAB support, SPI Secretariat ran a bank survey on the readiness to implement IFRS.
• The Project Management Team and SPI Secretariat followed up with National Account Council for drafting their official interpretation and assisted the by providing the Note on the European experience in implementing IFRS and the document on the main findings for the survey on banks’ readiness to implement IFRS
• SPI Secretariat prepared the draft PWG recommendations document.

Outputs

Project Terms of Reference;
The implementation of IFRS 1-First time adoption, in Albania;
Note on the Albanian Statutory Accounting Framework;
Note on the European Experience in implementing IFRS;
Note on the impact of IFRS implementation on banking regulations: Some of the main changes brought in Europe by implementing IFRS.
Note on the European Experience in applying IFRS, sent to NAC;
Report on Main Findings of the Survey on Banks readiness to IFRS;
Inventory of Banking Supervision framework: categorized according to the depth of change and importance of amendment;
Inventory of Banking Supervision framework: Specific issues of each regulation affected by the IFRS implementation and the sense of chances;
Scoping of the Problem document.