Parliament recently approved Law 132/2013, which amends the Law on Securing Charges. It also passed the Law on the Payment System, which introduces financial collateral as a new form of collateral arrangement (alongside pledges and securing charges). For the purposes of this law, financial collateral comprises cash and financial instruments.
The Regulation on the Core Management Principles of Banks and Branches of Foreign Banks and the Criteria on the Approval of their Administrators entered into force in Summer 2009. The Bank of Albania has established that the key function of the Steering Council and the directorate is to ensure that banks and foreign branches have sufficiently robust internal structures to manage liquidity risk.
Parliament recently approved a law making Albania a party to the International Convention on Maritime Liens and Mortgages. The adoption of the convention will give Albanian banks and credit institutions greater guarantees for the recognition and enforcement of their security interests (ie, mortgages, hypotheques and charges) over seagoing vessels.
The Supervisory Council of the Bank of Albania has approved a new regulation on electronic payment instruments. The regulation aims to improve the framework for the issue and use of electronic payment instruments, as part of the bank's implementation of a function to create and supervise the secure and efficient operation of Albania's payments system.