The Emergency Intervention Fund reaches 5.2 billion - In 2024, the contribution of banks to crisis rescue increased by 9.5%
The Emergency Intervention Fund, which is used to rescue banks in the event of bankruptcy or financial crises, reached 5.2 billion lek at the end of 2024. According to the annual report of the Deposit Insurance Agency, banks have paid into this Fund about 982.1 million lek in 2024, bringing the total paid in 7 years to 5.2 billion lek.
In December 2024, the book value of the net assets available to the emergency intervention authority is 5.73 billion lek. During the past year, about 9.5% more money was paid by banks compared to 2023.
The Bank of Albania calculates each year the annual contribution that the banking sector will pay to achieve the target level of the Emergency Intervention Fund. To meet the target level of the fund, contributions are paid in proportion to the years remaining until 2027. Since 2018, the contribution paid by banks has been increasing year by year, while it is aimed that by 2027, the Emergency Intervention Fund will reach 8.5 billion lek.
The Emergency Intervention Fund was created in 2018 and is administered by the Deposit Insurance Agency. The money that banks pay into the Fund each year is invested by this Agency in Albanian Government securities and one-week deposits and current accounts with the Bank of Albania. The nominal value invested is 5.67 billion lek, while the Fund's income from interest earned from the investment of the Fund's amount was 219.6 million lek in 2024.
Investments are mostly in lek, while those in foreign currency constitute 5.24% of financial assets under management.
This fund can be used by the Bank of Albania for several purposes, such as: guaranteeing the assets or liabilities of the bank in extraordinary intervention, the bridge bank or the asset management company, compensating for uncovered losses arising due to the exclusion of the accepted liabilities of the bank's creditors in extraordinary intervention, etc.
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