Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues

The objective of this report is to present an assessment of the current legal, regulatory, and supervisory framework in Albania for microfinance, as well as an assessment of institutions rendering microfinance services (MFIs), including the Savings...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Financial Sector Study
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ABUSIVE LENDING ACCESS TO CAPITAL ACCESS TO FINANCIAL SERVICES ACCESS TO FUNDS ACCESS TO MARKETS ACCOUNTING ACCOUNTING STANDARDS AGRICULTURAL COOPERATIVES BANK INTEREST RATES BANK LENDERS BANK LOAN BANK LOANS BANKING LAW BANKRUPTCY BOND BORROWER BORROWING BORROWINGS CAPITAL ADEQUACY CAPITAL BASE CAPITAL GROWTH CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CASH FLOWS CASH TRANSFER COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL LOANS CONFLICTS OF INTEREST CONSUMER PROTECTION CREDIT ASSOCIATION CREDIT ASSOCIATIONS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT HISTORIES CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINE CREDIT LINES CREDIT OFFICER CREDIT PROGRAM CREDIT RISK CREDIT UNION CREDIT UNIONS CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNTS CUSTOMER SATISFACTION DEBT DEBT COLLECTION DEBT INSTRUMENTS DEFAULTERS DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSIT SERVICES DEPOSITOR DEPOSITORS DEPOSITS DEVALUATION DIVERSIFICATION DOMESTIC BANK DONOR SUPPORT EARNINGS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIES OF SCALE EQUAL RIGHTS EXCHANGE RATE EXTREME POVERTY FAMILY FARMS FARMERS FINANCIAL ASSISTANCE FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL PRODUCTS FINANCIAL RISK FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR REGULATION FINANCIAL STATEMENTS FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FISCAL AUTONOMY FIXED ASSETS FIXED COSTS FORECLOSURES FOREIGN CURRENCY FOREIGN CURRENCY LOAN FOREIGN CURRENCY LOANS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN EXCHANGE RISKS FRAUD FREE LOAN FUNDING SOURCE FUNDING SOURCES FUTURES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROUP GUARANTEES HEDGES HOLDING HOUSEHOLDS INCOME TAX INDEBTEDNESS INDIVIDUAL LOANS INFORMATION REQUIREMENTS INFORMATION SYSTEM INFORMATION SYSTEMS INFORMATION TECHNOLOGY INSTITUTIONAL REFORMS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK ISSUANCE LENDER LENDING LIMITS LENDING REGULATIONS LIQUIDATION LIQUIDATION OF COLLATERAL LIQUIDITY LOAN LOAN CONTRACT LOAN CONTRACTS LOAN DOCUMENTATION LOAN PORTFOLIO LOAN PORTFOLIOS LOAN REPAYMENT LOAN REPAYMENT RATES LOAN REPAYMENTS LOAN SIZE LOAN SIZES LOCAL BANK LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC STABILITY MARKET DEVELOPMENT MARKET DISCIPLINES MARKET ECONOMY MARKET PARTICIPANTS MARKET PLAYERS MATURITY MFI MFIS MICRO FINANCE MICRO LENDING MICRO-ENTERPRISES MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOAN MICROFINANCE SECTOR MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY FUND MONEY LAUNDERING MONEY ORDERS MONEY TRANSFERS MORTGAGE MOVABLE PROPERTY MOVABLE PROPERTY REGISTRIES OUTREACH PAYMENT SYSTEM PRIVATE CREDITS PROFESSIONAL DEVELOPMENT PROFIT MARGIN PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION RATES OF INTEREST REGULATORY FRAMEWORK REMITTANCES REPAYMENT SCHEDULE REPAYMENT SCHEDULES RESERVE RESERVE FUND RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RURAL CLIENTS RURAL CREDIT RURAL MARKET SAVINGS SAVINGS SCHEMES SAVINGS SERVICES SECURITIES SELF-EMPLOYMENT SHAREHOLDERS SMALL BUSINESS SMALL FARMERS SMALL LOANS SUPERVISORY AUTHORITIES SWAPS TAX EXEMPT TAX EXEMPTION TAX INCENTIVES TAX-EXEMPT TAX-EXEMPT STATUS TECHNICAL ASSISTANCE TRANSFER RISKS UMBRELLA ORGANIZATION UNEMPLOYMENT URBAN AREAS VALUE OF COLLATERAL VILLAGE VILLAGES WAREHOUSE WAREHOUSE RECEIPT WAREHOUSE RECEIPT FINANCING
Online Access:	http://documents.worldbank.org/curated/en/2008/06/16371691/albania-microfinance-institutions-credit-unions-albania-regulatory-supervisory-market-development-issues http://hdl.handle.net/10986/12899

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Summary:	The objective of this report is to present an assessment of the current legal, regulatory, and supervisory framework in Albania for microfinance, as well as an assessment of institutions rendering microfinance services (MFIs), including the Savings and Credit Associations (SCAs) and credit unions (CUs), to identify future development priorities. Economic conditions have improved in Albania in recent years, but a significant percentage of the population is still considered below the poverty level. The report lists future development priorities for the SCAs and MFIs, emphasizing poverty reduction through microfinancing. Several MFIs, and one CU, expressed some desire to borrow from the World Bank. The report finds this promising, as long as it does not crowd out commercial sources that serve to integrate MFIs, CUs, and SCAs into the larger financial sector. The growth of SCAs might be enhanced by further consolidation of smaller SCAs into larger SCAs. Mergers based on joint objectives and bounds can expand the geographical coverage and clientele base, facilitate the increase of cash flows and access to capital, and achieve economies of scale in view of reducing fixed costs. Albania also wishes to obtain a banking license and focus exclusively on the microfinance market. A tax exemption enables CUs and SCAs to build up capital through retained earnings. Eliminating their tax exemption would either reduce their capital, or require that CUs replace the taxed earnings with other means of capitalization to maintain the same capital reserves. The report recommends that the Bank of Albania (BoA) should continue to work with the CUs on consolidating and strengthening the SCAs.

Microfinance Institutions and Credit Unions in Albania : Regulatory, Supervisory and Market Development Issues

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