The Bank of Albania clarifies that it does not have legal powers to order suspension of debt collection, as this responsibility lies with the relevant court which is recognized by law. The activity of the enforcement service, whether it is organized in a state or private form, is not licensed or overseen by the Bank of Albania.

As a result, the activity of the enforcement service is not subject to the control of the Bank of Albania and it has no competence to intervene. The Bank of Albania states that it has done everything laid down in the law, meanwhile ensuring the smooth progress of the collateral execution process falls within the scope of its responsibility.

“At this point, we emphasize that the legal authority of the Bank of Albania ends the moment a court decision is delivered and the execution order is issued to recover the unpaid loan. “Any process beyond this moment (auctions, seizure of property or any other procedural action taken by the enforcement company) is outside the legal competences of the Bank of Albania and cannot be followed up or regulated by it,” the press release reads.

The Bank of Albania informs that it has been notified by the second-level banks about concerns regarding the activity of the enforcement service related to the extremely high number of seizure orders that are submitted to the banks on a daily basis, as well as freezing the accounts of debtors beyond deadlines laid down in the regulatory acts.

/r.e/sm/