The Legal Framework of Credit Information Systems: A Comparative Approach of the Albanian Context Within the EU Perspective

Enik Pogace, Deputy Director, Bank of Albania, Albania

In this paper I shall endeavour to analyse the current legal framework applied to the Albanian credit information system, as well as the practical information and raison d’être behind such an institution. It is only to be expected that this particular analysis covers similar institutions in EU member states with a view to present a broad comparative examination of the positioning of the Albanian credit information system. It is worth pointing out that in this article I put forward the proposition that in several cases the law itself is not sufficient to properly regulate the field and accordingly detailed sub-legal acts might be indispensable to be implemented to strike a balance between consumer concerns, institutional guarantees, and the needs of the credit industry at large for such systems and their related operations. It is important to note that the paper would also further analyse the Albanian bylaws (also in light of European Union (EU) acquis) that have been enacted and related industry specific legislation, with a view to evaluate and explore its regulatory model and how it supports a well functioning credit information system that offers both protection to consumers as well as functionality to the credit market at large.

Enik Pogace currently works at the Bank of Albania as deputy director of the international relations department. His main tasks and responsibilities include among other things, working on the communication between the Bank and other international and national stakeholders, legal issues related to banking and payment systems as well as approximation of bank regulations to EU standards and operational levels. His education includes an LLM degree in EU law at the University of London as well as postgraduate studies in Constitutional issues in federalism, and comparative Political & Economic systems.

The Bank of Albania is the central bank of Albania. The economical-political and social developments since the establishment and so far, have enriched the functions carried out by the Bank of Albania (they have augmented and enlarged the functions of the Bank of Albania). The Bank of Albania, within the competences defined by the Law, is independent of any other power for the accomplishment of its main objective and in exercising the tasks assigned.