The International Monetary Fund (IMF) estimates that preserving the independence of the Bank of Albania is essential for preserving the country's financial stability. 
The Director of the Department of Communication at the IMF, Julie Kozack, in a press conference, responded to the interest of "Monitor", regarding the legal case opened by the Prosecutor's Office against some non-bank financial institutions, enforcement companies, and private bailiffs for abuses in the collection process of outstanding obligations. 
Kozack said that the IMF cannot comment on a case that is under investigation. However, she emphasized that in 2015 the IMF supported the plan of the Albanian authorities to reduce the ratio of non-performing loans.  
As part of this plan, the Bank of Albania received a legal mandate for the licensing and supervision of problem loan collection institutions. She also emphasized that, despite the developments of this issue, maintaining the independence of the Bank of Albania is necessary, so that this institution fulfills its legal mission of maintaining price and financial stability. 
"Many of you know that we cannot comment on an ongoing legal investigation. However, we just want to clarify one specific element. It is a matter of public knowledge that analysis within the program supported by the IMF in 2015 and 2016 identified high levels of problem loans as an element of vulnerability for the banking sector. In this context, the IMF approved the Albanian authorities' 2015 action plan to reduce non-performing loans. This plan, among other things, gave the Bank of Albania the mandate of licensing and supervision of problem credit management companies, taking into account their connection with the banking system. Also, we want to add that preserving the independence of the Bank of Albania is a key factor for preserving price and financial stability," said Kozak. 
In May, the Prosecutor's Office of Tirana officially announced the opening of the proceedings for the criminal offense 
Following the opening of criminal proceedings, the Bank of Albania decided to revoke the license of non-bank financial institutions MicroCredit Albania and Final. 
About this issue, the Bank of Albania states that the identified problems occurred in the mandatory execution phase and the performance of enforcement actions in support of the execution order. "The legal framework does not give the Bank of Albania the power to order the prohibition/suspension of the processes of execution of obligations. This is a competence that the law recognizes only for the court. We emphasize that the legal authority of the Bank of Albania ends the moment the court issues the execution order to recover the unpaid loan. Any process beyond this moment (auctions, imposition of seizures, or any other procedural action taken by the enforcement company) is outside the legal powers of the Bank of Albania and cannot be followed or regulated by it. Likewise, the Bank of Albania cannot interfere in the relations that MCA has with its subcontractors, as is the case with the enforcement service," says a statement from the Bank of Albania for "Monitor". 
The Bank of Albania underlines that it has recommended and continues to suggest some actions which would bring an inherent improvement to this entire process, but which require the involvement of other parties as well. "Specifically, we judge that it is necessary to make changes to the Code of Civil Procedure for the regulation of all procedural actions of bailiffs during the execution of executive titles; the drafting, in cooperation with the World Bank, of a special Law on consumer protection in the activity of non-bank financial entities; the translation into laws of the regulatory changes undertaken by the Bank of Albania, on setting ceilings for penalties and interest rates; the transformation of all non-bank financial entities into joint-stock companies, to increase internal control and organize two-level management; the accounting registration of only the principal and interest in the case of the purchase of portfolios, at least until the determination of legal ceilings for interest rates," says the Bank of Albania.