Annual Report 2010 03 August 2011 - Banka Qendrore e ...
Annual Report 2010 03 August 2011 - Banka Qendrore e ... Annual Report 2010 03 August 2011 - Banka Qendrore e ...
Annual Report 2010 CBK proves the CBK open policy towards foreign investment, without violating the legal requirements. CBK strategy in the area of financial institutions licensing is focused on attraction of investors having good financial situation, who fulfill the ethical and professional criteria to be fit and proper for shareholders and management, who are capable of run an approach towards a prudent development of the business in order to protect clients’ interest, thus facilitating strengthening of the financial system and enhancement of reliability on it. Licensing and Methodology Directorate in its licensing and regulating activity for commercial banks, insurance companies, intermediaries, supplementary pension funds and other financial and non-financial institutions, is guided by principles which are in compliance with the European Union directives and the best international practice, as presented under “Core Principles for Effective Banking Supervision” published by the Bank for International Settlements (BIS), and Core Principles for Effective Insurance Supervision published by the International Association of Insurance Supervisors (IAIS). Licensing activity of financial supervision during 2010 included changes in opening new bank branches and other financial institutions in Kosovo; changes in structure of ownership and shareholding capital of banks and insurance companies; increasing services and banking products and insurances; amendment of normative acts, such as statutes of banks and insurance companies; changes and new appointments of administrators and senior management of banks and insurance companies, expansion of exchange bureaus network and money transfer agencies network. Banks and insurance companies constantly worked in expanding their activities towards diversification of baking and insurance products, offering numerous investment and selection opportunities to their clients. During 2010, eight (8) banks with 321 branches and sub-branches continued to exercise their activities, whereas in insurance market there have been eleven (11) insurance companies, ten (10) non-life insurance companies and one life insurance company. The CBK Governing Board approved during 2010 a preliminary license for the insurance company “Grawe Kosova” for life insurance, as well as the change in ownership structure of the insurance company “Dardania”. a) Microfinance Institutions By the end of 2010, thirteen (13) microfinance institutions and eight (8) other non-bank financial institutions were operating in Kosovo. During 2010, upon the request of the institutions and pursuant to legal applicable regulative, the registration of “Cordaid” as microfinance institutions with is head office in Gjakova and “PTK” as non-bank financial institution with is head office in Prishtina has been withdrawn. b) Insurance Intermediaries By the end of 2010, there have been four (4) insurance intermediaries. Upon the request of the institutions and pursuant to legal applicable regulative, the licenses of Insurance Intermediaries “Intel Broker” and “Intel Service“ with their head offices in Prizren, “Incoming” L.L.C and “Nic Holding” L.L.C with their head offices in Prishtina, were withdrawn. 58 |
CBK Annual Report 2010 c) Exchange Bureaus and Money Transfer Agencies During 2010, the CBK Executive Board approved the registration of three (3) new Exchange Bureaus for currency exchange activities: “Kujtimi” in Peja, “Adis” in Prizren and “Aral” in Shtime. Twenty six (26) exchange bureaus and three (3) money transfer agencies were operating in Kosovo in the end of 2010. Table 9. Banks licensing activity, 2006 – 2010 Description 2006 2007 2008 2009 2010 Prior licensed 7 8[1] 8 9 8 Preliminary approvals * 2 1 1 0 0 Revocation/w ithdraw al of license -1 0 0 -1 0 Rejected 1 0 0 0 1 Total 8 9 9 8 8 [1] Merging of banks NLB-KSB and NLB-BRK was effective on 2 January 2008 Source: CBK 2011 Table 10: Insurance Companies licensing activity, 2006 – 2010 Description 2006 2007 2008 2009 2010 Prior licensed 8 9 9 11 11 Preliminary approvals 1 0 2 0 1 Rejected 0 0 0 0 1 Total 9 9 11 11 12 Source: CBK 2011 Table 11. Pension funds licensing activity, 2006 – 2010 Description 2006 2007 2008 2009 2010 Compulsory pension funds 1 1 1 1 1 Supplementary pension funds 6 1 0 0 0 Individual pension funds 1 2 1 1 1 Total 8 4 2 2 2 Source: CBK 2011 | 59
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CBK<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2010</strong><br />
c) Exchange Bureaus and Money Transfer Agencies<br />
During <strong>2010</strong>, the CBK Executive Board approved the registration of three (3) new<br />
Exchange Bureaus for currency exchange activities: “Kujtimi” in Peja, “Adis” in Prizren and<br />
“Aral” in Shtime. Twenty six (26) exchange bureaus and three (3) money transfer agencies<br />
were operating in Kosovo in the end of <strong>2010</strong>.<br />
Table 9. Banks licensing activity, 2006 – <strong>2010</strong><br />
Description 2006 2007 2008 2009 <strong>2010</strong><br />
Prior licensed 7 8[1] 8 9 8<br />
Preliminary approvals * 2 1 1 0 0<br />
Revocation/w ithdraw al of license -1 0 0 -1 0<br />
Rejected 1 0 0 0 1<br />
Total 8 9 9 8 8<br />
[1] Merging of banks NLB-KSB and NLB-BRK was effective on 2 January 2008<br />
Source: CBK <strong>2011</strong><br />
Table 10: Insurance Companies licensing activity, 2006 – <strong>2010</strong><br />
Description 2006 2007 2008 2009 <strong>2010</strong><br />
Prior licensed 8 9 9 11 11<br />
Preliminary approvals 1 0 2 0 1<br />
Rejected 0 0 0 0 1<br />
Total 9 9 11 11 12<br />
Source: CBK <strong>2011</strong><br />
Table 11. Pension funds licensing activity, 2006 – <strong>2010</strong><br />
Description 2006 2007 2008 2009 <strong>2010</strong><br />
Compulsory pension funds 1 1 1 1 1<br />
Supplementary pension funds 6 1 0 0 0<br />
Individual pension funds 1 2 1 1 1<br />
Total 8 4 2 2 2<br />
Source: CBK <strong>2011</strong><br />
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