Clarifying media on banking system profit and main highlights over 2003

Given the Article in MONITOR magazine, titled: "Banks, profit reduced over 2003 ", the Bank of Albania must clarify to the said magazine, and to the whole media as well on the following:

First, the MONITOR magazine has misinformed its readers and reporters by writing that the banking system profit over 2003 has declined in comparison to 2002, from Lek 2.7 to Lek 2.4 billion. These figures have to do with the remaining result of the system over the respective years, after the allocation of dividends from two commercial banks.

The writer of the article must be clear in interpreting figures, distinguishing the analyzing element accurately. So, as long as he informs the public on the profit generated by the banks of the system over 2003, he should point out the concrete difference between income and expenditure realized over the exercising period and not the remaining value after the administrative decisions of certain banks on allocating profit in various forms. In all its publications, particularly in the Bank of Albania Annual Report of 2003, it is written that "the banking system is presented with a profit of Lek 4,45 billion, which is 14,4 per cent higher than the profit of 2002".

The Bank of Albania considers the writer of the article as misinforming and misconstruing the BoA reports, by disorientating the readers and the reporters.

Secondly, the Article makes an analysis of the main features of the banking system developments, openly violating the code of ethics in journalism by not stating the author's name and by not referring to any sources, though it is clear that the data are taken from the Bank of Albania report. The references are given only on the table and the chart.

In general, the Bank of Albania requires understanding of its responses to media, in the function of providing right information for the public opinion. It also requests the complete publication of its response from the said magazine.

Note: Because of the relatively long period of time until the publication of the next magazine, the Bank of Albania is obliged to disclose this information to all media.