On October 4, 1913, on behalf of the Albanian government, Ismail Qemal Bey Vlora signed the first concession for the establishment of an Albanian central bank. Other signatories were representatives of two of the most prominent financial groups of the time, namely Karol Pitner and Oskar Pollak of the Austro-Hungarian one, and Pietro Fenolio and Guido Ansbaher of the Italian group. In the turbulent Albania of that early century, but also due to the upheavals that would soon come with the outbreak of World War I, the National Bank of Albania was unable to develop its activity. However, the drafting of this concession for the establishment of the "National Bank of Albania" remains an important document in the history of the Albanian central bank, a cornerstone of this institution that, in its presenting concept, adheres to all the European standards of the time. Not in vain, the founder of the modern Albanian state described the national bank as "...the second victory after freedom".
One of the primary concerns of the Albanian government headed by Ismail Qemal Bey Vlora was the establishment of a bank of issue and credit in Albania, which would develop its activity in accordance with the norms of the national banks of European countries. Ismail Qemal conceived the National Bank as a financial institution, which should aim primarily not at profit per se, but at the economic development of the country, and profit should be achieved through economic development and stabilization of the independent Albanian state. The creation of such a bank presented many difficulties, especially due to the fact that Albania had not yet been recognized as an independent state in the international arena. But, even after this recognition on July 29, 1913, the lack of stability again made the creation of a bank with Albanian founding capital impossible.
On October 4, 1913, Ismail Qemal Bey Vlora signed what is officially called the "concession act". This agreement for the concession of the establishment of the National Bank of Albania with a capital of 10 million crowns or 10.5 million lire, formed in gold coins, had a 60-year term. With this concession, the National Bank of Albania with the joint Austro-Italian capital, acquired the right to issue banknotes, which would be denominated in Albanian and French, with a gold cover of no less than 1/3 of the banknotes. The bank would be the sole financial agent of the Albanian government both inside and outside the country. Only it had the right to trade treasury bills and other government securities on behalf of the government. In the agreement, it also acquired the right to carry out certain financial transactions: buying and selling of securities, currencies, precious metals, trade goods, for its own account and for the account of others, etc. It undertook to accept deposits and grant loans to commercial, industrial, financial and agricultural companies and enterprises. The bank also undertook, finally, to issue guaranteed bonds, as well as to carry out mortgage transactions.
Ismail Qemali was convinced that the National Bank of Albania would serve the development of the country's economy and the consolidation of the National Independence of Albania. But the difficulties that Albania faced at that time did not create practical opportunities for the National Bank to develop its activity. The National Bank of Albania was closed in June 1914, without carrying out any significant activity.
Pages of the Concession for the establishment of the National Bank of Albania, with the signatures of Ismail Qemal bey Vlora, five of the ministers of the Provisional Government of Vlora and representatives of the Italian and Austro-Hungarian financial groups.
