PRESS RELEASE
The Governor of the Bank of Albania, Mr. Ardian Fullani, meets officials of the Financial Sector Assessment Program of the IMF and World Bank

Within the context of their visits and meetings held with the officials of Albanian financial institutions, during 9-10 November 2004, the representatives of the World Bank and IMF, respectively Mr. Lalit Raina, Chief of Financial Sector at the World Bank and Mrs. Laura Kodres, Assistant to the Director of Research Department at the IMF, have been received in a special meeting by the Governor of the Bank of Albania, Mr. Ardian Fullani, on 10th November 2004. Both of the representatives will be in charge to manage the Financial Sector Assessment Program (FSAP) that the IMF and World Bank will carry out in our country at the beginning of the next year.

The Financial Sector Assessment Program's officials briefed to the Governor the importance of this process and highlighted the crucial role the Bank of Albania will have to play in this program. This crucial role of the Bank of Albania consists in meeting the assessment targets in accordance with the Financial Sector Assessment Program and particularly with the models and transparency of the supervision and monetary policy operation, as well as insuring a normal functioning of important payment systems.

The necessity to actively involve the banking system in this process, since it represents the major part of the country's financial system was another essential topic discussed in the meeting. The Financial Sector Assessment Program's officials estimated the preliminary preparations carried out up to now by the main departments of the Bank of Albania and put as well an emphasis on the necessity of accelerating the work towards collecting diverse data and references, designing and reviewing the information and sending it at earliest convenience to the Mission.

The Governor, in turn, expressed his willingness to collaborate on a comprehensive basis in this process, insuring that the Financial Sector Assessment Program process would be the main focus of the activity carried out by the managing structures of the Bank of Albania. The way the organizing work will be executed within the institution would help to meet in a rapid and qualitative manner the Mission requirements. Importance will be given to the responsiveness on the priority of this process, the inclusion of commercial banks, as well as the coordination of work with other financial institutions.

At last, both parties highlighted the successful collaboration achieved up to now between the respective institutions and expressed the assurances that the Financial Sector Assessment Program would provide not only a real assessment of the financial system in the country but also effective recommendations aiming at the strengthening and well-functioning of this system in the future.