PRESS RELEASE
Speech of Mr. Ardian Fullani on the occasion of the signing of the Agreement on the field of Banking Supervision between the Bank of Albania and the Banking and Payments Authority of Kosova

I would like to take the opportunity from this occasion of the signing of the Agreement on the Banking Supervision to say that I really feel excited for being here in Prishtina today. It is my first visit since I took over the position as Governor of the Bank of Albania and I would like to assure you that it will not be the last one.

There are many reasons that pushed me to make this commitment today in front of you, and among them, I would like to focus on the necessity that our two institutions, the Banking and Payments Authority of Kosova and the Bank of Albania should raise the level of cooperation and reciprocal assistance.

During this last period, I have personally attended meetings not only at the central banks of our region, but I have also met with high representatives of the interested international institutions. I have found everywhere an atmosphere of understanding and support, particularly with regard to the initiative for a greater cooperation between the region's central banks.

I would like to focus a bit more on this point, as I am of the opinion that it represents one of the relevant directions to which we should pay more attention in the future. The agreement that we signed today is a supporting evidence in this direction and based on the conversations I had with Mr. Svetchine, the UNMIC officials and with Mr. Kosumi, I can say that they have shown their goodwill and commitment as regards cooperation in this field.

More specifically, we have established contacts with all the central banks of the region, up to the high levels of representation and I have realized that in every case they have expressed their readiness to further intensify the regional cooperation in this context. On the other hand, in the contacts with relevant international organizations such as the European Commission, World Bank, as well as the European Central Bank and many of the members of the European System of Central Banks, I have widely discussed this issue and I have found their total support in relation to the specific problems that characterize the economic and financial development of our region. At present, there exist many opportunities that we should use in a wise manner, since a collective action from our part would greatly improve the image of the region in front of the international community and it would make our final aspiration for EU membership easier to achieve.

On the other hand, I think that we should benefit from the work in group for yet another reason. Regardless of the different levels of the countries' developments and despite many other geopolitical factors, I hold the opinion that in the fields of economy, the banking sector, structural reforms, finance and markets, we show the same symptoms and to a certain degree, priorities converge. This is why I think that foreign assistance will be more effective. This is why I think that the several projects that may be prepared by the foreign donors would be more effective. I think that the region will show more or less the same progress without creating wide contrasts which - according to a long-term perspective - could emerge as serious problems.

I hope that the agreement we signed today will only be the first step in the long road towards the comprehensive cooperation between our two institutions. Personally, I consider the fields of payments, research, human resources and statistics as other areas of reciprocal interest. Cooperation should be concrete and should serve to the adoption of better standards, as well as to the exchange of opinions with regard to various matters related to the regulatory framework.

As regards the Agreement of Understanding in the field of Banking Supervision, I would like to emphasize the fact that a standard model which is in compliance with the European directives and the Basel Committee has been adopted. This is a concrete and appropriate common commitment with regard to cooperation in the field of supervision. It is worth mentioning that both parties, among other things, will extend their cooperation in the field of organizing common events as well as various training programmes of common interest.

Personally, I think that the Bank of Albania has already developed its supervisory and analyzing capabilities to a satisfactory level, and as a consequence, I think that our assistance in this field will be useful. At the same time, I think that in the Banking and Payments Authority of Kosova, as a more recent institution, these capabilities are being developed at a satisfactory pace and I believe that its staff holds many practices and findings that they could offer to their colleagues at the Bank of Albania.

At the conclusion of this short speech please let me express once more the great pleasure that this visit gives to me. I avail myself of this opportunity to assure my Kosovar friends that they will always find in me and in the Bank of Albania an open window not only for hospitality, but also an infinite opportunity for cooperation, assistance and devotion.

Thank you once more.

Prishtina July 6, 2005.