The disparity between our two countries in terms of bank accounts accessibility is largely a reflection of the fact that in Italy you cannot get your salary if you do not provide with your bank account number. The anti-cash program initiated by the Bank of Albania clearly indicates that in order to lower the cash economy, we have to abolish the option of cash payments, including here salaries of the private sector, payments of utilities, etc. Our bank is fully committed to support this process at all levels, being these regulatory or technical. Of course, this comes at some cost, which in case of remittances is going from zero rates that informal or cash channels offer to some positive commissions required by formal channels. I understand the concerns raised by some analysts that legislation on exchange rate control or anti-money laundering could increase transfer rates further and push people to go underground. This calls for a revision of regulation that does not penalize the volume of remittances. As I mentioned earlier, the formalization of the economy is a major component of improving business environment in Albania. Therefore, “forcing” individuals to get into formal channels while comes at a short term cost of some positive rates most probably will have the long term benefit of signaling the serious intentions that we are moving on the right directions to both emigrants and foreign investors. For recipient families, accessibility to financial institutions plays a more important role due to large percentage of receipts delivered straight to the recipient’s door.

It is therefore, in the banking institutions' interests to ensure that the competence and professionalism of staff in their industry is further strengthened. The success in developing a robust industry competency framework requires collaborative endeavours among all the parties involved, based on a common vision of an industry which embraces the values of continuous learning and development. The industry competency framework is being developed through a participatory process involving strategic insights and feedback from industry leaders in the country and the region. Detailed work is already underway, following the executive interviews which you have participated. Your continued strong support, commitment and contributions will be instrumental in ensuring the success of the industry competency framework. With rapid changes taking place in the financial landscape, we need a new generation of professional bankers who are more customer-centric, technology-savvy, more highly qualified, flexible and agile with skill sets that are now more comprehensive than previously. As we prepare ourselves for a more challenging environment, the need to build a competent human capital base with high integrity, right attitudes and work ethics, as well as to maintain a learning environment could not be overemphasised. In realising the goals of a progressive and dynamic financial sector, greater efforts must be directed to building human intellectual capital in a continuous cycle of competency development and enhancement. Let me conclude on this note and wish you a most productive discussion session. Thank you. 2  BIS Review 83/2005