At the beginning of 2015, the AFISaR system started operation - this is the central electronic register for the documentation of each element that accompanies the issue and transactions with securities issued by the Albanian state. In the meantime, other successes achieved with regard to information technology include: •  automation of the reporting system of banks to the Bank of Albania;  •  integration and optimisation of the IT network utilisation, thus reducing operational costs of the Bank of Albania;  •  automation of accounting operations at BoA branches;  •  and increase of information processing and storing capacities. 2  BIS central bankers’ speeches  Bigger challenges lie ahead of us in 2016. Another important objective is boosting credit to support the private sector, certainly at lower interest rates. The business plans of banks for 2016 render us optimistic in this regard. Meanwhile, once again I emphasise that our monetary policy stance will remain accommodative in 2016. Furthermore, private sector's demand will be low throughout 2016, thus creating premises to increasingly channel the banking system's liquidity to the private sector. I would like to guarantee the banking system in Albania that the Bank of Albania will be a reliable, open and serious partner, in compliance with its mandate, implying its supervisory function. One of the main aspects in our work will be the compilation of a particular law to deal with banks facing a difficult financial situation, also known in our daily jargon as the Resolution Law.

The above-stated situation served to test the efficiency of the measures on securing liquidity. On the other hand, they promoted the spirit of solidarity and fair competition among banks. Another important aspect of our work was the contribution in the framework of Albania’s approximation to the European Union. In 2015, we intensified the cooperation with the European Central Bank, ESCB central banks, and other European bodies dealing with financial regulations of the Union, notably the cooperation agreement with the European Supervisory Authority. We strengthened, at the same intensity, the cooperation with the International Monetary Fund, World Bank and Bank for International Settlements, and regional central banks. The Bank of Albania has also undertaken concrete steps about the development of payment systems. The National Committee on Payment Systems was established in October 2015. This is an inter-institutional committee that will contribute to enhancing the security, stability and efficiency of the national payment systems in Albania. The Law on Savings and Loan Associations (SLAs) has been drafted and is pending approval by the Parliament. This law regulates the licensing, supervision and activity of the SLAs in compliance with the best standards. In close collaboration with the Albanian Deposit Insurance Agency, amendments to the Law on Deposits Insurance have been drafted. These amendments consist in new norms addressing the SLAs and include legal persons in the insurance deposits scheme. The past year was successful also regarding the information technology. Although such projects are less visible to the public, they are of key importance.