Ardian Fullani: Development of the interbank market in Albania and the Bank of Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Forum “Interbank Market Development and Improvement of Operational Policy at the Bank of Albania”, Tirana, 21 June 2010. *  *  *  Dear bank managers, Dear colleagues, We are gathered here today to discuss an essential issue concerning the performance of our financial market and the Albanian economy on the whole: interbank market development and strengthening. I do believe that the role and importance of the interbank market is clear to all attendees. It represents the first link of liquidity trading in economy and the most transparent price setting mechanism. By providing the appropriate instruments and partners for liquidity trading, the interbank market allows the refinancing of short and medium-term positions and facilitates the mitigation of your business’ liquidity risk. The banking system and the interbank market represent the exclusive setting monetary policy operates in. A developed, active and efficient interbank market enhances the efficiency of central bank’s monetary policy, transmitting its impulses into the economy best. Thus, the development of the interbank market smoothes the progress of financial intermediation and boosts lending to economy, hence improving the country’s economic and social welfare. The deepening and broadening of the financial market is one of the key structural reforms in economy. It should be ceaseless and it requires the commitment of domestic and external factors.

While national disaster risk management efforts are important, ASEAN member states can achieve even more by taking collective responsibility, and adopting a coordinated approach to building a regional platform in order to: Collect good quality, high resolution data, which is necessary to quantify ASEAN’s economic and insurance exposure to disasters Enhance capacity building, learn from each other’s experience and consolidate best practices, as well as equip policymakers with knowledge on enabling legal and regulatory frameworks to deploy disaster risk financing solutions; and Third, develop robust regional disaster risk financing solutions such as regional sovereign risk pools and catastrophe bond programmes. 10. Over the past decade, ASEAN has made notable progress to institutionalise disaster risk management across the region. Specifically, it has put in place the necessary coordinating platforms to manage disaster risks holistically across the entire value chain of disaster risk assessment, disaster risk financing and disaster risk response. First, Disaster Risk Assessment. In 2013, the ASEAN Cross Sectoral Coordinating Committee on Disaster Risk Financing and Insurance (ACSCC) was established to strengthen regional coordination of disaster risk management. ACSCC brings together 3 key stakeholder groups: Finance Ministers and Central Banks represented by the ASEAN Finance and Central Bank Deputies Meeting (AFCDM); Insurance regulators represented by the ASEAN Insurance Regulators Meeting (AIRM), and the National Disaster Management Organisations which are represented by the ASEAN Committee of Disaster Management 2 (ACDM).