Yes, my role is sometimes to remind you of your 5-a-day  Page 9  commitments, to maintain a healthy and balanced diet, even when everyone else is promising you ice-cream. So let me circle back to the core of my remarks today: the BPA market is in a period of accelerated growth and yes, while we are pleased with the opportunities this brings, insurers should approach this with moderation. Our existing principles, including senior management responsibility and the Prudent Person Principle – play into all the areas. These are importantly strengthened and supplemented by the additional supervisory measures announced in the Solvency UK package. The combination of existing and new tools will bolster the role of Boards and firms’ senior managers owning their decisions. And, through improved disclosure, we will support market discipline to empower broader stakeholders. Should those prove insufficient, we will not shy away from highlighting areas of market-wide concern or taking the necessary supervisory actions. My resolve is strong: A healthy and sustainable life insurance market is a long-term value creator for the whole economy. It is in everybody’s interests to work together to ensure a dynamic vibrant industry for years to come. One that serves the needs of, and provides protection for, customers, and makes the strongest contribution it possibly can to investment in the wider UK economy. I would like to thank Alwin Luchmaya, Sejal Haria, Alan Sheppard, Stephen Walton, Igor Brkic, Jemima Ayton and Tapasya Bhandari, for their assistance in preparing these remarks. Thank you. 1.

Joint EU integration would supersede certain regional integration frameworks, such as trade and factor mobility, but it would not supplant the need for further policy dialogue and common regional perspectives and solutions. Let me now to briefly describe the role of institutions in structural reforms in Albania. Institutions and structural reforms in Albania It is virtually impossible to do justice to the breadth and depth of reforms in Albania over the limited allotted time. Therefore, I will try to highlight only its main items. In order to improve our business environment, the Albanian authorities have engaged in comprehensive reforms of the property rights, of the tax regime, of the electricity sector, of the general infrastructure, and remain engaged in the fight against informality. The most recent measure in this regard is a banking sector regulation that aims to put an end to the practice of lending through uncertified company balance sheets. Further, to enhance efficiency and tackle corruption and informality, a determined drive to improve the functioning of the public administration, which broadly speaking encompasses also the judicial system reform, has been undertaken. In order to increase economic stability and to improve financial resilience, we have initiated a wide ranging set of reforms. To that end, the Government has improved its public finance management procedures, has adopted a fiscal responsibility framework, and has undertaken measures to reduce debt. The Bank of Albania has strived to model itself after the ECB. Its professionalism has increased while its independence, transparency and credibility have all improved.