the rapidly increased non - performing loans in the recent years, reflects, inter alia, a number of known and unknown problems of collateral execution. therefore, together with the banking industry, we have identified and made relevant proposals for a higher efficiency of the collateral execution process. in consultation with other important stakeholders in this bis central bankers ’ speeches process, legal amendments to the civil procedures code and to the civil code have been drafted. these amendments aim to accelerate the obligatory collateral execution, avoiding procedural delays caused by bank debtors. more specifically, the proposed amendments address the following : • courts do not take measures to secure charges / sues, when the bailiff actions are rejected ; • courts do not take measures to secure charges and do not suspend the execution of collateral, when the debtor requests the invalidity of the executive title, arising from a bank credit ; • reduction by 50 % of the initial price of the immovable property, placing an acceptable average for the debtor and the bank, and making clearer the value ( price ) of the item with which the second auction begins. we are informed by the ministry of justice that these amendments are in process of finalisation and this legal package will be sent for approval to the council of ministers and then to the parliament of albania. i take this opportunity to iterate the need for these legal proposals to be approved by the assembly of albania at an earlier time possible. improvements in the legal framework and collateral execution practice would provide public authorities with new spaces to boost lending in albania. 2 – monetary policy pillar i mentioned earlier that bank of albania ’ s monetary policy has been easing recently, undertaking 6 consecutive key interest rate cuts. the one - week repurchase agreement rate, following the last cut in january 2013, reached the lowest historical level, to 3, 75 %. it is a record low, not only historically but also if we compare it with all other economies in the region, including most new eu member states as well. the bank of albania deems that the monetary conditions are appropriate to ensure the meeting of inflation target in the medium run, providing at the same time the necessary monetary stimulus to support domestic demand. however, from the viewpoint of this meeting, the future of monetary policy is what really counts. as stated in the last statement by the bank of albania ’ s supervisory council, the bank of albania will continue to pursue a stimulating monetary policy, as long as inflationary pressures remain weak. furthermore, i would like to ensure the banking

. recently we have made some concrete steps in this direction. therefore, the banking system is more extended geographically and richer in products. increase of assets, rise in the number of clients, modern infrastructure and other developments have made our contribution to cash reduction in the economy be significant. i believe that the above accomplishments, combined with determined administrative measures, will contribute to the closure of informality gates one by one in the economy. however, i observe unexploited space particularly in terms of : increasing opportunities for more electronic payments ; the last year overturned the ratio in the favour of electronic payments, when their level reached the figure of 320 thousand as compared to the number of 300 thousand of payments effected at the windows. this is an encouraging sign, urging us to better focus on this direction. channelling periodic settlements for utility services through bank accounts ; more concretely aec, alb telecom and water supplying should be related to the banking system so that their services are settled electronically. compulsory transfer of salaries of private sector ’ s employees through the banking system ; the so - far experience with the private sector resulted successful, while even some big private operators are applying this method efficiently. i think that the obligation to transfer salaries through the banking system will significantly decrease the evasion existing on income tax and social insurance contributions. i personally think that it is just the time to enhance popularity for imposing the creation of a banking culture and education. the obligation of each individual for opening a bank account in addition to an important massive service the state does to the population, is more than necessary. more concretely, i propose that new cards be associated with a bank account number. in conclusion, it is understandable that for being successful in the long run, more focus is needed on all the problems i briefly treated above. more loans, more prudence in the supervision, more qualified services, more free prices, less cash in the economy, more banking business, will all lead to more access of the population into your business. i deem that this is an essential prerogative that ensures sustainable long - term development of the albanian economy.