the transposition of european union directive ( psd ), which is considered as one of the most avant - garde pieces of legislation in this field, is a concrete initiative in this regard. the bank of albania, in collaboration with the experts of the world bank and bank of italy, has prepared a draft - law, which will be subject to public discussions very soon. to support these initiatives, the bank of albania is analysing the possibility of innovative 1 / 2 bis central bankers'speeches developments in the systems we operate, such as : instant payment, which, based also on international experience, would reform the payment markets from the digitalisation point of view. * * * * * * dear participants, given its very nature, this new dimension of payment systems development requires certainly broader cooperation by all the stakeholders. in this regard, the inter - institutional cooperation has resulted as very effective through the organisation and functioning of the national payment systems committee. the committee is a collegial advisory body, chaired by the bank of albania, and is making important steps forward toward reformation and modernisation of retail payment systems. its vision for the future is “ creating a contemporary and all - inclusive retail payments market, supported by safe and efficient infrastructure, and a broad range of instruments and services that satisfy the needs of the users ”. the realisation of this vision requires legal, regulatory and infrastructural developments. it must be noted that the above - cited initiatives, formalised in the relevant national strategy, have been substantially supported by renowned international institutions such as the world bank, the european central bank, and central banks from eu countries. hence, let me now extend my sincere appreciation to these institutions for their support, and to their distinguished representatives who will share with you today their experience in the development of retail payment systems market. from the perspective of communication and cooperation, the regional cooperation and sharing of experiences is deemed as very important and fruitful. as a result of market development and cultural characteristics and financial education level in the countries of our region, experience sharing assumes particular importance, as it may contribute significantly to achieving the goals more effectively. last but not least, another development is the joint initiative of the bank of albania, ministry of finance and economy, and minister of state for diaspora for a higher attention related to attracting and effectively using remittances, as a component of retail payments. at the international level, remittances make a significant contribution to the economy and welfare of the people

mortgage operations. the reviews will evaluate the companies'underwriting standards and seniormanagement oversight of risk - management strategies for ensuring compliance with consumer protection laws and regulations. our partners in this initiative are the office of thrift supervision, the federal trade commission, and state agencies represented by the conference of state banking supervisors ( csbs ) and the american association of residential mortgage regulators ( aarmr ). at the conclusion of the reviews, the agencies will analyze the results and determine whether to continue the project and, if so, how to focus future reviews. loss mitigation efforts the board also has worked with the other federal financial agencies to guide federally supervised institutions as they deal with borrower mortgage default. in april 2007, the federal financial institution agencies issued a statement on working with mortgage borrowers. the statement encourages federally regulated institutions to work constructively with residential borrowers at risk of default and to consider prudent workout arrangements that avoid unnecessary foreclosures. in cooperation with csbs, the federal financial agencies issued a statement on loss mitigation strategies for servicers of residential mortgages in september 2007 to address subprime and other mortgage loans that have been transferred into securitization trusts. the statement calls on servicers of securitized mortgages to review the governing documents for the trusts to determine the full extent of their authority to restructure loans that are delinquent or in default or are in imminent risk of default. to the extent possible, efforts should be made to avoid foreclosure. we encourage servicers to reach out to financially stressed homeowners, to make every effort to keep them in their homes. lenders and servicers, for example, may be able to assist troubled borrowers by modifying the loan, deferring payments, extending the loan maturities, converting an adjustable - rate mortgage to a fixed - rate or fully - indexed loan, or capitalizing delinquent amounts. the best outcome is a loss mitigation strategy that results in a mortgage obligation that the borrower can meet in a sustained manner. the use of these and other lossmitigation techniques is consistent with the interagency guidance that emphasizes the importance of prudent underwriting practices to help ensure that borrowers can meet the terms of their mortgage obligations and maintain homeownership. legislative responses congress is appropriately concerned about problems in the mortgage market. the mortgage reform and anti - predatory lending act of 2007 takes a comprehensive approach and is appropriately