management will be an increasing priority for asia. the interconnectedness of natural catastrophe risk management calls for going beyond borders ; and across stakeholders, both government and industry, to coordinate holistic strategies and manage natural catastrophe risks in a sustainable manner. 16. the icrm annual symposium serves as a unique opportunity for various stakeholders to come together to discuss challenges, and chart the course for natural catastrophe risk management in asia going forward. i understand that there is a line - up of interesting presentations covering very pertinent topics such as post - disaster impact analysis “ source : ‘ ifc partners with maipark to provide earthquake - index insurance for indonesian banks ’ ”, can newswire, 1 october 2013. bis central bankers ’ speeches experiences and the types of catastrophe risk transfer and financing solutions, over the next 2 days. 17. on this note, i wish you a productive and memorable time at this symposium and in singapore. thank you. bis central bankers ’ speeches

in the framework of the national plan for the reduction of non - performing loans. in view of this goal, the bank of albania has : ( i ) prepared a draft - regulation on the out - of - court treatment of non - performing borrowers ; ( ii ) extended the requirements for using official financial statements in the assessment of credit risk for all categories of borrowers ; ( iii ) initiated measures for improving the credit registry ; and, ( iv ) started work for harmonising credit reporting in accordance with international standards. the bank of albania has initiated concrete measures to promote the use of the domestic currency in our financial system and has continued working on the development of the macro - prudential policy and on establishing early warning systems for systemic risks. increased attention has been paid to the oversight of the implementation of measures for the prevention of money laundering, in cooperation with the directorate general on the prevention of money laundering. the final evaluation report of the committee of experts on the evaluation of anti - money laundering measures and the financing of terrorism ( moneyval ), rated the effectiveness of financial institutions as “ substantial ”. in particular, banks show they know well their legal obligations and risks, and have generally taken due measures commensurate to the risk level. the evaluation process was accompanied by a plan of measures for addressing the main problems ; their implementation will continue in 2019. in the capacity of the resolution authority, in 2018, the regulatory and procedural framework for resolution planning was prepared and the compilation of individual resolution plans started. also, in 2018, the resolution fund was established and the procedure for its management was put in place. lastly, i would like to reiterate that safeguarding financial stability is a responsibility not only of the bank of albania, but also of other regulatory agencies and the government of albania. policies and measures for safeguarding financial stability and strengthening banking system ’ s resilience require that all parties continue the coordinated, inter - institutional and multi - dimensional efforts. 3. improvement of financial markets and payment systems in view of its duties and commitments, the bank of albania has continued to promote the development of the financial market and to improve further the payment system. thus, in cooperation with the ministry of finance and economy, the project for promoting the development of the primary and secondary markets for government securities continued 3 / 5 bis central bankers'speeches successfully. this project paves the way for deepening the financial market, expanding and diversifying the base of investors in government debt and reducing its cost