banking agencies, reporting on the financial soundness indicators for the entire banking system. several years later, these activities resulted in : the continued monitoring of systemic risks in the standing committee for financial stability, chaired by the central bank, regularly performed macroeconomic stress tests, and the signed memoranda on understanding and cooperation with regulators from the home countries of the banking groups operating in bosnia and herzegovina. we have also established the central credit registry which helps banks to manage risks, having insight into the credit histories of their clients in the entire country. 2 of 5 our cash operations underwent a serious test in october 2008, when, our citizens, in panic, withdrew significant amount of deposits from banks in only several days. thanks to the prompt response, we provided enough foreign currency, mostly euro, confirming in that way the full coverage of the convertible mark. during the recent years, in the third phase, the central bank has had an increasing prominent role in fulfilling the international obligations of our country. during this period, we continue to strengthen our functions and resources. in addition to regular publications, we prepare other analytical publications, such as the ecb assessment on financial stability for eu candidate and potential candidate countries. we have representatives in many working bodies, groups and institutions at the local and international level, particularly in the european integration field, for example, with the aim to prepare the answers for the european commission questionnaire. through the intense cooperation between the central bank and its partner institutions, such as the european central bank, we are working on : the implementation of new rules and policies, changing our practices and training our staff in compliance with the european standards. this contributes to the development of the culture that will help the entire society to recognize the central bank ’ s independence as a public interest. we also highly appreciate the support of the international monetary fund, which had a key role in the establishing of the central bank twenty years ago. we hope that such support will continue in the future, especially in the activities aimed at the strengthening of the banking system in bosnia and herzegovina. 3 of 5 we also appreciate the valuable support which we received during this period from the office of the high representative in bosnia and herzegovina and institutions such as the world bank, usaid, giz and other, for significant projects we implemented together. in the future, the central bank will continue with its mission to : harmonize with the eu standards, modernize and improve its work, payment systems, cash management operations, increase institutional quality by using the

best practices and experiences of other, fully developed central banks. in the end, allow me to say that i am proud that the central bank is a fully independent, credible and transparent central bank, presenting the anchor of the country ’ s macroeconomic stability. for all these years, in the complex reality of bosnia and herzegovina, one thing has been certain : the value of convertible mark, expressed in euro, has never been questioned. i also have to emphasize that this institution ’ s successful performance is brought about by its human resources. the bank ’ s highly skilled employees have been dedicated to developing this institution and achieving the results that we are proud of today. the success that we have achieved during the last twenty years and the contribution we have made to the society that we serve are largely due to the trust invested in the central bank. therefore, my dear colleagues, representatives of the government and friends, representatives of the media that have professionally reported on our work, thank you for the support that you have always provided to the central bank and its objectives! the governing board, the management and the employees of the central bank will continue to work in the way which will prove worthy of your confidence. 4 of 5 thank you once again for celebrating with us this important anniversary and we wish you a pleasant stay in sarajevo and bosnia and herzegovina. # # # 5 of 5