a prudential policy in performing its function as a licensing authority of financial entities that are involved in the crediting activities. in the spirit of what i have stated above, i use the opportunity to express our commitment to involve in our supervisory structure all those credit companies or institutions, which one way or another mobilise the population ’ s funds or manage public funds in the crediting process. assessing the information issue as a critical element in facilitating the lending activity, i would like to point out that bank of albania has already included the project of establishing the credit register in its immediate plans and we are strongly committed to implement it as soon as possible. this register shall be under administration of bank of albania and the participation of other member banks of the system will be compulsory. only in this way, the information evasion can be minimized as well as its integrity can be ensured, and it would be simultaneously available for each of member banks of the system. 2 / 4 being aware that credit issue is complex and connected with many obstacles arising from inaccuracy and misadministration of the mortgage system, from deficiencies in the civil procedure for mortgage execution, which make the operation of executor office difficult in administering correctly these procedures, we will undertake initiatives aiming at enhancing the effectiveness of mortgage system, as a guaranteeing and selective instrument of great importance. the banking system has a primary role in creating a warm climate in the relationships between business and bank. above all, i would like to request that the banking system be more transparent and open to the public. transparency is one of the most important factors, which strengthens the relations between client and bank and, furthermore, it gives a wider meaning to the reciprocity concept in the bilateral relations bank - depositor and bank - business. i think that most of the common people still manifest a certain hesitation to refer to banks. one cause might be also the lack of detailed information. banks should be more active, not only for advertising new products and services, but also for explaining more correctly the prices / costs they hold and the necessary requirements that are to be met for their benefit. there are not a few cases when clients are not well informed on the interest rate they have to pay for their loans or on the criteria applied by the banks to benefit credit. communication from depositors is neither the best. while small changes of deposit interests may be justified by the changes of market conditions, changes somewhat stronger need to be accompanied by full

relevant information and explanations. the strengthening of this transparency should be accomplished not only in the name of ethics but also in the name of the increase of market competition. the system can play a greater role in reducing cash in the economy, by increasing and improving further the level of services. the positive recent developments have given their effects in reducing cash quantity in the economy. on the other hand, we have conducted an intense public activity, of informative and promotional character, where meetings of another nature have frequently been held and in which we were concretely involved as a banking system. allow me just to remind you the open meetings we have already organised with the business of utility services and with that of treasury bills primary market. i hope that now, after finalising the automated electronic clearing house project, each bank should think seriously of increasing the benefit degree from this new facility offered by the bank of albania. after the implementation of this project, i estimate that we should think more seriously of increasing the number and the quality of electronic payments. for this purpose, i would appeal to start thinking from this moment on of future projects in the payment infrastructure. i personally will insist that even in this direction we should focus as a banking system on the european union directives, so that to orient every step in the future towards the country ’ s integration in the european union. short time ago i was informed about a new initiative of eu, which requires establishing within a certain period of time, a unified payment system within the euro area, including payments with cards. for this purpose, i would suggest that respective specialists from the association and bank of albania be informed as soon as possible about this project and they should come out with their relevant suggestions. also, i remain persistent in my position that we have to adopt in albania the most advanced solutions for all the infrastructure projects we are going to implement. i believe that we don ’ t need to examine and consider old - fashioned models, which besides the initial cost would require all the time new funds for their maintenance and modification. in addition, now when the public administration became a client of the system, i think that there are real opportunities to solve the payments of utility services through the banking system. returning to the financial markets, i think that in spite of the above - mentioned restrictions there is room for improving competitiveness among banks even under the current conditions. i would like to draw your attention on the following topics : • the system should be more active and keep its public promises to put its