civil code procedure of the republic of albania, which are expected to provide positive effects in terms of easing and shortening the time frames of collateral execution procedures for loans extended by banks and branches of foreign bank. also, in view of improving the existing regulatory framework in banking supervision area, intending its adjustment to the requirements of the new law “ on banks in the republic of albania ” ( which entered into force on 01. 06. 2007 ) and to the acquis communautaire in this area, and in accordance with the commitments under the stabilization and association agreement, the bank of albania adopted some regulations on internal audit system and transparency of banks to the public, which are expected to positively impact the overall management and administration of banks. european integration in the framework of european integration, the bank of albania has paid special attention to the meeting of bank of albania ’ s obligations stemming from the saa related to meeting the copenhagen economic criteria for eu membership, guaranteeing the right of decisionmaking and the freedom to provide financial services to ec banks and other financial institutions, liberalization of capital flows and of payments between albania and the eu, as well as approximating the albanian legislation with that of the european community ( acquis communautaire ) in these areas. during 2008 the bank of albania kept regular contacts with the ministry of european integration and posted there monthly progress reports, which reflect the progress achieved in terms of implementation of legal and applicable measures, in accordance with the terms specified under the national plan for the implementation of the saa, as well as a description of the degree of compliance of the legal acts adopted by the bank of albania with the acquis. in the framework of the national plan for the implementation of the saa ( 2007 - 2012 ), the bank of albania continued working for legal issues and applicable measures it should adopt. hence, pursuant to the law “ banks in the republic of albania ” which entered into force on june 2007, the banking supervision regulatory framework was reviewed, particularly in terms of management, transparency and internal auditing of banks. transparency of the bank of albania and its communication with the public a special importance in the everyday activity of the bank of albania is given to public relations and communication, since an open and transparent communication with the public helps to raise confidence in and efficiency of its decision - making. the bank of albania has carried out a number of activities and meetings with banking and financial system stakeholders, with different representatives of the media and academics, lectures

each of you to urge your government to move in this direction if it has not already done so. as supervisors and regulators, we must continue our efforts to promote solid and transparent programs covering year 2000 information sharing, testing, and contingency planning. i am convinced that through the aggressive efforts of the global supervisory community and the firms that we supervise, we can build confidence that the financial sector will rise to the occasion long before january 1, 2000, which i might remind you is only 439 days from today.