ahmet ismaili : creating values – a gateway for the future introductory remarks by mr ahmet ismaili, governor of the central bank of the republic of kosovo, at the conference " creating values – a gateway for the future ", organised by the society of certified accountants and auditors of kosovo, pristina, 8 november 2023. * * * honoured mrs. mehmeti – spanca, general auditor of the republic of kosovo honoured, mr. pllana, chairperson of the scaak board, honoured, mr. murtezaj, executive director of the tax administration of kosovo, honoured, mr. xhema, acting director of the financial intelligence unit, honoured, mr. perani, representative of the international financial corporation ( ifc ), honoured representatives of financial institutions, honoured representatives of business and professional associations, honoured panel members, respected participants, ladies and gentleman, allow me to first express my gratitude to the society of certified accountants and auditors of kosovo ( scaak ) for inviting me to gladly address you on the marking of the accounting and auditing professions week, emphasizing the importance of these professions in accurately reflecting the situation and performance of business entities, respectively to ensure independent and objective assessments on the accuracy and reliability of financial information. taking into account the importance of commercial entities in the country's economic development, a fair reflection of the situation and performance of their activity is of a critical importance in order to build a stable economy as well as a developed state and with integrity. this element is a precondition in initiatives such as capital market development as well as in other initiatives. the central bank of the republic of kosovo, according to its mandate to license, regulate, and supervise financial institutions in the republic of kosovo in the function of maintaining financial stability, is committed to providing a regulatory framework in accordance with best international standards and practices for the purpose of financial institution reporting and auditing, as well as approval of external auditors that audit these institutions. 1 / 3 bis - central bankers'speeches therefore, in cbk's supervisory role, the external auditor profession acts as a vital instrument in achieving its purpose. the cbk cooperates closely with the kosovo council for financial reporting to promote improvement of the quality of supervisory and financial reporting functions, and according to the law, the cbk has a representative in this council and the public supervision board. the cbk is also committed to building human capacities in the field of accounting and auditing through training and

net income exceeding $ 90 billion for the full year of 2007. in addition, the overall nonperforming assets ratio remained below levels reached earlier in this decade. the earnings performance of the fifty largest u. s. based bank holding companies as a group, which together represent more than three - fourths of all assets at bank holding companies, has clearly been subpar over the past two quarters and accounts for the industry's overall weak performance. in aggregate, these companies generated overall losses of over $ 9 billion for the fourth quarter, incorporating asset write - downs of more than $ 31 billion and loan loss provisions that exceeded loan charge - offs by $ 14 billion. nonperforming assets also swelled at these companies during 2007, doubling from $ 33 to $ 67 billion, and raising the nonperforming assets ratio from a historically low 0. 70 percent at december 31, 2006, to 1. 25 percent at the end of 2007. liquidity has also been under pressure at some of the fifty largest bank holding companies. in many cases, these pressures reflect difficulties securitizing some assets and the need to bring on balance sheet some assets that had previously been securitized. as a result, banking companies have experienced a moderate overall decline in liquid assets as a portion of total assets, and strains have emerged in term interbank funding markets. bank holding companies are actively responding to these pressures and some have sought to increase more stable sources of funding to bolster their liquidity positions. in addition, as noted in last week's monetary policy report, the federal reserve has taken a number of steps to address the difficulties in term funding markets. asset write - downs and unplanned increases in assets have placed pressure on capital ratios and caused some banking organizations to take a more cautious approach to extending credit. however, large bank holding companies in aggregate and individually continued to maintain regulatory capital ratios in excess of minimum regulatory requirements. as of december 31, 2007, the fifty largest bank holding companies reported aggregate tier 1 leverage, tier 1 risk - based, and total risk - based capital ratios of 5. 3, 7. 5, and 11. 1 percent, respectively. in part, these capital ratios reflect steps taken by several large bhcs to replenish depleted equity positions by curtailing share repurchases, reducing dividends, and raising additional capital in order to maintain desired capital levels relative to regulatory norms. indeed, in recent months, large bank holding companies have raised