volatility of short - term interest rates around a given level of official interest rates. i would also emphasise that the actions undertaken were not in any way motivated by an attempt to mitigate losses for those who had taken excessive credit market risks. rather, the substantial injections of liquidity by central banks were intended to contribute to stability in the interbank market at a time of significant strain. the situation in ireland in the recent financial stability report of the central bank and financial services authority of ireland, we have concluded that while the risks to financial stability have increased since last year, the stability and health of the banking system here remain robust when assessed by the usual indicators of financial health such as asset quality, profitability, solvency, liquidity and credit ratings. however, like their international peers, irish banks have been operating in an environment where liquidity is not as readily available as heretofore. in addition, notwithstanding the fact that the larger institutions have diversified their businesses outside the irish economy, the banking sector is operating in an economy where growth will be slower by comparison with recent years. investor sentiment towards the banking sector globally has been negative in recent times and irish banks have not been immune from this. however, the current situation and outlook for irish banks, based on an assessment of developments so far, is positive. firstly, the sector's shock absorption capacity has been largely unaffected by the turbulence in international financial markets. a survey of the exposures of irish banks published in the financial stability report shows that the domestic banking system has no significant direct exposures to us sub prime mortgages and essentially negligible exposures through investments and through links with other financial companies or special purpose vehicles. in addition, the exposure of domestic institutions to hedge funds and private equity is very low by international standards. secondly, given the extent of the disruption to normal market functioning internationally in recent months, it is inevitable that access to liquidity in the interbank market by irish banks, like all banks, would be affected. however, the comprehensive liquidity framework within the eurosystem and the significant volumes of collateral held means that irish banks are well positioned to access eurosystem liquidity. also, a fuller assessment of the funding patterns of irish banks indicates that there is a significant medium - term element to much of their funding, as well as a relatively wide range of funding options available to them. finally, our stress - testing of the banking system and our extensive financial stability analysis indicate that irish

elisabeta gjoni : role of money in wartime opening remarks by ms elisabeta gjoni, first deputy governor of the bank of albania, at the second conference of the museum of the bank of albania, tirana, 20 september 2018. * * * dear guests, participants, researchers, academics, numismatists, collectors, students, welcome to the bank of albania! it is a special pleasure for me to open the proceedings of the second conference of the museum of the bank of albania on “ role of money in wartime ”. the rich collection of coins and banknotes and other items exhibited in our museum becomes more meaningful when supported by the historic background of the period of the country of issue. the organisation of this conference, an annual one, contributes to the both the historic and educational role of the museum. this conference is also an excellent opportunity to share experiences with representatives of the main institutions of culture in albania and museums of central banks and other prominent foreign institutions in this field. i am happy to see in this room both old and new collaborators, whom we wish to be “ permanent consultants ” of the bank of albania. we aim to create and cultivate a solid and productive relationship with the best experts in numismatics, museology, cultural heritage and research. dear participants, today ’ s presentations will address the mutual, complicated and multi - dimensional relation between money and war. wars have had an impact on the economy and development of human kind from the birth of civilisations to modern times. meanwhile, in the words of the socrates, the greek philosopher, “ all wars are fought for money ”. we heard some good examples that illustrate this relation in last year ’ s conference. we heard from prof. picard about king monunius, who is known thanks to the respective coin. he had it minted for the sole purpose of raising a strong army, convinced that his might rested with the army. from prof. egro, we learned that mahmut pashe bushatlliu and ali pashe tepelena tried to introduce their coins and banknotes, independently from the ottoman empire, not for financial purposes but as a token of rebellion or an attempt to break away from the empire. later on, in ww1, we see the banknotes of the republic of korca, which are a rare phenomenon not only in terms of numismatics, but also a materialisation of the early issues as a result of the war