education. through a number of activities, educational publications, lectures, films, and applications, irrespective of their age, visitors learn about financial products and system. the history of money originates long ago and its developments are closely related to the people that have produced it. its role is not limited to the economic functions ; it is also a historic evidence of the minting or issuing country. it speaks about periods of economic crisis or downturns, of peace and prosperity, of successes and injustices. in this context, we decided to dedicate the first conference of the museum of the bank of albania to two main topics, which we think are the gist of its exhibitions and educational activities. 1. findings, researches and discussions in the area of monetary production and circulation, the history of the economy and banking activity in albania and albanian historic territories, which contribute to accurate interpretation and updating of information transmitted to the visitors 1 / 2 bis central bankers'speeches through museum collections. 2. the educational role of central bank museums in getting to know the history of money, and banking activities and enhancing financial literacy through exhibitions, education and innovation. for this purpose, we aim, therefore, to bring together foreign central bank experts to share their perspective on the management of central bank museums, collections and educational activities. this conference certainly underlines the commitment of the bank of albania to earnestly engage in both research and educational activities. we are very interested in enhancing cooperation with researchers, academia, peer museums, and specialised institutions in economic, historic and cultural heritage research. such cooperation is an excellent opportunity to bank of albania employees, who may benefit from valuable skills and expertise for our museum. it would also contribute to new networking and collaboration in research activities. in light of promoting and furthering cooperation, we are committed to turning our conference of the museum of the bank of albania into an annual event. also, in 2017, the museum of the bank of albania will organise a cycle of lectures dubbed as “ nights of the museum ”, which will address a variety of topics, such as numismatics, banking history, economic and financial education, philately, art and architecture. these projects aim at developing another aspect of our work at the museum, which would focus on social developments vis - a - vis museum objects. dear participants, the first conference of the museum of the bank of albania coincides with the 25th anniversary of the establishment of the modern central bank of the republic of albania and a two -

##ating sberbank. together with the insolvency trustee ms jiina luzova, we managed to set up the entire process properly. we also managed to get everyone on board, even those who were initially challenging the process. representatives of firms, regions, cities and 1 / 2 bis - central bankers'speeches municipalities withdrew their lawsuits. a large proportion of sberbank's assets sold very well. eska spoitelna bought sberbank's mortgage portfolios. part of its other assets was also sold. the assets which remain are those subject to sanctions. i have good news for the public and representatives of regions and cities : i expect the insolvency trustee to introduce a plan soon for the payout of the remaining part of the assets not previously covered by the guarantee fund. a recovery rate of 100 % is very likely. a large share of the money should be paid out this year, and the rest next year. if that is the case, it will be very positive news. in addition, we inherited the cnb's largest - ever accounting loss. this will be dealt with over a number of years, as it cannot be resolved immediately. this problem does not prevent us from fighting inflation. it does not prevent us from fulfilling our mandate. but it is a problem for the future and i do not want to hand the bank over to the next governor with another large accounting loss. the problem boils down to our balance sheet comprising assets with an expected annual return of 2 – 3 %. on the liabilities side, we have a large amount of koruna we now have to remunerate at 7 %. the excess koruna was generated above all in late 2016 and early 2017, when the central bank made perhaps the biggest economic policy mistake – a huge quantity of money was created to weaken the koruna and increase inflation. we must now withdraw this money and remunerate it to prevent it from fuelling further inflation. that is the main reason we have posted a loss. and until we tame inflation, we will probably continue to make a loss. however, we are dealing with the problem and will resolve it. thank you for listening to my opening remarks. deputy governor jan frait and i are now ready to answer any questions you might have. 2 / 2 bis - central bankers'speeches