encouraging formalisation, and increasing both financial education and inclusion. the relatively high level of informality in the albanian economy stems serious negative consequences, through putting in threat competition, increasing uncertainty in commercial and financial relationships, and reducing public revenues. in this view, the bank of albania will continue to work to strengthen formalisation of the economy. in my view, this process should be supported through : the regulatory approach to in - formalised activities ; completion of the financial infrastructure which reduces costs on formal activities ; and coordinated initiatives with the public sector. the bank of albania should pay a crucial role in the financial education field, in compiling and implementing the national strategies and promoting the increase of financial literacy in albania. this should be considered vital to the long - term growth of the society ’ s welfare. in addition, the bank of albania will continue the work to increasing financial inclusion of the population. modernisation of the payment system and the increased level of electronic payment is already a starting point of this process, next the utilizing of this opportunity for providing access to both payment and financial services which in turn affect they economic development of the country. meanwhile, being aware on the role and importance of structural reforms, the bank of albania will continue to contribute – through advises and attention on public interest – in their progress. i believe that these reforms will boost productivity, unlock growth potential and build on the premises for a rather fair distribution of their results to the society. 4 / 5 bis central bankers'speeches the forth priority is the support to european integration. even though the opening and speed of this process will depend, on a large extent by our european partners, our task as an albanian authority is to proceed with neither delay nor hesitation. in this context, i think that the bank of albania should continue to maintain the leading role, in its field of responsibility and competence, related to this process, by providing the good example and its experience to the other authorities. last, allow me to point out that the bank of albania has been and will continue to be an open and transparent institution. the strengthening and observance of this principle will become the fifth priority of my tasks. the bank of albania is able and should expand further the range of the economic information it publishes, and increase its presence in the tables where economic issues are discussed. honourable chairman, honourable members of commission, by presenting and motivating my request for the term renovation as the governor of the bank of albania, allow me to re - affirm, that

securitisation market was also impaired. by consequence, all abs were demonized. the ecb together with the bank of england were early supporters of a better functioning securitisation market for transactions that comply with the concept of simple, transparent and standardised abs and duly take into account the lessons learnt of the crisis. an early intuition was that lack of transparency acted as an obstacle to the revitalisation of the securitisation market. the ecb has made a significant effort to ensure a high degree of transparency in securitisation by promoting the loan - level data initiative. sts regulation also requires a system of registration and supervision for abs data repositories established in the eu. ‘ securitisation repositories ’, as they are called, will be subject to the same 1 / 3 bis central bankers'speeches ongoing governance, technical and operational requirements as trade repositories under the emir framework. they will be expected to store not just loan - level data, but also all other information which the regulation requires, such as transaction documentation. the repositories will be registered, authorised and supervised by esma. the ecb will wholeheartedly support esma in completing its tasks. so far so good. what about results? it is duly noted, however, that the revival of the european securitisation market is still anaemic. market - placed issuance is at historic lows. the investor base has not recovered. the eu securitisation markets are impacted by bank deleveraging, unfavourable regulatory treatment and lower relative costs of funding of alternative instruments. admittedly, the sizeable eurosystem covered bond purchase programme and long term loan operations have also represented viable funding alternatives for banks. in this respect, some more patience is warranted. the sts regulation will only come into force in 2019 as various important technical standards still need to be finalised to provide further regulatory certainty which is important for securitisation market development. eba is for example mandated to develop guidelines to ensure a common and consistent understanding of the sts criteria throughout the union. as the ecb has argued in its opinion, this is important to ensure legal certainty and efficiency for those interpreting and applying the sts criteria. while these initiatives are helpful in principle, they do not exist in legislative isolation. we have to be mindful of potential negative spill - over effects by other pieces of legislation. let me highlight some areas of concern