administrators, employees and shareholders and the function, the duty and the role they have with regard to the bank. one of the main directions of the banking activity is crediting. its regulation and supervision approach bears a special significance considering that this activity is being rapidly expanded, both in form and volume. specific aspects of this activity have been treated separately, one by one, under the framework of a special regulation of the bank of albania. a remaining crucial issue is the execution of the collateral ( in particular, the one related to mortgage ), in the conditions when the borrower presents problems relating to the credit settlement. with regard to this issue, we think that the proposals deriving from the banking industry concerning suggestions on some amendments in the civil procedure code, aiming at making the complaining procedures and time procedures of the asset auction shorter, the asset dealing during the sequestration, etc, need to be taken into consideration. it is also necessary to begin the work on drafting the law “ on the auction procedures ”, provided for by the article 573, paragraph 4 of the civil procedure code, as well as make the respective amendments in the law “ on the registration of real estate ” and the respective regulative framework. these measures shall have positive effects over the progress of the crediting activity serving as a better support to the economic growth in the country. we aim at having an executing title, which is really executable. another law calling for a greater attention from the authorities to assess its applicability is the law “ on the prevention of money laundering ”. undoubtedly, the reputation of the banking system, the obstacle of the economic development through the deviation of sources from the legal activities, the obstruction of necessary investments and the fiscal policy sabotage, the criminal activity which violates the human life and freedom, are some of the consequences that the money laundering and the financing of terrorism brings, which very often could be carried out on the grounds of a banking system. but, i have to emphasize that under the conditions of our country where the informal economy is quite considerable and where information technology infrastructure in the data processing and analysis 2 / 3 collected on the purpose of money laundering prevention is insufficient, a new approach needs to be adopted ; an approach which would focus the authorities ’ efforts on combating the phenomenon according to the risk profile of different sectors and certain social groups that are considered as more vulnerable to the phenomenon. for this reason, we think that more attention must be paid to other sectors in the economy

could be attained if its requirements also take into considerations the concerns that its subjects might have, through a wide and formal communication and discussion process. the regulative framework, at any area of the economic activity and beyond, must also consider our country ’ s objectives relating to the integration into the european family, since in this way the integration process shall be easier, more natural and quicker. with respect to the banking area, the regulative framework must aim at determining and implementing similar requirements as stipulated in the european directives or in the publications or various organisms operating under the framework of european institutions, relating to principles and standards in this matter. the main laws, which have determined the development of the banking activity, for the time when they were established, have performed their function at their best, but we believe it is the proper time when their revision has become necessary. i could mention here the law “ on banks in the republic of albania ”, the revision of which is under process by the bank of albania. currently, the project is in its final phase of clarity and soon discussion with the banking industry and other significant institutions is about to begin. the prepared project uses the requirements basis of the existing law, but at the same time it provides a few changes which aim at addressing some issues emerging from banking and supervisory practice to date, as well as the best approach to the international standards in the banking area. more concretely, the requirements regarding banks ’ activity with respect to their capital have been made more precise ; banks ’ activities with the related persons have been reviewed ; the managing structures of banks and their obligations have been determined in a clearer way ; the requirements concerning the transparency of the banking activity have been re - enforced ; requirements regarding the consolidated supervision have been provided ; corrective measures and penalties have been clarified ; the requirements and definitions concerning the taking of the bank under administration or leading it to liquidation have also become clear ; the relationship with the deposit insurance agency has been provided ; a specific chapter dedicated to the consumer protection in the banking activity has also been provided, etc. at the same time, some of the essential regulations, mainly those related to the regulative capital and capital adequacy are being assessed in order to introduce in them some elements of new standards defined in the new accord of the basel committee, also known as basel ii. in particular, banks ’ activities with its related persons have been reassessed in the context of defining the relationships leading to conflict of interest between the bank