elson gaskin : the frank collymore literary endowment - building on its legacy remarks by mr elson gaskin, deputy governor of the central bank of barbados, at the 26th frank collymore literary endowment awards ceremony, bridgetown, 14 january 2024. * * * good evening. in commencing, let me, on behalf of the governor, board, management and staff of the central bank of barbados, extend condolences to the family, friends, and loved ones of the late sonia williams, who on more than one occasion was a finalist in this competition. as i began to prepare for this awards ceremony, i looked back at what we have said on previous occasions as it is sometimes important to take a retrospect before moving forward. what stood out during that exercise is that we have often spoken about the role that the arts play in creating a national identity. just last year, we spoke about the fact that not only is the fcle a part of the bank's legacy, it has created a legacy of its own. the central bank of barbados'unswerving support for and commitment to the frank collymore literary endowment is precisely because we recognise that in addition to fulfilling our core mandate, we must be a part of, and never apart from, the society we serve. we see this programme as an essential part of the barbadiana that we are. one year ago, the bank was winding down its 50th anniversary celebrations and the fcle was marking its silver jubilee. the parallels between the two institutions - and i choose this word deliberately because the frank collymore literary endowment has become an institution - extend beyond celebrating milestone anniversaries around the same time. both are interested in barbados'national development. for the bank, that is primarily, but not exclusively, related to the economy. for the fcle, it is about the development of this island's literary tradition. it is a role we both take seriously, and from which comes a second parallel : our respective commitment to excellence. the central bank of barbados'vision is to become and maintain an institution of worldclass excellence, and we are working every day to internalise this vision and reflect it in not only in the many activities in which we are involved an but also in the quality with which we execute them. i am confident that the fcle and its committee also live by this ideal. over the past 26 years, the competition has become a bellwether of quality writing.

that albania offers the banking sector solid premises for business and growth. but, growth and development do not materialise out of nothing. they reflect the commitment, the hard work and the dedication of all actors. let me now identify three challenges that we need to tackle together. first, the pace of economic growth needs to be supported by the dynamics of banking credit. we have discussed relevant reasons and factors in many forums and analyses. today, i would like to emphasise that the economy may not grow sustainably without bank credit recovery. your role becomes crucial in this regard. the banking sector safe - keeps the savings of albanian citizens. it is its duty, however, to make such savings available to the growth and development of albania. there is no growth without credit, and without growth, savings lose their value. therefore, it is imperative that short - term goals do not prevent the adoption of a strategic and longer - term vision. banks should invest with a view to developing functions related to financial consultancy services for their clients. they need to persistently seek to explore the market, to identify potential clients – especially households and small enterprises – and, most importantly, to help them design bankable proposals and projects. at this phase, the reduction of concentration and the diversification of credit portfolios are key elements. this requires that you design and set up relevant structures, processes and products, and plan for adequate financial resources. in parallel, you should continuously assess the surrounding environment, which certainly affects your activity. thus, if there are concrete proposals for additional legal amendments or supervisory practices, i invite you to formulate and submit them officially to us and other relevant public authorities, so that we can, together, make a swift decision on them. in 2 / 3 bis central bankers'speeches this process, the bank of albania will always support initiatives that lead to an eventual improvement of financial intermediation levels and safeguard the stability of the banking sector and of the financial system. second, our ambition should aim higher than the 3, 4 or 5 % annual growth rate. the country needs more optimism, which means higher growth rates and more structural reforms. the banking sector has both a direct and an indirect role to play in this regard. the direct role pertains to the further development of the banking market and products – in line with the best international experiences. likewise, insistent work on further reducing the level of non - performing loans should not be neglected, and should be considered by all of us as a key