spv law ; improve the risk management process through effective enforcement of risk - based supervision ; promote better governance and market discipline ; and establish an appropriate capital adequacy framework for banks. at this point, let me give you an overview of where we are now in the reform process and what still remains to be done. ongoing asset cleanup the asset cleanup process remains a priority. here, we expect banks to unload more bad assets under the amended spv law. the bsp has so far approved certificates of eligibility ( coe ) amounting to p31. 7 billion spvrelated transactions under phase ii of the amended spv law. combined with the p97 billion worth of npas disposed under phase i, this brings the total amount of npas sold to roughly p128. 7 billion. we expect this to reach up to p200 billion. full implementation of risk - based supervision we are also fostering a strengthened environment through full implementation of consolidated and risk - based supervision. to keep pace with the increasing sophistication and complexity of the financial environment, we have directed our policy thrust toward acceptable risk management practices that enable financial industry participants to better assess and manage risks without unduly hampering the ability to innovate. in effect, we have assumed a more liberal approach to bank supervision in the sense that we do not instruct banks to avoid risks that seem too high, which is the way traditional bank supervision is done. instead, the approach being used is to favor assessment of the quality of risk management practices by giving banks greater flexibility to respond to changing opportunities and allowing them to take risks so long as they demonstrate the ability to manage and price for those risks. this is being complemented with enhanced regulations on risk management as a way of developing appropriate standards suited to banks ’ risk - taking activities. more recently, we have issued general guidelines on supervision by risk, setting forth the broad expectations of the bsp with respect to the conduct of risk management by financial institutions under its jurisdiction. we followed this up with the issuance of specific guidelines on technology risk management, one of many envisaged to cover strategic areas, which is aimed at ensuring effective management of technology - related risk by financial institutions. we have since come up with specific guidelines on market risk management and liquidity risk management, which set forth bsp ’ s expectations on the management of these key risks by banks. another related issuance of the bsp is the strengthening of the prompt correct

. in a more structural aspect, the recent crisis is expected to leave visible traces in the economic development. in a long - term horizon, it seems that new economic and strategic balances are being determined, thus re - dimensioning the poles of global economic growth. in a medium - term horizon, the global economic growth rate is expected to converge in a lower balance than the one that has prevailed over the last two decades. this slowdown may be accompanied by economic and social problems for those countries, which would not know how to figure out their relevant implications. in a short - term horizon, discussions on the state ’ s role in the economy, on economic development and growth patterns, on the philosophy and appropriate practices regulating the financial markets, will dominate the political round - table debates. in particular, the economic growth model will be a sensitive topic for economies significantly affected by the crisis, including many eastern european countries. promoting competitive advantage and increasing competitiveness in global markets will be the subject of discussions and intended reforms. turning to domestic economic developments, the analysis of available indicators shows that the albanian economy has had a positive economic growth during the first nine months of the year. however, these indicators suggest that the growth rate was characterized by a progressive slowdown during 2009. such performance was conditioned by reduced foreign demand and slowed domestic demand, in the presence of a tight liquidity situation, financing restriction and increased uncertainty. according to preliminary data from instat, the economic growth for the first nine - month period of the year was 4. 9 percent, against 7. 8 percent recorded for the same period of the previous year. in sectoral terms, the sectors that benefited most from the economic growth are the services and construction ones, while the industry sector underwent a more problematic performance. the positive growth rate has been supported by the fiscal stimulus, while consumer demand and the contribution of external sector to the economy have been relatively stable. at the same time, private investments have declined. consumer demand has been supported by a slight rise in employment and wages, while the mortgage and consumer credit contraction, as well as reduction of remittances have given the reverse effect. private investments have been contracted, as a consequence of limited financing resources, reduced lending support by the banking system and limited access to international capital markets. increased uncertainty, slowed progress of the final demand for their products and reduced capacity utilization rate have impacted on such performance. effects of domestic economic slowdown and the global economic crisis have appeared even in the foreign