capital in the market. the bank of albania deems that the consolidation of the banking system is a welcomed development, which will revitalise the banking activity, will enhance the efficiency of the banking industry and will bolster development and innovative policies with regard to credit and payments. in the capacity of the resolution authority, in 2018, the regulatory and procedural framework for resolution planning was prepared for harmonisation with international standards. in addition, the initial phase for the preparation of individual resolution plans has started. also, during 2018 was established the resolution fund and the procedures for monitoring its management by deepening the cooperation agreements with the deposit insurance agency. lastly, i would like to reiterate that safeguarding financial stability is a responsibility not only of the bank of albania but also of other regulatory agencies and the government of albania. policies and measures for safeguarding financial stability and strengthening banking system ’ s resilience require all parties to continue the coordinated, inter - institutional and multi - dimensional efforts. functioning of safe and efficient payment systems the bank of albania has dedicated particular attention to guaranteeing the security and efficiency of the core infrastructure of payments in lek, through its role as both operator as well as overseer and catalyst of the payment systems. both systems operated by the bank of albania, the albanian interbank payment aips ) and albanian electronic clearing house ( aech ) have operated with no disruptions, efficiently and safely. in 2018, the bank of albania undertook a set of measures to further improve the legal and regulatory framework on the oversight of payment systems and payment instruments. the changes are aimed at adopting the european practices for promoting innovation in the field of payments and establishing premises for private initiatives. one of the main achievements on the improvement of the legal framework is the finalisation of the draft - law “ on payment services ” ( psd 2 ) which transposes the relevant eu directive. its approval and implementation will promote competition and innovation in retail payments, will enhance transparency of these services and will provide a framework on consumer ’ s protection. the national payment system committee ( npsc ), which is chaired by the bank of albania and brings together public and private stakeholders in the field of payments, approved the albanian national retail payments strategy ( 2018 – 2023 ). the purpose of the strategy is to improve the retail payments market, promoting the use of electronic payment instruments and broadening the financial inclusion of the population. the strategy will be implemented through the improvement of the legal and the regulatory frameworks,

and the albanian public for the well - functioning of your institution ’ s business. increased vigilance is required from you in order to maintain low exposures in the international financial markets and ensure a well - capitalized and liquid business. the bank of albania will constantly monitor and confirm that you are taking the necessary concrete measures to maintain and improve the capacity to constantly generate a positive financial result, by preserving the assets ’ quality and the liquidity indicators. if necessary, being the regulatory authority of the banking sector, the bank of albania will orient and support these measures through constant revision and creation of necessary regulatory stimuli.