of the banking sector etc.. in this regard, we shall support a stronger role of the domestic currency in the lending activity of banks, and will make lending in foreign currency more costly for banks if it is not supported by retail savings in foreign currency. thus, the over - reliance of banks in wholesale financial resources in foreign currency to support rapid lending should be addressed and managed in due time. i find this meeting as very useful to discuss these issues and others that you have identified. i believe that the ultimate goal should be to establish a genuine and effective cooperation and to support a coordinated approach where possible. thank you very much for your attention.

technicalities that allow for a combination of adverse scenarios ; - started to execute fixed - price ( unlimited amount ) weekly reverse repo transactions and longer term reverse - repo transactions, and extended the list of eligible collateral for these transactions, to better suit the liquidity needs of the banks ; - doubled the usage rate of the required reserves in order for banks to use more of their reserves with the central banks, should they need it during the maintenance period ; - prepared and forwarded to parliament changes in the deposit insurance legislation. the approval of these changes has provided our depositors with a significant and permanent increase in the maximum amount of their deposits that is fully insured ; - lowered in january 2009 our policy interest rate by 50 basis points, to 5. 75 percent, on the back of declining inflationary pressures. since then, concern about the exchange rate developments and potential impact on inflationary expectations and financial stability have been dominating the discussions ; in addition, in an improved framework of the internal discussions and decision - making, we are reviewing our “ back - up ” plans, to assess the possibility of new actions, should we encounter a worsening scenario. now is the time to introduce policies that will strengthen the economic environment and the financial stability in our region... in a global level, it has now become clear that the recent crisis was a consequence of wrong incentives that supported unbalanced financial activity development and misconception of risk assessment, pricing and management. the supervisory institutions, trapped sometimes in situations of complicated structures, insufficiency of resources, inability to follow and understand market financial innovations and risk location, were not able to correct the situation in due time. the need to restore and maintain financial stability during this unprecedented crisis, has called for swift, coordinated and extraordinary measures by the public authorities, both in the area of monetary and fiscal policies. central banks have abandoned almost any restriction and have even adopted unconventional measures in providing liquidity to the financial markets. governments have shown a very strong commitment to reduce systemic risk by saving important financial institutions, provide guarantees for inter - bank lending, raise the level of deposit guarantees for the public etc. this crisis is providing the public authorities and markets wherever in the world, with the best opportunity to identify deficiencies and correct those for preventing a similar crisis in the future. such task requires strong and visionary measures, which in the medium term will enable the strengthening of the supervisory architecture in different levels, but also will create conditions, including macroeconomic and