of regulations has aimed at strengthening the capitalisation standards of banking activity. based on the results of our work over the years, as well as the positive conclusions of the self - assessment process we have conducted in collaboration with specialised international institutions, in 2022 we have submitted a request to the european banking authority to receive the official equivalence status with the eu standards. second, we have implemented the recommendations from the moneyval committee of experts of coe in the framework of strengthening the anti - money laundering measures and counter terrorist financing. in this regard, we have exercised our responsibilities for improving the regulatory framework and strengthening of the supervisory process effectiveness. the latest evaluations by the moneyval committee show that the albanian financial industry has a substantial alignment rate with the international requirements of this field. third, we have continued to rigorously monitor the banking sector, through on - site examinations and off - site analyses. assessment of credit portfolio quality, assessment of operational risk, information technology risk, liquidity risk, governance systems risks as well as assessment of transparency with clients have been the focus of examinations. entities which have been under monitoring banks and non - bank financial institutions - follow a prudential approach related to risk management, and overall their activity is in compliance with the regulatory framework. fourth, we have further enhanced our resolution capacity. this result has been archived following the completion and communication of resolution plans, and taking the relevant measures to guarantee their implementation. fifth, we have promoted the development of payment system in albania. in this regard, we have adopted the necessary by - laws which regulate the activity, supervision and management of risks for entities which provide the payment services. in addition, we have maintained a safe and efficient lek - denominated payment infrastructure, and we have expanded the latter with aips euro for the settlement of the domestic euro - denominated transfers in 2022. the operation of aips euro is less costly and time consuming than the previous process. our estimations show that this system has saved around eur 10 million to the albanian enterprises and households in the past year. in response to these developments, the use of electronic payments has considerably increased over 2022, by exceeding the objectives laid down in the albanian national retail payments strategy. in parallel, i would like to point out that - over 2022 - the bank of albania has exercised its legal duties and has fulfilled its institutional engagements throughout the spectrum of 4 / 5 bis - central bankers'speeches its activity. we have supported the european integration process

will not intervene in solving the liquidity needs in case these needs arise from the non - observance of the law on repurchase agreements. i find it pleasing to confirm that after a general agreement on their usefulness, the package of regulations we brought to you in the first forum, has now become effective. the bank of albania is now expecting swift responses, in order to minimize their obligatory enforcement by us. the new regulations increase prudence in the elaboration and protection against foreign currency credit risk. i do not want to fail to disclose our stance that albania needs a liquid and well - capitalized banking system given the situation we are going through. regulations on transparency and obligation to disclose are another important part of the last package. we have now taken steps to a more regulated market and other parties should follow the same steps as well. i refer here to banks ’ clients who at present have, can and should be acknowledged of all their rights in relation to the banks servicing them. in every meeting with you, i will highlight the need of strengthening the control on the business of the institutions you are governing. in addition to the fact that only this way the personal philosophy of each of you with regard to the development of the institution will come true, this process is vital to the well - functioning and safety of its business, even more given its rapid growth. in this context, the control structures should act rightly and extend to all the bank ’ s activities. given the absence of a good collection, processing and reporting process of the business data, the control process on the institution ’ s activity finds itself jeopardized. the process of the banking sector ’ s data collection and processing has improved over the recent years as a result of investments in modern technological systems. in many cases, however, it is observed that the adoption of these systems is made only partially and hastily. their full potential is not used and the banks ’ personnel may not be fully familiar to their use ; hence, weakening the necessary human control on these systems. consequently, the control process on the institution ’ s activity is segmented, and the process of data collection, processing and reporting at the required quality and time is hampered. as a result, you being heads of commercial banks and us the system ’ s regulatory authority, risk to take decisions on data which are not fully accurate and furthermore are “ old ”. being present in different banks and in different levels, a final solution should be found to this issue.