therefore no longer report to the bank of albania. third, the revocation interrupts both any reporting of these entities in the credit registry and any communication with the bank of albania. even in case of full repayment of the loan to the entity, the status of borrowers would remain not updated in the credit registry, placing them unfairly in a penalized status. finally, the revocation of the license creates a false expectation among borrowers that through the cessation of the entity's lending activity, the obligation to repay the loan is extinguished. borrowers may perceive that non - payment of liabilities exists as an option. this drives to an increase in non - performing loans in the banking system, and puts citizens'savings at risk, and consequently, jeopardises the financial stability in albania. for all these reasons, the suspension of the license and the determination of a deadline for the sale of the portfolio to any other licensed entity, aims to protect borrowers from abusive practices and the problems mentioned above. currently, mca has 15, 942 borrowers in its portfolio. of these, around 90 % have received a court decision and / or are in the enforcement process. this means that for 90 % of cases there is a court decision that determines the value of the borrower's 4 / 6 bis - central bankers'speeches liability. in total, mca has purchased portfolios amounting all 9. 6 billion, of which about 10 % has been recovered. since the moment of licensing, until today ( 2016 - 2024 ), around 85 complaints against this entity have been submitted and handled in the bank of albania. the bank of albania has paid the maximum attention to the complaints and has addressed all of them, with no exception, in accordance and in full compliance with the legal and regulatory framework of the institution. complaints related with the enforcement execution process from the bailiff service have the main share within the number of the submitted complaints. this process is also a concern for the operational management of banks due to the quite high number of seizure orders that are filed every day by the bailiff service and that impose the blocking of debtors'accounts in unreasonable terms. the organic law on the bank of albania clearly define its mandate, for the purposes of safeguarding the financial stability of albania, authorizes the bank of albania to regulate, license and supervise entities that are part of the financial market, only within the categories as provided in the law. the activity of bailiff

sabine mauderer : welcome speech - 15th anniversary of the deutsche bundesbank's representative office welcome speech by dr sabine mauderer, vice - president of the deutsche bundesbank, at the 15th anniversary celebration of the deutsche bundesbank's representative office, new york city, 24 september 2024. * * * check against delivery 1 welcome ladies and gentlemen : for me, it is always a great pleasure to be here. especially this year, as we celebrate the 15th anniversary of our trading office. since its inception in april 2009, the trading office has provided the bundesbank executive board with first - hand knowledge from wall street and beyond. i know for sure that its success rests on a network of exceptional people, namely you! therefore, i want to start with a big thank you to all of you, for your cooperation and trust over all these years. but before we move on to the fun part, let us look at what has happened in the markets since we last met in september 2023. 2 economic backdrop from an economic point of view, the world looked different a year ago. inflation in the euro area – and in the us too – was significantly higher. almost a year ago to the day [ sept. 2023 ], the eurosystem raised its key interest rates for the last time in the tightening cycle. in september 2023, the deposit facility rate reached 4. 0 percent. the tightening has done its part to cool euro area inflation. today, the eurosystem is well on the way to meeting its inflation target. in the us, we also see positive developments in this regard. inflation has decreased significantly, thanks to a series of interest rate increases. although us inflation remains above the fed's two percent target, things are heading in the right direction – just like in the euro area. in terms of economic growth, the us remains ahead of the euro area. while euro - area gdp grew by 0. 4 percent last year1, the us economy mustered 2. 5 percent growth2. as it stands today, the us is poised to outperform the euro - area economy once again this year – despite recent signs of a cooling in the us labour market. against the backdrop of lower inflation, central banks on both sides of the atlantic have taken steps to pare back the degree of monetary - policy restrictiveness. as expected, the fed last week [ sept. 18 ] decided to lower its target range for the federal funds