And now, we are truly challenged by the further increase in the bank competition, and deeply confident that this process will considerably accelerate very soon. The experience, however, shows that the best come only in well regulated financial sector, in a banking governed by regulations based on the European directives and the world best practices. In this light, the forthcoming new Banking Law allows for further strengthening of the bank corporate governance; minimizing or eliminating all possibilities for non-transparent shareholder structures; increasing the efficiency of the procedure for exclusion from the banking system in the Republic of Macedonia, of shareholders that lack reputation and integrity, thus compromising the stability not only of their bank but across the banking system. Therefore, it allows for establishing proper risk management systems and internal control systems, thus facilitating the gradual migration to risk-based supervision, which is already encompassed in the assignment related to the implementation of the New Capital Accord (so-called BASEL II), over the next several years. All things considered, we could send a message, without any hesitation, to the potential investors and providers of financial services and products that the Republic of Macedonia is a safe place to invest and fructify the capital and that the creation of good, friendly business environment, with competitive advantages compared to others, has been permanently improving. I wish the European Fund for Southeast Europe a successful business and good cooperation with our financial intermediaries.
Dear guests, The fact that the leaders of this Fund offered to present their financial services in the Republic of Macedonia, the Central Bank certainly encouraged and supported this initiative, shows that these important partners consider the Republic of Macedonia a friendly environment for launching various mutually beneficial business initiatives and projects. Yet, we do not forget though, that some of these institutions had no doubts whatsoever about the Republic of Macedonia even in the most difficult periods for us after gaining the independence, since when nobody else was coming, they were here. We certainly appreciate that. Regardless of all above, we still have many reasons that urge us to notice and convince others why is it good to invest in the Republic of Macedonia and to develop partnership with our economic agents and, of course, to inform on the activities that all of us in our country perform, directed towards increasing the attractiveness of the Republic of Macedonia as investment destination. Hence, we definitely need such financial offers. The economic growth could be accelerated by more investments, competitive offer of financial instruments and products, which are likely to eventually bring about lower costs for borrowing capital. The potential investors should be aware that the Macedonian financial sector is booming, but that the room for investments is yet to be opened. The gross national savings is low, not more than 12-17% of GDP, over the recent several years.