In the line of this logic, the raising of confidence would bring about its positive effects even on increasing their banking activity, which will be in compliance with their objective to be in the market with as much dignity as possible. In this discussion I will not focus on the technical aspect of cause explanation and process implementation, which I consider as exhausted by discussions made between respective technical staff, but I will focus on what we intend to reach and on the shortest and safest way to complete this process successfully. Also, I would like to clarify that the individuals will continue to participate in the primary market of securities and this market will continue to be organized by the Bank of Albania. What we intend to reach through this process is: 1. The realization of a smooth transition process, at the smallest cost possible, in terms of maintaining the participation of individuals in the primary market. 2. The reduction of the time which is needed for the realization of treasury bill primary market auction. 3. The increasing possibilities to apply into practice the principle “Delivery versus payment” for operations that will be performed in the secondary and retail Treasury bill market. Here I take into account either the facilitating of procedures or the increased safety for using these securities as collateral and for encouraging the interbank and lending market. 4.
In this framework, we would also like to inform you that the Bank of Albania is working for considering, at the shortest time possible, the possibility of increasing the participation amount of individuals, through the Bank of Albania, in the primary treasury bill market, as well as the application of a commission on new operations they will carry out with it. The new level and commission will affect only the individuals that would like to use the Bank of Albania to participate in the primary market. Thanking you again for your attention, I would like to pass on to the discussions about the steps we deem to make. At the end of this meeting, I propose we come out with a concrete plan of actions for a successful implementation of this process. 2  BIS Review 24/2005