To address the pressing issues facing home and host country relations in this context, the Vienna Initiative was relaunched as “The Vienna Initiative II”. It focuses on fostering homehost authority coordination to support stable cross-border banking, and help protect the economy from disorderly deleveraging. As a member of the Steering Committee of the Vienna Initiative II, I have underlined the need for a more effective home-host coordination, promoting Albania’s position as a host country. Given the geographical proximity and high exposure to recent developments in the EU  BIS central bankers’ speeches  1  financial markets, I am confident that our countries would significantly benefit from developing a regional perspective on risks and opportunities arising from such developments, and major supervisory reforms at the regional level. In this context, Albania’s membership in the Steering Committee of the Vienna Initiative, and the Working Group on Banking Union and Emerging Europe is a solid foundation to build upon and synthesize the common concerns of our countries vis-á-vis EU authorities. Allow me now to summarize the insofar position of the Bank of Albania, articulated in the framework of the Vienna Initiative II, and propose a number of discussion topics, which I am confident will lead to a fruitful exchange of views today. The Bank of Albania has called for effective mechanisms to restore healthy lending to the economies of non-EU countries, where systemic subsidiaries of EU banking groups operate. In this context, EU authorities and EU banking groups should provide their active contribution.
The last but not the least is to increase the possibility of commercial banks to be more present into the market, making it more liquid and solvent. How we think this process will be realized: 1. The Ministry of Finance and the Bank of Albania must review the regulatory basis that covers the part of treasury bills issuance and more concretely the Agreement concluded by them “On issuance of treasury bills in the form of registration”. 2. The Bank of Albania must review the Regulation “On the secondary and retail treasury bill market in Albania”. 3. The Commission of Securities must review that part of the regulatory basis which is related to the licensing process of the securities register. 4. The commercial banks should proceed with the Commission of Securities, with the purpose to ensure the licence for maintaining the register of individual’s securities. 5. The Bank of Albania will prepare, after the completion of this process, the strategic plan of the movement of individuals from its windows to the windows of commercial banks. The time  BIS Review 24/2005  1  available to the Bank of Albania will also be used for testing the stance of “individual” investors in advance.