The taxpayers of some of the most developed countries of the world have been called on to support global banks headquartered in their countries. Indeed, after the Lehman bankruptcy, it is fair to say that the entire global financial system was put at risk by the difficulties of some banks operating worldwide. It quickly became clear that an unprecedented and unacceptable level of systemic risk had built up over the “boom” years. And that a significant amount of taxpayer’s money had been put at risk as a result. This prompted a forceful, and understandable, reaction from all sides. The public, bank investors, regulators, supervisors and politicians alike all agreed that we needed a profound overhaul of the treatment of systemic risk. I believe that the reactions to this challenge from the G-20, at the highest political level, as well as from the Financial Stability Board (FSB) and the Basel Committee of Banking Supervisors (BCBS), have been proportionate to the size of the problems and risks we have encountered since the outbreak of the crisis. The costs have been huge and there is widespread agreement that we cannot allow this to happen again. Nevertheless, we should also recognize that a number of global banks have managed to navigate these rough and unchartered waters without capsizing, Indeed, if you allow me to extend the metaphor, some have even been able to help to calm the waters.
Ardian Fullani: A brief look at the Albanian banking system Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Black Sea Business Day, Yerevan, Armenia, 6 June 2005. *  *  *  Distinguished Ladies and gentlemen, Dear participants, It’s a great pleasure for me having the opportunity to participate in this regional meeting of Black Sea countries. I have always appreciated this initiative as a special opportunity for all the countries being involved in. In my long career, I have realized that the success of this business consists generally in the ability it has to gain public confidence. Nevertheless, the overall economic, political and social environment of the country is playing also an important role. During my career, I have been witness of many events which directly or indirectly have damaged the banking system. The monetary collapse of the banking system at the end of the communist era, the flourishing and degenerating of the fraudulent investment schemes, as well as many other social, political and economic problems that have associated the Albanian transition, made the banking system “suffer” for a long time. However the reputation of the Albanian Banking system is in place recently. It’s enough if I just refer to the latest problematic episode occurred in Albania, in early spring of 2002, when due to the lack of public information and to political speculation with the introduction of the deposit guarantee scheme, the confidence of households was traumatized, leading to a considerable deposit run from the banking system.