Second, since the common fund would take some time in reaching the required size, it is essential to set in place a specific regime to cover, during this transition period, the needs arising from resolution processes. Compared with the alternative suggested by some countries of using national funds, it seems preferable to allow the ESM to finance the common fund while it is being brought up to the required size by contributions from the industry. Otherwise, national resolution schemes would remain in place for a relatively long period and this would delay the setting up of a genuine banking union and thus the remediation of the fragmentation problems besetting us at present. Third, the distribution of powers between the supervisor, the resolution agency and the resolution authority envisaged in the proposal could be refined. In particular, it should perhaps be made slightly clearer – in line with Spanish law – that the supervisor must carry out the actions prior to determining the resolution of an institution and be responsible for commencing the process, all this aside from it maintaining the necessary coordination and exchange of information with the resolution authority. At the same time, the preparation and approval of the resolution plan should require the joint approval of the supervisor and the resolution authority. Lastly, the implementation of the plan and the monitoring of its fulfilment should – as set out by the European Commission’s proposal and provided for in Spanish legislation – be the responsibility of the resolution authority.
Gent Sejko: Ninth and tenth review of the arrangement with the IMF concluded Speech by Mr Gent Sejko, Governor of the Bank of Albania, at the joint press conference with the IMF mission and the Minister of Finance, Tirana, 24 January 2017. * * *  On the completion of the ninth and tenth review of the Arrangement with the IMF The beginning of 2017 coincides with the conclusion of Albania’s arrangement with the IMF. This Arrangement has guided our development policies over the past three years, and has been a roadmap for our structural reforms agenda in the long term. Against this backdrop, the last review of the Arrangement not only provides for a comprehensive assessment on the achievement of its objectives, but also helps in identifying challenges to the country’s development and contributes to discussions on the policies that need to be designed and implemented for supporting the development. Let me now outline the opinion of the Bank of Albania on this review. The Arrangement with the IMF was signed amid an external economic and financial environment surrounded by uncertainties, and in response to deepening internal development challenges. Economic growth was on the downtrend, public debt and nonperforming loans were set on the uptrend, and uncertainties in the Albanian economy and financial markets were relatively high.