In the case of a floating rate NAV, fund managers faced with large redemption requests typically sell their most liquid assets first, leaving the remaining investors with a riskier, less-liquid portfolio and a greater risk of loss. Similarly, with a stable NAV and a capital buffer, unless the capital buffer were very large, there would still be an incentive to run because the buffer might not prove large enough to shield the investor from loss. Because the second option is the only one that actually creates a disincentive to run, as I stated before the FSOC proposal, I view it as the best one for financial stability purposes. The requirement that investors who withdraw funds must maintain a small balance for a short period to absorb near-term losses would deter investors from pulling out at the first glimpse of trouble and make the system safer. The modest withdrawal restrictions, which create a “minimum balance at risk”, might be set at 5 cents on the dollar, based on the high-water mark of recent holdings, with more favorable treatment for small retail investors.15 A minimum balance at risk of loss would also increase market discipline. Corporations and other sophisticated investors would have an incentive to monitor risk-taking more carefully,  13  Financial Stability Oversight Council. 2012. “Proposed Recommendations Regarding Money Market Mutual Fund Reform”. (November). http://www.treasury.gov/initiatives/fsoc/Documents/Proposed% 20Recommendations%20Regarding%20Money%20Market%20Mutual%20Fund%20Reform%20%20November%2013,%202012.pdf  14  See William C. Dudley. 2012. “For Stability’s Sake, Reform Money Funds”. www.bloomberg.com, August 14. http://www.bloomberg.com/news/2012-08-14/for-stability-s-sake-reform-money-funds.html.

We successfully  3/4  BIS - Central bankers' speeches  completed the FAST TR QR Code studies so that the FAST system would be used as an alternative payment method for shopping. Moreover, we launched open banking services to allow our banks to provide services through the Open Banking Gateway (GEÇT) infrastructure. Thus, we provided technical support to our Liraization Strategy with innovative solutions we developed, which contribute to the execution of payments and money transfers anytime, anywhere in a smooth, rapid and secure way. In 2022, we also took major steps in the field of financial innovation. Our bank pioneered the establishment of the Digital Turkish Lira Collaboration Platform, building a consensus with related institutions. Additionally, we took steps to further widen the Digital Turkish Lira Collaboration Platform in 2023 to include selected banks and financial technology companies. In 2022, we continued to keep a tab on climate change developments, one of the top priorities on the global agenda. In line with our country's "2053 Net Zero Emission" and "Green Development" targets, we took a role on national and international platforms to contribute to the combat with climate change in the fields that fall under our Bank's remit. In the period ahead, we will continue to monitor the economic and financial implications of climate change and sustain our cooperation with national and international stakeholders on this matter.