77 interventions since 1997 : only one case involved a depositor payout, while the remaining 76 were interventions other than payout ( 24 alternative interventions and 52 preventive interventions ). 4. international experience the key role of dgss in crisis management is also confirmed in some major non - eu jurisdictions. in the us, for instance, the dgs ’ s support for the transfer strategies is a pillar in the framework and was successfully used for almost a century, including recently in the early 2023 crises. between march and may 2023, three large regional banks were closed and resolved with a purchase and assumption ( p & a ) transaction and with sizeable support from the federal deposit insurance corporation ( fdic ). 7 to facilitate the resolution of financial institutions, the deposit insurance corporation of japan ( dicj ) has provided financial assistance in 182 cases and injected capital into 34 financial institutions so far. 8 5. changes in the banking environment the banking environment has changed in recent years. technological innovation is perhaps the main driver of change. on the one hand, it is leading credit institutions to adapt their business models and rethink the ways they provide banking services, both in response to customers ’ new expectations and to changes in product customization and customer service. it is also creating new opportunities in terms of profitability, thanks to efficiency gains and cost reductions. 9 on the other hand, it poses challenges. corporate governance systems should be strengthened in order to increase the digital literacy of management and supervisory bodies. moreover, technology increases the use of outsourcing ( and the associated risks ) as well as competition between intermediaries. 10 finally, financial stability concerns may arise. indeed, the digitalization and internationalization of finance, while providing access to fast payments ( including instant bank transfers ) and mobile banking, may also lead to the amplification of concerns through social media, causing considerable and unexpected deposit withdrawals and risks of bank runs. specifically, the fdic intervened to support the transactions, with a total cost of more than $ 40 billion ( estimated as of 31 december 2023 ). while one intervention ( first republic bank ) was carried out under the least cost requirement, the systemic risk exception was invoked in the other two cases ( silicon valley bank and signature bank ), so the fdic could deviate from the least cost principle. see dicj, annual report 2022 / 2023. many banks are using technology to replace traditional channels. the resulting efficiency gains are bringing

traditional banking business. in this regard, it is crucial to adjust some features of the cbdcs, such as their holding limits, in order to avoid any negative impact on financial stability and to maintain a balance between private money and central bank money. increased costs may arise from a potential increase in the target level of dgs and from higher contributions paid by banks to replenish the financial resources used. the banking crises of 2023 : some initial reflection ’, address by paolo angelini, deputy governor of banca d ’ italia, at the event ‘ promoting accountability in times of crisis ’, rome, november 2023. j. carmassi, s. dobkowitz, j. evrard, l. parisi, a. silva and m. wedow, ‘ completing the banking union with a european deposit insurance scheme : who is afraid of cross - subsidisation? ’, occasional paper series, ecb, frankfurt am main, april 2018. moreover, a gradual adoption of the digital euro would reduce the risk of cliff - edge effects on bank deposits. it bears repeating that depositors do not need digital central bank money to run on banks. they can already withdraw their funds and move deposits quickly, including through instant bank transfers. on the contrary, cbdcs might even help to mitigate the risk of bank runs. a digital euro could provide real - time information on the outflow of bank deposits, allowing the authorities to react more quickly, which in turn would increase depositors ’ confidence. 16 7. conclusion to conclude, recent trends in the banking sector and upcoming changes in regulation could be given due consideration in the ongoing review of the iadi core principles, focusing on a well - balanced partnership between stakeholders. 17 developments in the financial sector and technological innovation pose important challenges for authorities and deposit insurers. when market and depositor confidence is lost, they must act in a predictable manner to minimize the risk of bank runs, thus preventing contagion and preserving public confidence. to this end, it is extremely important to learn from past experience and to adapt flexibly to changes in the environment by looking ahead and working closely together. so far, enhancing cooperation in crisis management has been a very ambitious undertaking but many significant milestones have been achieved in a relatively short time span through joint efforts aimed at converging different regulatory traditions and at incorporating the best national practices into a unified approach. cooperation is key. banca d ’ italia is firmly committed