##bank prefers a simple, robust model. the banks have called for abolition of the current restrictions on redemption profiles and maturities. we support this wish, and at the same propose that the threshold for housing loans be reduced to 70 per cent of the property value. this would also make it easier for the institutes to comply with the requirement that a loan based on covered bonds must never exceed 80 per cent of the collateral value for the entire duration of the loan. if this entails some degree of tightening, that is not entirely unintentional. in connection with the work on covered bonds, two committees have been set up to deal with the balance principle and " joint funding ", respectively. danmarks nationalbank's position is that the danish balance principle could be adapted and made more flexible to bring it more in line with modern riskmanagement principles. in that connection it is important that a new balance principle provides the same degree of security as the existing system. joint funding is an important issue to many of you who are present here. market conditions dictate that issuance of bonds at favourable prices requires large volumes. at the same time, it is the wish of the danish bankers association " that throughout the customer relationship the customer perceives the bank as the creditor for the loan and thereby the customer's banker, even though the bank in fact just administers the loan on behalf of the funding company ". i understand that it is important for the individual bank that decisions can be made locally at the counter. however, i am not quite sure to which extent this would require changes to fundamental legal principles. banks already act as intermediaries on behalf of other legal entities such as investment associations, insurance companies, etc. ultimately it is up to the ministry of justice to assess whether this request can be met. it is danmarks nationalbank's assessment that the danish banking system is currently robust. profits are extremely good, and buffers are large, albeit declining. for the banks overall, the buffers in relation to the statutory minimum capital requirement have over the last three years fallen from 7. 5 to 4 per cent of lending and guarantees. the regulation of the danish banking sector is undergoing major changes in current years. the accounting rules have been changed so that loans can only be written down on the basis of an objective value assessment. provisions can no longer be made on the basis of the prudent accounting principle. in 2007, the new capital - adequacy rules

progress on fast payments for all : an update on fednow remarks by lael brainard vice chair board of governors of the federal reserve system at fednow early adopter workshop rosemont ( via webcast ) august 29, 2022 - 1i am pleased to join the fednow early adopter workshop. 1 with the technical testing phase of the [UNK] service kicking off in mid - september, i want to particularly thank the early adopters for the important investments they are making to prepare for the day when the fednow service goes live next year. together with our partners, we will be ready to launch the fednow service between may and july of 2023, bringing this innovative core instant payment infrastructure to financial institutions of every size across america. we have been working hard to deliver on time, but ultimately the number of american businesses and households that are able to access instant payments will depend on financial services providers making the necessary investments to upgrade our payments infrastructure. together, we can ensure that all americans have access to a modern and reliable instant payment system. the payment system is a critical part of america ’ s infrastructure that touches everyone. americans rely on the payment system all day every day to make purchases, pay bills, and get paid — without ever needing to consider the complex infrastructure that is operating under the hood. american households and businesses want and deserve payment transactions that work seamlessly, reliably, and efficiently. fostering a safe, efficient, and widely accessible payments infrastructure has been a central part of the fed ’ s mission since the very beginning. the federal reserve banks all around the country have provided payment and settlement services alongside the private sector for more than 100 years. over that period, we have repeatedly innovated and invested in collaboration with the private sector to transform the payment system, i am grateful to kirstin wells of the federal reserve board for her assistance in preparing this text. the views expressed here are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. - 2using the latest technology to better meet the needs of businesses and households. 2 now, after extensive industry engagement and planning, the federal reserve is on track to deliver the fednow service by may to july of 2023. the fednow service will transform the way everyday payments are made throughout the economy, bringing substantial gains to households and businesses through the ability to send instant payments at any time on any day, and the funds being immediately available to recipients to make other payments