the approach currently being worked out in the european bank recovery and resolution directive, in terms of both identifying characteristics and specific levels or of “ eligible liabilities ” is, in our opinion, a correct approach to the problem. now, my last point, the discussion in europe regarding the european union bank recovery and resolution directive and the entry into force of the bail - in arrangements included in that directive. although still under discussion, the bank recovery and resolution directive bail - in is to be introduced in a sequenced way. bail - in of regulatory capital instruments will be applicable from the moment the directive is transposed, while bail - in of senior creditors can be postponed to 2018, depending on each member state. since we are also moving forward in setting - up a single resolution mechanism [ srm ] for the 17 member states that share the euro, an agreement has to be reached on the moment in which bail - in of senior creditors becomes applicable, as rules have to be the same to all euro - members. in this regard, it is important to note that, while sharing the main objective of bail - in, many of the eurosystem central banks, including banco de espana, have shown concerns on the early application of bail - in tools for senior creditors, due to its potential destabilizing effects. we would advice against too short a sequencing. i will finish my address of today saying that my guess for 2014 related to banking regulation and supervision, is that it is going to be a “ fully loaded ” year for the industry, and for national authorities and supervisors. i wish all of you good luck and good courage, and for all our visitors, a happy stay in madrid. thank you for your attention. bis central bankers ’ speeches

16. 07. 2020 50th anniversary of the unaac margarita delgado deputy governor good afternoon. thank you very much, manuel. and my thanks also to cristina for this invitation for me to speak to you today, on the 50th anniversary of the unacc. it is a shame that we have not been able to celebrate this anniversary as was originally planned. we are living through strange and difficult times, but we must adapt to them. yet despite this unique scenario, a 50th anniversary is an event well worth celebrating. anniversaries, especially those which mark the passage of a decade, not least a halfcentury, are an ideal time to take stock of our achievements. undoubtedly during this period a great deal has been achieved, but if you will allow me, in my supervisory capacity, i would like to make some mention of those areas where we must continue to improve. over these 50 years we have been through several banking crises. the picture of our financial system as it stands today is naturally the result of these crises. and one point to note in this “ family ” photo is the large number of cooperatives which are present. the truth of the matter is that a highly significant number of credit cooperatives, or rather, a highly significant number of yourselves, have overcome these crises. to do so, you have undoubtedly used your strengths, which i believe most notably include your close relationship with your customers, your extensive knowledge of the local economic situation and your down - to - earth management ( far removed from speculative business models and focused on harnessing your knowledge of those customers and their needs ). furthermore, on a day like today, i feel that it is fair to highlight as one of your strengths your ability to support one another when necessary. you know better than i do that mutual support is one of the basic principles of the cooperative movement, and over these 50 years you have demonstrated that solidarity is an essential means for overcoming problems and difficult situations. indeed, if we look back in time we see that today ’ s society – and economy – are very different from those of 50 years ago. so another key to your success lies in your ability to adapt to that changing reality. the crisis triggered by covid - 19 is clearly a dramatic test of how changeable things can be. it is obvious that, for once, the origin of the crisis is not financial and is not linked to macroeconomic imbalances. nevertheless, although this crisis is unrelated to previous ones, there is something that