. too many individuals, especially in our urban centers, lack a high school diploma. for example, the rochester city school district has a dropout rate of 25 percent, and an alarmingly low graduation rate of just 50 percent. without a high school diploma, people are in danger of being left behind without the skills they will need to truly participate in the economy. bis central bankers ’ speeches succeeding in the international competition for jobs with a 50 percent graduation rate is like trying to win a boxing match with one hand tied behind your back. we must do better. while there are no easy answers, for the regional economy to thrive everyone needs to be an active participant. we need to figure out ways to re - engage those who have become detached from the workforce, or who feel like they don ’ t have the skills to compete in today ’ s challenging economic environment. in closing, rochester is a metropolitan area in the midst of a process of transformation and reinvention. while this process is not easy, rochester possesses a unique set of assets that will help it succeed, and in many ways is on the cutting edge of adapting to these changes. rochester is, in fact, becoming a leader in workforce development. reinvention like reform can be difficult, and requires a degree of boldness. this sentiment was expressed by rochester ’ s social reformer, susan b. anthony, who said that “ cautious, careful people, always casting about to preserve their reputation and social standing, can never bring about a reform. ” rochester is doing susan b. anthony proud, showing spirit and determination. thank you for your attention, i would be happy to take a few questions. bis central bankers ’ speeches

/ savings insurance contracts ( flat tax ), the possibility of changing credit insurance contracts annually ( loi hamon / amendement bourquin ), and the creation of a specific prudential status for french pension funds. the new pacte bill should bring about further changes that seek to promote long - term investment in equity, including a reform of the french life long - term insurance product ( also known as eurocroissance ). in addition, at international and european level significant regulatory developments are also in the making. at the international level, the iais work on systemic insurers and the international capital standard ( or ics ) has recently made significant strides. as you know, as part of its post - crisis action plan, the iais developed in 2013 an identification method for systemic risks, reviewed in 2016. this led to the identification of nine global systemically important insurers, to which specific measures are applied ( increased supervision, specific management plans, chiefly for liquidity, recovery and resolution, and a capital add - on measure, currently postponed to 2022 ). given the recognised shortcomings of the methodology, including weak factual basis, the fsb asked the iais to review it with three key focuses : developing an activities - based approach supplementing the entitybased approach, which itself will be reviewed in order to correct deficiencies. a new framework is hence being developed which will make it possible to reconcile an activitiesbased and an entities - based approach, to better capture relevant risks and systemic undertakings. in the meantime, the list of global systemic insurers will remain frozen for 2019 and could be suspended beyond and until 2022, so that enough experience is gained with the new approach. regarding the international capital standard, which aims to develop an international capital standard in order to be able to establish a comparable basis in terms of prudential requirements for all international groups, recent progress was made in kuala lumpur in november 2017 which should lead to, by the end of 2019, a version called “ ics 2. 0 ” that will be used as a reference in international supervision colleges, for a transitory period of five years. during this timeframe, each internationally active insurance group will have to ensure a compulsory and confidential five - year monitoring period based on the ics, after which this standard is expected to become effective. now, i will turn to ifrs17 : it would be unreasonable to apply the new ifrs17 accounting framework right