the end of the forecasting horizon. this would be above the range which the snb equates with price stability. the forecast shows that the current level of interest rates cannot be maintained once the economic situation normalises. since monetary policy has been expansionary for a long time now, there is a greater threat of inflation in the future. if the economic outlook continues to improve, it will be necessary to make adjustments to monetary policy. with our decision to leave the three - month libor unchanged, we are adhering to our previous monetary policy course for the time being. we continue to support the economy, using the leeway available to us. this policy should guarantee longer - term price stability. as mentioned before, the snb will respond appropriately if the swiss franc appreciates rapidly, and is keeping all its options open for this eventuality, as it has done in the past. observed inflation june 2005 inflation forecast on march 2005 with libor at 0. 75 % and of june 2005 with libor at 0. 75 % inflation forecast of june 2005 ( 53 kb )

##ossmacher of credit suisse in the “ pulse of regtech ” session. they talked about how banks can leverage alternative datasets to improve the loan application process and enhance the evaluation of product suitability. we also heard how they have designed solutions that put customer experience at the centre – by respecting customer needs, eliminating duplication, offering the most suitable products and, most importantly, keeping customers protected. the use cases discussed in those sessions showed that regtech offers exciting opportunities that go beyond a compliance tick - box exercise and greatly improve customer experience and satisfaction. 7. thirdly, regtech benefits regulators : earlier, deputy governor fan had this to say, “ in the era of the digital economy, the financial business environment is opening up more and more, services are becoming more virtual, business boundaries are blurring, and financial risks are becoming more contagious. ” we at the hkma recognise the importance of regtech in managing the risks associated with the digital economy. regtech can play a critical role in helping banks to maintain operational resilience, and that in turn makes it easier for regulators to better manage overall risk in the financial system. 8. i particularly enjoyed the analogy made by mr benoit cœure. indeed, we regulators are often 1 / 4 bis central bankers'speeches referred to as watchdogs. benoit is more specific. he noted that banks are like greyhounds – usually fast at adopting new technologies ; while regulators are like bloodhounds – a bit slow and stubborn but having financial stability as their key priority. in fact though, i have to say that the hkma is increasingly acting like a greyhound in our efforts to promote regtech. how to overcome regtech adoption challenges 9. so we have put forward clear evidence that regtech can benefit many different stakeholders. but we also know that there are challenges associated with regtech adoption. part of our regtech 2025 vision is to see regtech being extensively adopted by the hong kong banking sector. to facilitate this, we aim to share success stories of regtech implementation – how others overcame the challenges and develop practical guidance to banks. 10. many success stories have been showcased in today ’ s event. the roundtable with tech giants session offered valuable insights into how to use cloud and artificial intelligence to aid regtech adoption. in the pulse of regtech and masterclass sessions, our guest speakers shared real - life stories on practical drivers for regtech adoption and factors in successful solution implementation. 11.