. the evaluation investigated the effects of the too - big - to - fail ( tbtf ) reforms on systemic risk associated with globally and national systemically important banks ( financial stability board 2020 ). overall, the evaluation indicates that effective tbtf reforms bring net benefits to society, and that indicators of systemic risk and moral hazard have moved in the right direction. nevertheless, there are still gaps that need to be addressed. for instance, there are gaps in the information available to public authorities, to the fsb and standard - setters, which reduces their ability to monitor and evaluate risks arising from systemically important financial institutions. this includes, for example, information on who owns tlac issued by g - sibs, which is needed to assess the potential impact of a bail - in on the financial system and the economy. in addition, the application of the reforms to domestic systemically important banks warrants further monitoring. d - sibs are, by definition, economically important. many of them operate in foreign countries and are highly interconnected. threats to their resilience may, therefore, affect financial stability in more than one country. however, compared to g - sibs, relatively little is published by national authorities and at the international level about the characteristics or the regulation of d - sibs. more information and analysis, potentially drawing on the analytical tools developed in tbtf evaluation, could be used to compare prudential measures for these institutions and explore how the reforms have been applied to them. 4 towards an international standard for data sharing in all of these areas, analytical work and policymaking would benefit from further promoting international data sharing. and many other examples could be listed. information on climaterelated risks and exposure is another important area for international cooperation in terms of data collection and data sharing. the second phase of the g20 data gaps initiative has intensified these efforts. 3 on the international level, for example, data on global systemically important banks ( g - sibs ) are provided to the international data hub ( idh ) hosted by the bis. this hub ensures the regular data collection and sharing of these data between its member institutions. at the european level, the ibach project is another example for the sharing of microdata concerning non - financial corporations. the corresponding dataset contains balance sheet and profit and loss data of firms collected by the european committee of central balance sheet data offices ( eccbso ) through its working group on bank for the accounts of companies harmonized (

systems which will be implemented next year will be y2k - proof, so that it should be possible to cope with the remaining challenges during 1999. in operational terms, the newly developed large - value - payment system target is going to function by joining together the 15 eu central banks´ existing real - time gross settlement ( rtgs ) systems, using what is known as the interlinking system. s. w. i. f. t. is being used as the carrier for the „ interlinking system ”, s. w. i. f. t. is therefore going to assume even greater technical responsibility. that will mainly include ensuring steady and trouble - free operation - in particular, we are relying on s. w. i. f. t. having a firm grip on the year 2000 challenge. this will be ensured by a joint task force of several central banks under the direction of the national bank of belgium. as s. w. i. f. t. is the main service - provider world - wide for the financial industry, a smooth transition to the next millennium is of paramount importance to us all. since our schedule today only allows me the time to make a few welcoming remarks, i don ’ t want to make a short story long. i hope that we will all work successfully together at this conference, and thereby contribute to minimising the year 2000 risk.