describe a concept that enables the operation of a distributed, synchronised database. such a database allows participants to exchange digital assets without involving a centralised third party. page 4 / 6 such new technology is highly relevant for central banks, especially in the context of the ongoing debate about central bank money potentially being issued via a distributed ledger. this idea raises a host of central bank - specific questions that will need to be examined in more detail. the snb is following and analysing developments in this arena closely and is actively involved in discussions with market participants, regulators and other central banks. recent developments in the sic system amid all these longer - term visions, we should be careful not to overlook changes that are just around the corner – or indeed, have already been introduced. so let me return to the present and talk about developments in cashless payment transactions that are already having a tangible effect on central banks around the world. for obvious reasons, my remarks will be based on the situation in switzerland. as i have already mentioned, one of the snb ’ s statutory mandates is to facilitate and secure the operation of cashless payment systems. one of the key ways in which we perform this duty is through our strategic guidance of the sic payment system. this includes approving technical changes to the system and the rules of conduct for system participants, fixing operating hours and rates, and deciding who is granted access to the sic system. at the same time, the sic system is operated not by us, but by six interbank clearing ; system participants are involved in the decision - making process and therefore play a direct part. this configuration makes sic a market solution. another feature is that the sic system is used to settle not only interbank payments, but also a large proportion of retail payments. 8 by virtue of its role in sic, the snb has a substantial influence on retail payments in swiss francs and is, in turn, also impacted by dynamic forces at work in this area. the sic system takes account of such forces and sets the stage for cashless payment innovations, which ultimately benefit customers. this is reflected in the launch of the fourth generation of the sic system in april this year. sic now supports iso 20022, the emerging standard in payment messaging. 9 thanks to the it architecture of the new sic system, innovative services can now be maintained and developed more flexibly and cost - effectively than in the past. furthermore, sic ’ s operating hours are due to be changed next year ;

in pursuing this target, we understand that in some years, on account of natural disasters or major capital development projects, the ratio may temporarily rise. however, we continue to encourage our governments to enact fiscal resilience frameworks, thereby creating buffers and opportunities to pursue fiscal prudence with some enterprise. second, the council has agreed that the respective governments would lay, in their respective parliaments, their medium - term debt management strategies ( mtds ) and also publish them to strengthen and enhance the transparency and the credibility of the debt management process. conclusion in conclusion, i wish to thank all my colleagues across the bank and our several partners who have assisted with this project. i specifically recognise, teresa smith, our director of statistics, mrs. juletta edinborough, deputy director ( debt ), ms. rhina meade, project lead and mr. john venner, adviser. i also thank : our developers : ian mitchell and colleagues at emagine solutions inc. of saint lucia ; and our partners : diego rivetti while he was at the imf ( now at the world bank ) ; obert nyawata and thordur jonasson from the imf money and capital markets department. above all, i express gratitude to our member governments for your active participation and support for this project. we trust that you will find this debt information utility useful. i thank you all. page 3 of 3