is that the riksbank now has a larger funding need than before. i shall explain why. the reason is that the foreign currency reserve needs to be much larger than before, as the banks ’ funding in foreign currency has expanded so much over the past ten years. and this means that the traditional funding sources, equity and banknotes and coins, are not enough. how should the riksbank fund its assets? as i have already described, the riksbank chose to borrow foreign currency on the international capital market through the swedish national debt office when the foreign currency reserve was strengthened. we assessed that this was the most suitable procedure at the time and it functioned well and is still doing so. although the riksbank is able to borrow euros and dollars at a low cost on the capital market through the national debt office, the interest expenditure for the currency loans is higher than the return the riksbank receives on the money when it is invested in safe assets with very low risk. the difference is around 0. 2 per cent. this means that the strengthening of the foreign currency reserve of sek 200 billion costs the riksbank around sek 400 million a year. one can regard this cost as a form of insurance premium that the riksbank considers is worth paying to ensure a good level of preparedness for a crisis. as the swedish banking see peter sellin and virginia queijo von heideken : “ the banking system ’ s liquidity surplus and interest rate formation ” in sveriges riksbank economic review 2014 : 3. bis central bankers ’ speeches system is so large and important to the swedish economy, this cost can be considered small in relation to the costs that might arise if the banking system ceased functioning. the reinforcement of the foreign currency reserve thus reduces the riksbank ’ s profits by around sek 400 million a year. this is one of the reasons why it is has been discussed in various contexts whether the banks should contribute to the costs of the reinforcement. the riksbank has previously argued that it would be reasonable if the banks stood for the cost of the part of the foreign currency reserve needed to manage emergency liquidity assistance5, and we will probably have reason to return to this question in the future. how can the riksbank obtain funding in the future? by going through the balance sheet in this way, we can clearly see that the riksbank has little opportunity to influence how it obtains funding. we have already observed that

of 512 brand new and branded computer sets. i understand that this number may go up further to about 540 units if we generate additional savings. let us therefore give these groups as well a well - deserved round of applause! but beyond the computers we are turning over to the department of education today, i am so inspired by the change in the public mindset about the barya. when we started our coin recirculation program, our slogan simply declared : “ ang barya mahalaga, huwag bale - wala - in gamitin. ” when we launched “ tulong barya para sa eskwela ” our slogan changed to “ ang barya mahalaga, lalo na kapag pinagsama - sama. ” i believe this national lesson in saving proved to our schoolchildren that every little amount saved adds up and can be the start of wealth creation. such is the power of barya! “ tulong barya ” therefore is a perfect introduction to the integration of saving and money management into our public elementary school curriculum. i am pleased to announce that today, we are turning over a total of 104 lesson plans on saving, money management, and basic economics to be incorporated in three subjects : social studies, character education and work education. i understand lessons on entrepreneurship are featured extensively in the teachers ’ guides for the work education subject. the development of these teachers ’ guides, the first step in the integration process, was completed by deped ’ s lesson exemplar writers from luzon, visayas and mindanao last april here in manila under the collaborative work of economic policy reform and advocacy or epra, bangko sentral and the deped. to continue the integration process, the monetary board unanimously approved the budget for the pilot - testing of the teachers ’ guides. today, try - out teachers with their principals and supervisors are in mandaluyong to complete a two - day launching and orientation for pilottesting in luzon. similar programs will be held in the cities of angeles, cebu and davao within the next two weeks. overall, pilot - testing for saving, money management and basic economic concepts will be conducted from august to september and will cover 9 regions, 15 provinces, 18 towns and cities, 36 schools, 180 teachers and approximately 9, 000 pupils. this morning, therefore, we turn over to the department of education, 484 copies of teachers ’ guides that will be used for the pilot - test phase. from