##nb liquidity assistance also has preferential rights in bankruptcy proceedings. the claim is additionally secured by a federal guarantee. i now hand over to andrea maechler. implementation of monetary policy and international cooperation ladies and gentlemen, tension on the financial markets has increased markedly following the collapse of silicon valley bank. in times of heightened uncertainty, us dollar liquidity is particularly sought after. in a coordinated action with five other central banks, we therefore announced on sunday evening that we would enhance the provision of us dollar liquidity via the standing us dollar swap line arrangements. banks can now draw us dollar liquidity from their central banks with increased frequency if needed. to this end, since 20 march we have been conducting our us dollar repo auctions on a daily rather than a weekly basis, and will continue to do so until at least the end of april 2023. through their cooperation, the participating central banks ensure that us dollar liquidity is distributed throughout the system, thereby jointly helping to secure global financial stability. let me now turn to the implementation of our monetary policy on the money market. banks ’ sight deposits and the liquidity on the swiss franc money market are increasing due to our liquidity assistance. to ensure that secured short - term money market interest rates remain close to the snb policy rate and do not decline, we are absorbing sufficient sight deposits through the weekly issuance of snb bills as well as with daily repo auctions. in addition, we are selectively conducting overnight repo transactions. our flexible set of monetary policy instruments allows us to keep secured short - term money market rates close to the snb policy rate also in the current situation. i would now like to hand back to thomas jordan. conclusion ladies and gentlemen, allow me to conclude. within the framework of its mandate, the snb will use all of the resources at its disposal to ensure price stability in switzerland and to contribute to financial stability. thank you for your attention. we are ready to answer your questions. page 5 / 6 zurich, 23 march 2023 thomas jordan, martin schlegel and andrea m. maechler news conference page 6 / 6

aspects in the process of setting up the local infrastructure for npl servicing and sales respectively. • the banks ’ internal workout : managing distressed smes. smes are the backbone of the greek economy. the shift of banks towards long - term forbearance measures coupled with the restructuring of viable businesses with appropriate changes in their structure, business model and, if necessary, corporate governance would help stimulate an uptick in economic activity and assist the rebalancing of the greek economy towards export - oriented sectors. ladies and gentlemen, the successful completion of the recapitalization of greek banks in late 2015 has been a decisive first step towards safeguarding financial stability and restoring the intermediation role of banks. the capital adequacy ratio of the greek banking sector stands ( pro forma ) at around 18 % and compares favorably with the average for european union banks. the next milestones for the greek banking sector relate to a return to profitability, a return of deposits through the restoration of depositors ’ confidence and, more importantly, the supply of credit for working capital and investment. undoubtedly, these goals are closely linked to the politically and socially sensitive issue of tackling non - performing exposures, which poses a real challenge for us all. as of september 2015, non - performing exposures stood at €107 billion, representing 43. 6 % of total exposures. hence, the more effective management of non - performing exposures, avoiding the pitfalls of regulatory forbearance or overenforcement alike, will bring about multiple benefits for banks, households, businesses and the society at large. in the process, it will unlock funding to the real economy, bolstering investment and employment. this in turn will enable the greek banking sector to protect and strengthen the productive fabric of the country, while concurrently enhancing its social role. i am confident that today ’ s workshop will show the significant progress that has already been made regarding the development of an appropriate institutional and supervisory framework for a more effective npe management. moreover, it will help to identify the appropriate tools and approaches to this end. i look forward to an exciting discussion and a very fruitful exchange of views. the overwhelming interest of market participants, from greece and abroad, to join this workshop is, i think, a key ingredient for its success. thank you again for being here today. bis central bankers ’ speeches