including those made via internet or through other it devices. we expect that the new law would reduce the number of disputes between providers and users of payment services, as well as the number of cases where the bnb should get involved directly. please allow me to thank you and to once again congratulate you on this year ’ s very good results. i wish you joyful celebrations, a happy banker ’ s day, and very happy christmas and new year, as well as good health and success in the new year! thank you for your attention. 2 / 2 bis central bankers'speeches

##ing meetings with private sector representatives and by providing comprehensive information on its website. turning to crisis management and resolution, i would argue that important lessons have been learnt from past experiences. discussions have continued on the appropriate involvement of the private sector in solving debt crises. this is not only important because the availability of official funds is limited, but also because there are moral hazard concerns associated with large financial assistance provided by the official sector. since every single crisis is different, the challenge arises again and again to strike the right balance between the debtor country ’ s domestic adjustment, private sector involvement and official support. as regards the role of the official sector in the area of crisis management, work continues at the imf on a number of issues in the context of the strategic review of its activities. first, an open issue is the lack of clear guidelines for involvement of the imf in the process of sovereign debt restructuring in the event a country faces an unsustainable debt situation. the case of argentina is an example of a very difficult debt restructuring process. it is crucial that authorities cooperate closely with their creditors, while the imf remains closely involved in the process and takes an active role in providing information. in that context, further discussions will be needed on how the fund should financially support a country that is in the process of renegotiating its debt with private creditors, i. e. the lending - into - arrears policy. second, discussions continue on the framework for large financial assistance programmes – the so - called exceptional access policy – that sets guidelines in order to make fund lending more predictable. finally, proposals are being examined for a possible new instrument to provide high access contingent financing. all in all, what is important in these different discussions in my view is to increase predictability and clarity on the part of the official sector so as to set the right incentives for all the actors involved. while there are several issues that still need to be addressed in the context of crisis resolution, substantial progress has been achieved on two fronts, both aimed to improve debtor - creditor relations and define ex ante the best conditions to address possible financial crises leading to debt restructuring. by doing so, these two initiatives are eventually also beneficial in terms of crisis prevention. first, following the pioneering issuance by mexico of bonds with collective action clauses ( cacs ) in february 2003, the adoption of cacs in international sovereign bonds has become much more widespread. practically all international sovereign bonds issued since mid - 2005 contain