however, such crises cannot be ruled out entirely in the future either. therefore, third, it will be necessary to establish a crisis management and resolution mechanism as a prudent and necessary supplement to the existing regulatory framework. given strict compliance with the “ no bail - out ” principle, assistance to individual member states linked to strict conditionality and a very limited timeframe should be possible if stability of monetary union as a whole is at risk. in a well - regulated crisis mechanism of this kind, private debtors should not be allowed to escape their responsibility. it should be stated explicitly, however, that such a mechanism should be established only after the end of the crisis and not interfere with existing agreements and obligations. in addition to the risks of the debt crisis, it is crucial not to lose sight of the risks inherent in an extended period of low interest rates. this includes, in particular, the possibility of new bubbles being formed in some markets for assets as part of a resurgent “ search for yield ”. this is not a problem at present, but could become an issue in the medium term. persistently low interest rates incite, furthermore, the entering of liquidity risks and thus put banks at the whim of market sentiment. expanding banks ’ short - term refinancing was more or less unavoidable in periods of strong mistrust ; the correction of this expansion has not taken place so far. this means that the banks may be on a collision course with the large financing needs of general government, since large issuances of government bonds are to be expected over the next few months. finally, an abundant supply of liquidity may incite banks to defer a necessary clearing - up of their balance sheets. major legacy problems in the loan portfolios may lead to banks holding back longer in granting new loans. iii. aspects of the risk situation in the german banking system beyond the risks emanating from the global setting, the risk and stability situation in the german financial system looks more positive than it did a year ago. banks ’ profitability has recovered since its slump in 2008 and their capital adequacy has improved. between the first quarter of 2008 and the second quarter of 2010, large complex financial institutions increased their tier 1 capital ratio, on average, by 2. 4 percentage points to 10. 4 %. finally, the german banking system has remained fully functional at all times and the credit crunch that was feared for a time did not materialise.

have the standardisation activities pursued by the industry itself. main developments, trends and technologies in the payment area, as well as the required regulatory activities, will cover : - standardisation and achievement of interoperability between end - user applications used for payment transactions, including standardisation of the qr codes used in europe ; - expanding the access to the necessary technical infrastructure for payment execution – e. g. to nfc chips in mobile phones and to the kernels for contactless payments in pos terminals, thus facilitating contactless payments with cards issued within national card schemes in the eu member states ; - encouraging the use of electronic identity and solutions based on trust services, improvement of electronic identification and trust services with a view to meeting the requirements for strong customer authentication and other regulatory requirements ; - improved acceptance of digital payments by both the public and private sector, including by legislative amendments in 2022, if needed ; - standardisation of additional functionalities by establishing special sepa schemes aimed at greater convenience in initiating instant payments, such as the services ‘ request - topay ’, payment by mobile phone number ( proxy look - up ), electronic invoice and electronic receipt, etc. ; - ensuring the full potential of the sepa project and the strict application of the requirements of regulation ( eu ) 260 / 20125, including the requirements against iban directive 2009 / 110 / еc of the european parliament and of the council of 16 september 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending directives 2005 / 60 / ec and 2006 / 48 / ec and repealing directive 2000 / 46 / ec directive 98 / 26 / еc of the european parliament and of the council of 19 may 1998 on settlement finality in payment and securities settlement systems regulation ( eu ) no 260 / 2012 of the european parliament and of the council of 14 march 2012 laying down technical and business requirements for credit transfers and direct debits in euro and amending regulation ( ec ) no 924 / 2009 discrimination ( inability to initiate international payment transactions ) in the execution of direct debits ; - assessing the possibility for western balkan countries to join sepa, thus deepening their convergence with the eu ; - more comprehensive implementation of global international standards, such as iso 20022, which facilitate the inclusion of richer data in the payment messages by the end of 2022 at the latest. 3. forthcoming developments in the field of immediate payments instant credit transfers are the basis