we have already begun this process in order to implement the regulation of new technologies rationally, protecting the markets from risks. at the beginning of this speech i mentioned the strategic objectives of the bank of russia. these are our key priorities. you may have noticed that the tasks we set ourselves four years ago and those for the year 2016, which i have been speaking about today, as well as challenges of the future, are all, of course, related to each other. we consider it to be very important to respect the principles of continuity, consistency and predictability. we will no doubt be responding with flexibility to any given situation. the situation is volatile, there is a lot of uncertainty in the world. we will have to react in accordance with the challenges presented to us. but the consistency of our policy, i think, is very important. the preservation of trust is vital to development, as well as to financial markets. this is a key category – trust in the financial market and trust in monetary policy have been the most influential factors in terms of economic growth. we view our policy as part of an overall economic policy aimed at creating conditions for sustainable long - term economic growth in our country. thank you very much! 3 / 3 bis central bankers'speeches

which we are currently resolving, are : to better manage risk, so as to protect the rights of depositors and creditors ; to promote the availability of credit, including credit for small businesses ; and to ensure fair competition, wherein a bank of any type will be able to work and earn within their niche in the market. another pressing task is the implementation of a new resolution mechanism. we hope that it will be in place by autumn, when we will be ready to use it. this will allow us both to reduce the cost and to speed up the resolution mechanism, in order to make rehabilitated banks more attractive to investors. in the banking sector, as well as in the financial sector overall, the challenge lies not only in rehabilitating and cleaning up, but also in creating the conditions for development. this will come to the fore over the course of the next five years. creating conditions for development involves : introducing a system of individual pension capital – essentially a voluntary system for individuals ; developing non - bank financing and the bond market ; developing the capital market – in essence, creating long - term money for the country. at the moment we don ’ t have long - term money, and so we must and will be doing everything we can to create it. further development of the payment system will involve a smooth transfer of the salaries of public sector employees and social payments on to a card system called “ mir ". to make this transfer smooth and orderly is our task for the near future. we will also be aiming to expand the acceptance of the mir card outside of russia. we have already begun plans and arrangements with other countries on this front. finally, i will return to the topic of financial technology development – i have also spoken about 2 / 3 bis central bankers'speeches this previously. the development of financial technologies will in large part determine the specific actions to be taken by us in the coming years. this will involve active joint efforts with businesses. legislative support is also important here, particularly in terms of remote authentication, which will make new technologies and digital technologies possible. this implies a transition to electronic document workflow in the financial market. here indeed we have a backlog, and we need to cross over to this new system in order to reduce costs for the financial sector and ultimately reduce the cost of credit. this will also result in cheaper loans. we will be carrying out tests on the market of new technologies, such as distributed ledger technology based on a blockchain technology, and