##bank. se / upload / dokument _ riksbank / kat _ publicerat / rapporter / 2010 / ar2009 _ en. pdf 6 https : / / www. riksgalden. se / en / aboutsndo / guarantees - and - lending / our - guarantees / 6 regular analysis of the stability of the financial sector and good crisis preparedness to be able to fulfil our liquidity supporting role in a crisis, we must have good knowledge of the financial system and its participants. we therefore analyse financial companies, infrastructures and markets, as well as the links between them, both under normal circumstances and in times of crisis. in the initial stage of a crisis – when the riksbank needs to make a decision on liquidity support of several billion in the course of a day or so, or in the worst case a few hours – it is not possible to start analysing the bank that is in distress and what links it may have to other participants in the financial system. being a slow starter does not work, as the course of a crisis can be very rapid. a regular analysis of banks and other financial companies even during normal circumstances is needed also to ensure that the institutions that are members of rix have good risk management, so that they are stable and do not subject the system to major risks. to be able to carry out this regular analysis in a good way, the riksbank cooperates with finansinspektionen, which in its capacity as financial supervisory authority has good access to information and in - depth knowledge of the individual financial companies. in addition to the regular analyses, we at the riksbank need to practice our crisis management capacity in various ways. we do this regularly, together with other public authorities in sweden and in other countries. in other words, crisis preparedness is high on our agenda, as it is for other central banks. it is quite clear that sweden, with a large bank and payment system, could be destabilised through the payment system. in addition, to our own exercises and preparedness, it is also important that we have the possibility to require that the participants in the payment system have a high level of crisis preparedness. i hope that the riksbank will be given greater power of authority in this field. 7 monetary policy is closely related to financial stability now i have talked at length about the concrete tasks the riksbank has to contribute to

payments the riksbank can already be said to issue digital money, but this can only be held by banks and some other financial institutions. this electronic central bank money plays an important role and, like cash, is risk - free. it is used to implement payments between financial institutions participating in the central bank's payment system. in sweden, this payment system is called rix and it is operated by the riksbank. responsibility for a central payment system is a second central bank task that is of great significance for ensuring that our payments are efficient and safe, and thereby for the financial system. most non - cash payments in sweden that are not internal within a bank pass through rix one way or another. on average, around 21, 000 payments are settled in rix every day to a total value of around sek 565 billion 4. in other words, every week an amount is settled that is roughly the size of sweden ’ s gdp. rix also acts as the hub in a large universe of systemically important financial infrastructures that consists of central counterparties, securities companies and clearing organisations. the riksbank's role is to supply the rix system and to guarantee that the parties that are members of rix can settle their payments efficiently. the requirements for operational reliability for the rix system are very high, as a breakdown would have major repercussions on society. if payments do not reach 4 http : / / www. riksbank. se / documents / riksbanken / rix / 2017 / rb _ rix _ tertial _ 3 _ 180119 _ eng. pdf 4 counterparties as planned, this could entail problems for the companies and households that are affected. rix thus plays a very central role in the swedish economy, as it is the economy's “ circulatory system ” through which the riksbank acts when supplying liquidity to promote financial stability and also when conducting monetary policy. as a result of the increasing internationalisation, the rapid technological developments and the emergence of new regulations, rix, like the central payment systems in many other countries, is currently facing strong pressure to change. one effect of these developments is that an increasing number of credit institutions and some other institutions want to be able to participate directly in the payment system, instead of through agents. with more participants in the rix system, the concentration risks will decline, as there will be more institutions that have the possibility to borrow directly