work as the benefits to all stakeholders and especially bank customers will be tangible in terms of cost and time savings. this will benefit the entire cypriot economy including the banks themselves. having said this, i wish to emphasise that digitisation on its own does not bring full efficiencies or solve the issues i mentioned earlier. the association of cyprus banks and the ceos and chairmen of banks must make the necessary internal changes and training to make servicing of clients more efficient. let me be clear, european banking regulations are the same across europe. that's why they are called european. hence differences on banking practices and efficiencies are because of banks'management and their practices. the cyprus banking sector practice is less efficient than european counterparties. as i mentioned before, it's time for banks and stakeholders to act. in conclusion, 4 / 5 bis - central bankers'speeches the world's economic system has been through a lot in recent years, from the challenge of the pandemic to the impact of the war in ukraine. policymakers around the world should focus their actions on dealing with elevated uncertainty and rising inflation, while safeguarding growth prospects. the cbc remains alert in gauging these challenges, as proven by our actions that safeguarded depositors and public finances with the controlled transaction relating to rcb and also on the client onboarding digitisation project we are close to launching on our own initiative for the benefit of the economy, it is up to us to come through these challenges unscathed or even stronger, wiser and better prepared for the future because the world geopolitically, economically and financially is changing fast in fundamental and lasting ways. we have done it before, we can do it again. 5 / 5 bis - central bankers'speeches

##ifies risk and thereby eases the burden on the banking system. developments in the securities market have made it easier for banks to vary their financing. in addition, the emergence of a number of new credit sources and new instruments has made it possible for banks to engage in risk trading. therefore, it has also become easier for banks to diversify risk. the structure of the financial system varies considerably across countries. this is illustrated by the different ways enterprises finance their activities. norwegian enterprises have a fairly low level of borrowing in the bond and short - term paper market, representing as little as 8 per cent of total financing. different financing structures mean that the risk associated with extending credit and providing other financial services varies across countries. it is an advantage for enterprises and other operators in the financial market to have several financing sources to draw on. if problems arise in parts of the financial system, operators can find alternative sources of credit. a larger bond market would enhance financial stability. this is also the case in norway. new investment and risk management instruments structural changes and strong growth over the past decades have led to more perfect financial markets. this has made the markets more efficient and improved the distribution of resources and risk between operators, sectors and regions, and over time. there is rapid growth in product development in financial markets, and trading in instruments for the transfer of credit risk is rising. greater focus on risk management by banks and other operators generates demand for these products. the emergence of new instruments is being driven forward by intensified competition, technological developments and new, more risk - based capital adequacy requirements. in many countries, there has been a tendency towards separating those who provide loans and who assess and price the risk, from those who take over the loans and bear the risk. through securitisation, banks can sell entire loan portfolios to special purpose vehicles that issue bonds that are collateralised by these loans. it is the buyers of these bonds that bear the risk. such special purpose vehicles are not subject to capital adequacy requirements or supervision. asset - backed bonds are a similar instrument where bond holders have collateral in loans that banks have transferred to a mortgage company. mortgage companies are subject to supervision and capital adequacy requirements. efforts are being made to allow these instruments in norway. use of these instruments will probably strengthen the bond market and thereby improve the diversification and management of risk. in recent years, we have seen the development of new instruments that make it possible to sell the credit