##ence goes beyond technology, it also encompasses governance, company culture and business processes. given the extensive interlinkages and interdependencies in the financial system, it is obvious that 1 / 2 bis central bankers'speeches markets ’ overall cyber resilience depends not only on the resilience of each individual market actor but also on that of interconnected market infrastructures, participants and service providers. the eurosystem cyber strategy for financial market infrastructures following the increase in both the frequency and severity of cyberattacks over the last few years, legislators, regulators and standard setters have issued legislation and guidance on cyber security at national and international level and at cross - sectoral as well as sector - specific level. let me briefly mention three initiatives. first, in 2016, the ec adopted the directive on security of network and information systems ( the nis directive ). its aim is to bring the cybersecurity capabilities of operators of essential services to the same level of development in all the eu member states and to ensure an efficient exchange of information and good cooperation on the topic throughout the eu. second, at international level, the g7 countries have drawn up a set of fundamental elements of cybersecurity for the financial sector, as well as three further recommendations on the effectiveness of cybersecurity assessments, third - party risks, and coordination with other critical sectors. third, with a key focus on financial stability, the cpmi - iosco published a principles - based “ guidance on cyber resilience for financial market infrastructures ” in june 2016. supplementing the “ principles for financial market infrastructures ”, it provides additional detail related to the preparations and measures that financial market infrastructures should undertake to enhance their cyber resilience. in recognition of the escalating cyber threats, the legislative and regulatory guidance and the required paradigm shift, the eurosystem ’ s overseers have launched a strategy for cyber resilience in relation to financial market infrastructures. this strategy – which will be explained in more detail at agenda item 3 – is built on three pillars. the first pillar refers to the cyber resilience of individual financial market infrastructures. the second pillar refers to the resilience of the financial sector as a whole. the third pillar highlights the importance of establishing a forum which brings together market actors, competent authorities and the cybersecurity service providers. this brings me to the third and final objective of today ’ s meeting. creation of a

complex decisions, particularly when resolving the large stock of nonperforming loans. thus, bank boards have to have strong and independent directors with a robust track record who can ensure arm ’ s length decisions in the best interests of their stakeholders and of the greek economy. bank management needs to be free of political interference and vested interests. with this aim in mind, we encourage the hellenic financial stability fund to make every reasonable effort to finalise the review and reconstitution process within the next few weeks. on financial sector policy, there are other important elements of the ongoing second review which seek to further reduce structural impediments to swift and effective npl resolution. let me highlight the reform of the out - of - court workout framework, with its main goal being to provide sufficient incentives for creditors and debtors to agree on mutually beneficial debt restructuring arrangements. the framework is intended for viable but distressed firms whose profitability has been severely hit by the prolonged economic crisis. to be effective, it needs to take into account the fact that greek firms have both significant non - performing loans vis - a - vis banks and significant arrears to the state. let me add that as of end - 2015 total arrears to the state in respect of taxes and social security contributions were around €110 billion, of which about €79 billion was due from corporations, small and medium - sized enterprises as well as professionals – the categories eligible for out - of - court frameworks. the stock of non - performing exposures in greek banks relative to these same categories amounted to another €55 billion. 2 / 4 bis central bankers'speeches apart from developing effective out - of - court frameworks, the greek authorities also need to fully implement the agreed measures to strengthen the judicial system, thereby substantially shortening legal proceedings and enhancing the competence of the courts. these requirements are not specific to greece ; experience has shown that npl resolution requires strong legal frameworks throughout the euro area. in any case, creditors in greece have to wait longer to obtain a court ruling after an insolvency than in any other eu country except the slovak republic. it takes on average about three and a half years, compared with less than six months in ireland, the eu ’ s best performer. swift progress on npl resolution will also help banks to support the economic recovery through credit provision, eventually ending the prolonged period of negative credit growth. so far, credit developments remain subdued, with credit from monetary financial institutions