philosophy of central banking. since the war's onset, we have accumulated a unique base of knowledge and solutions that has proved effective amid high uncertainty. over this time, the financial sector and the economy have gone from survival and adjustment stages to gradual recovery. along with solutions, we have also developed several insights that i expect you and i will augment during the panels today. 1. central banks should prepare for crises. in emergencies, we do not rise to the level of our expectations, we fall to the level of our preparedness. the idea of crisis preparedness is nothing new. it lies at the core of ensuring financial stability, which became a widespread part of central banks'mandates after the asian market crisis and was cemented as such by the 2007 – 2008 global financial crisis. in essence, crisis preparedness involves creating a system of buffers and an early warning system that operate on the principle " prepare today for what may come tomorrow. " central banks should not be afraid to take into account the relevant experience from different cases. the nbu started preparing immediately after russia annexed crimea in 2014. thanks to prearranged action protocols and a package of anti - crisis measures put into effect on 24 february 2022, we were able to stabilize the situation. we managed to prevent panic, stem capital outflows, and help the country fight and defend its independence. we pegged the exchange rate to the u. s. dollar and imposed administrative restrictions on fx transactions and cross - border movement of capital. we activated the banking system's business continuity protocols. have you ever heard of any countries where people could easily use payment cards amid a full - scale war, even on its first day? i know of only one such country. ukraine. not a single payment was denied, not a single ukrainian bank stopped operating. people had uninterrupted access to their money and continued to keep their deposits in banks. we supported the country's budget by issuing uah 400 billion in monetary financing as ukraine waited for financial support from partners. we did it because the defense forces needed immediate funding. a tactical medicine phrase i often use to explain the essence and importance of crisis response is very apt. in the event of severe injury ( which is how you can describe the invasion's impact on the ukrainian economy ), compress the damaged blood vessels with a tourniquet to stop the bleeding as soon as possible. our emergency measures became such a tourniquet for the financial system

designated bank accounts mostly anonymously or in fictitious names. such accounts are also used to affect such other crimes as blackmails, bill frauds, underground money centers, embezzlement and bribe taking. thus, using real names for bank accounts is an essential condition for effectively preventing and cracking down on illegal and crime activities. secondly, it is beneficial for banks to achieve a sustainable and sound development by improving fundamental management system, perfecting internal control system, decreasing operational risks and fulfilling social responsibility. one of the basic premises for repaying loans on time is that borrower should be genuine firms or individuals. if it is possible for a firm or individual to open an anonymous or fictitious account, it is very likely for the bank to face default because it could not find a genuine economic entity to be responsible for repaying the loans. at the same time, banks must perform anti - money laundering obligations spelled out in national laws and regulations by verifying customer ’ s identity with the aim of preventing money laundering crime and safeguarding financial security. finally, it is conducive to protecting public interests. many financial frauds are targeted at the general public. using real names for bank accounts will contribute to deterring financial fraud, thus to the greatest extent to protect public interests. meanwhile, it is essential to apply real name policy to some special financial services provided by banks, like loss reporting of deposit certificate and advance withdrawal of term deposit, which require customers to produce identity cards or other identification document in compliance with relevant rules, because it can not only decrease economic disputes arising from anonymous or fictitious accounts, but also facilitate the production and living of the masses and protect the fund security of the public and legitimate rights and interests of banks. using real names for bank accounts is a legal obligation for banks, enterprises and institutions and the public. in 2000, the state council promulgated an administrative regulation, entitled regulations on the use of real names for personal savings accounts. in 2003, the pbc decreed a ministry regulation, called administrative rules for rmb bank settlement accounts, which expanded the use of real names from personal accounts to corporate accounts. in 2006, the national people's congress enacted the law on antimoney laundering, a state law which established officially real name policy for bank accounts. the law specified that financial institutions shall establish customer identification systems in accordance with relative provisions, and they may not provide any service to or trade with an unidentified customer, nor establish any anonymous or fictitious account. at the same