that i am certain about : the federal reserve will continue to act forcefully, proactively, and aggressively as we deploy our toolkit — including our balance sheet, forward guidance, and lending facilities — to provide critical support to the economy during this challenging time and to do all we can to make sure that the recovery from this downturn, once it commences, is as robust as possible. 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. i am grateful to chiara scotti of the federal reserve board staff for her assistance in preparing this text. 2 for additional information on the federal reserve actions taken at the march 15 fomc meeting, see the meeting statement, which is available ( along with statements from other fomc meetings ) on the board ’ s website at www. federalreserve. gov / monetarypolicy / fomccalendars. htm. more details about the new credit facilities, the expansion of foreign exchange swap arrangements, and the fima repo facility, as well as other regulatory actions, can be found on the board ’ s website at www. federalreserve. gov / covid - 19. htm. 3 see federal reserve act, 12 u. s. c. § 343 ( 1932 ), quoted text in paragraph 3. a. 3 / 3 bis central bankers'speeches

market conditions. 2. the capital adequacy of each bank after potential adjustments from the asset quality review remains above the minimum regulatory requirements. indeed, the individual results vary across banks. follow - up plans have been developed in line with individual results and include measures aimed at maintaining existing capital buffers for some banks or increasing capital buffers and decreasing risk - weighted assets for others. the concrete follow - up measures and timeline for their implementation will be announced on saturday, 1 pm, as part of the published results. implementation of the measures will begin on monday, 15 august 2016. they will be incorporated in the individual bank ’ s capital management plans, as well as in the supervisory process conducted by the bnb. 3. the results do not necessitate any public support to the banks with state budget funds. the follow - up measures aimed at maintaining or strengthening the capital position of all banks are based entirely on available market solutions and funds from private sources. bis central bankers ’ speeches in closing, i would like to stress out that the asset quality review and the stress test were not an isolated event but an important step in the 18 - month reform plan for the institutional development of the bulgarian national bank, which i announced upon my election as a governor in july 2015. other key aspects of this plan include significant improvement of the bnb ’ s supervisory process and the development of an institutional framework that is effective in resolving issues in the banking system. the strict execution of the plan to date has strengthened our disciplined approach and contributed to improving financial results in the banking sector. the markedly high half - year results of the banks are a solid platform for implementing the follow - up measures identified as a result of the asset quality review and the stress test. i would like to assure the public, that we will be consistent in our disciplined approach and we will continue to follow our plan for reforms in the banking sector focusing not on the issues of the past but on addressing effectively the challenges of the future in order to maintain financial stability and integrate successfully in the european financial infrastructure. bis central bankers ’ speeches