they can get a wider range of better and cheaper financial products and services. our vision is to put the interest of the consumer, competition, security and trust between stakeholders at the centre through european legislative initiatives. 1 / 2 bis - central bankers'speeches last but not least, the fight against payment fraud is also a leading priority in the bnb supervisory practice, and i believe that the new european legislation will enable payment service providers to share fraud - related information with each other. this will increase consumer awareness and expand refund rights for those consumers who are victims of fraud. the new european legislation will also ensure levelling of the playing field between banks and non - bank payment service providers, and in particular by giving non - bank payment service providers access to all eu payment systems. this process will go hand in hand with setting appropriate adequate safeguards in order to ensure the right conditions for the entry of innovative financial services. thank you for your attention! 2 / 2 bis - central bankers'speeches

large banking firms manage liquidity in a manner that mitigates the risk of creditor and counterparty runs. the rule ’ s liquidity coverage ratio, or lcr, requires covered banking firms to hold minimum amounts of high - quality liquid assets – such as central bank reserves and high - quality government and corporate debt – that can be converted quickly and easily into cash sufficient to meet expected net cash outflows over a short - term stress period. the lcr applies to bank holding companies and savings and loan holding companies with $ 250 billion or more in total consolidated assets or $ 10 billion or more in on - balance - sheet foreign exposures. the rule also applies a less stringent, modified lcr to bank holding companies and savings and loan holding companies that are below these thresholds but with more than $ 50 billion in total assets. the rule does not apply to bank holding companies or savings and loan holding companies with less than $ 50 billion in total assets, nor to nonbank financial companies designated by the financial stability oversight council ( fsoc ). the federal reserve will apply enhanced liquidity standards to designated nonbank financial companies through a subsequently issued order or rule following an evaluation of each of their business models, capital structures, and risk profiles. the rule ’ s lcr is based on a liquidity standard agreed to by the bcbs but is more stringent than the bcbs standard in several areas, including the range of assets that qualify as highquality liquid assets and the assumed rate of outflows for certain kinds of funding. in addition, the rule ’ s transition period is shorter than that in the bcbs standard. the accelerated phasein of the u. s. lcr reflects our objective that large u. s. banking firms maintain the improved liquidity positions they have already built following the financial crisis, in part because of our supervisory oversight. we believe the lcr will help ensure that these improved liquidity positions will not weaken as memories of the financial crisis fade. the final rule is largely identical to the proposed rule, with a few key adjustments made in response to comments from the public. those adjustments include changing the scope of corporate debt securities and publicly traded equities qualifying as high - quality liquid assets, phasing in reporting requirements, and modifying the stress period and reporting frequency for firms subject to the modified lcr. swap margin reproposal sections 731 and 764 of the dodd - frank act require the establishment of initial and