/ 5 bis central bankers'speeches key ict service providers can best be supervised. such an evaluation must be based on the work of the ict security commission, which publishes its report in december 2018. distributed ledger technology distributed ledger technology ( dlt ) offers interesting opportunities. a shared decentralised digital asset register can enhance efficiency, as business ledgers no longer need to be reconciled, and can reduce counterparty risk. dlt solutions can also reduce operational risk as this technology does not rely on a central operator. dlt has many potential applications in the financial infrastructure, such as in the securities settlement system. the australian exchange asx is replacing the existing system for clearing and settling trades with a new dlt - based system. another example is cross - border payments ; several projects have been launched and the potential for improvement is considerable. a number of norwegian operators are exploring opportunities for using dlt - based solutions in norway ’ s infrastructure. central banks have also explored the use of dlt. the european central bank and the bank of japan have considered how secure delivery versus payment systems could be organised where the assets are stored in a decentralised accounting system. some central banks, such as the bank of canada, have evaluated and tested dlt for use in central bank settlement. at the same time, the use of dlt poses a number of challenges, including the immaturity of the technology and how to prevent unauthorised access to confidential information. new technology also makes new forms of money possible. the functions of money as a medium of exchange, a store of value and a unit of account are dependent on public confidence in the currency. most of our money is in the form of bank deposits or cash. so - called cryptocurrencies have attracted considerable attention in recent years. owing to their substantial day - to - day volatility and the interfaces with money laundering and other criminal activity, cryptocurrencies are unsuitable as a universal means of payment. on the other hand, cryptocurrencies are attractive as speculative assets. crypto - assets is therefore a better term than cryptocurrencies. central bank digital currencies another possibility is central bank digital currencies ( cbdc ). a cbdc is a digital form of central bank money made available to the general public. a number of central banks, including norges bank, are assessing whether introducing a cbdc would be advisable and, if so, in what form. for

reversed, competition for ordinary deposits will have to intensify ahead – also in view of the greater uncertainty experienced by many banks with regard to funding in the money market. a number of features of household behaviour make households more vulnerable to economic disturbances. household debt has grown more than income since 1999. both the debt burden and the interest burden have increased markedly and are expected to continue to rise somewhat in the years ahead. most household loans are adjustable - rate loans. this is perhaps not so surprising. in the post - war period up to the late 1980s, the norwegian state housing bank played a key role in mortgage financing, and banks ’ lending rates were regulated. the interest rate for house purchases was politically determined, and – for a period that was perhaps surprisingly long – borrowers were confident that their best interests were being safeguarded. the question of whether borrowers should choose an adjustable or fixed borrowing rate – in order to be able to safeguard their own interests to a greater extent – became more relevant with the advent of credit market liberalisation in the 1980s. however, in almost the entire period since then, the nominal interest rate level has exhibited a falling tendency, first as a result of a decline in inflation expectations, then after 2000 due to a decline in real interest rates. borrowers who chose a fixed - rate loan have therefore not benefited from falling interest rates during the fixed rate period. there are few success stories to be heard from borrowers who chose fixedrate loans. this will probably change ahead. the share of mortgages with a high loan - to - value ratio has increased in recent years, particularly among young borrowers. in addition, more households are choosing interest - only mortgages. the opportunity to postpone paying the principal can act as a buffer when servicing the debt becomes more demanding. for many households, this buffer has already been used. the increase in household borrowing has not been matched by a similar increase in investments in financial assets. the household saving ratio has been on the decline since 2002 and was very low, probably negative, in 2006. household saving also seems to be negative this year. this means that in addition to financing housing investments by raising loans, borrowers are also financing some of their consumption – often a new car or boat – by increasing their ( net ) debt. norway has a substantial current account surplus. if oil prices remain high, this might also be the situation in the years ahead. most of the current account surplus is matched by capital outflows from