. and already next week – on 9 november – we will be hosting an open webinar about the project. further to my remarks on cbdc, i would also like to comment briefly on the central bank money we already have, namely cash. in order to fulfil its functions in the payment system and contribute to efficiency, it is important that cash is both available and easy to use, ie that the public has real opportunities to obtain and use cash. norges bank will continue to issue cash and work to facilitate its use as long as this is appropriate and cost - effective for society. real - time payments a common infrastructure can be regarded as a collective good that benefits us all. payment solutions should therefore build on a common underlying infrastructure that is secure and fast and operates at low cost. providers can then compete freely for customers through various applications and interfaces. norwegian banks have traditionally agreed on good common solutions for the payment system infrastructure, but owing to developments in technology and market structure in recent years, payment services have increasingly become a competitive arena. customer contact through payment services has gained increased strategic importance for banks and other providers. at the same time, this may have weakened incentives to develop common solutions. real - time payments are payments where funds are available in the payee ’ s account within seconds of payment initiation – 24 / 7. a well - functioning solution for real - time payments is an important part of an efficient payment system. we expect the share of real - time payments to increase in the years ahead. chart 6 real - time payments norway ’ s banking sector established a common infrastructure for real - time payments ( called “ straks ” ) in 2013. the solution had some shortcomings and it took many years before it was adopted by several of the larger banks. an improved solution, called “ straks 2. 0 ”, was introduced in 2020 and is used by all the banks. straks 2. 0 is a clear advance on the previous solution. before straks 2. 0, the payee ’ s account was credited before interbank settlement had been completed. the payee ’ s bank ran the risk that the funds from the payer ’ s bank might not arrive as agreed. for all practical purposes, this risk has now been removed, with liquidity set aside at the central bank to guarantee settlement. although the removal of settlement risk is a positive step, this is not enough. the real - time payment infrastructure must be further developed.

’ business practices and consumer protection. this should be the responsibility of the ministry of finance. organisation of the gpfg and central banking functions chart : number of employees in norges bank the organisation of norges bank has changed considerably over time, particularly over the past 20 years. while central banking activities have been concentrated on core functions, norges bank has built up an investment management organisation that is responsible for managing the equity, bond and real estate portfolios of the gpfg. the central bank law commission proposes to remove the gpfg from the aegis of norges bank. the commission recognises that the bank has managed the gpfg and performed its central banking functions in a satisfactory manner. at the same time, the commission points out that the gpfg would stand to gain from being placed under the management of a separate organisation with a board whose sole area of responsibility is investment management. in recent years, the investment mandate has been changed to give the bank greater responsibility for determining the gpfg ’ s investment strategy. investment management has also become more demanding in terms of resources for both the executive board and the organisation. in addition, the bank has been given responsibility for decisions to exclude companies or place them under observation for ethical reasons. the bank has been able to take on these tasks by further developing the governance structure and the organisation. if responsibility for the management of the gpfg remains with the bank, the existing investment mandate could serve as a basis for the future development of the gpfg. norges bank is well equipped to continue to carry out this task. the future organisation of the gpfg should be assessed in conjunction with the future development of the investment strategy. as noted by the commission, a number of strategic 6 / 8 bis central bankers'speeches decisions can be left to the manager while at the same time expanding the investment strategy to include new unlisted asset classes. prospective developments along these lines could suggest that the management of the gpfg should not be organised within the central bank. in addition to proposing that the management of the gpfg should be placed in a statutory entity separate from the bank, the commission also proposes substantial changes to the bank ’ s governance structure. these changes include the establishment of a committee for monetary policy and financial stability that would be responsible for the use of instruments in these areas and would be chaired by the governor of norges bank. moreover, the commission proposes the establishment of a board of norges bank solely