greek government bond yields due to risk aversion among international investors. to address these risks and confirm the positive outlook, we need to promptly and effectively tackle a number of major issues lying ahead, which will ultimately determine the outcome of the programme as a whole and greece ’ s ability to regain access to markets thereafter. 1st speeding up the implementation of the programme the first and most important issue refers to commitment to the programme ’ s objectives, in particular the need to speed up the implementation of the agreed reforms. the next few days will see the start of the second review, which will be looking at a number of fundamental structural reforms, with expected positive effects on economic activity. the review must be completed without any delay. this will allow these positive effects to be felt soon, thereby strengthening the prospect of growth in the greek economy at an accelerating pace from 2017 onwards. 2nd non - performing loans the second, equally serious, issue that represents a challenge for banks, the government and the bank of greece alike, refers to the restructuring of the banking system, so as to restore normal financing conditions in the private sector. strengthening the banking system and freeingup resources for financing the economy requires tackling the bulk of non - performing loans as soon as possible. effective management of non - performing loans is key to both the recovery of credit expansion and the restructuring of enterprises and sectors across the economy. to this end, the bank of greece has stepped up its efforts by promoting, in cooperation with the government, a number of major initiatives, the implementation of which needs to be accelerated and completed in the coming months. let me indicatively mention some of these initiatives : the development of a secondary market for loans ( performing or non - performing ) ; the reform of the framework for out - of - court debt settlements ; the improvement of infrastructure and expertise of the judicial framework ; 2 / 7 bis central bankers'speeches the legislative reform to ensure that existing shareholders participate in the reorganisation of companies, or otherwise immediately withdraw. in parallel, however, banks need to adopt a more active npl management policy, focusing on long - term solutions, multi - creditor workouts and restructuring of viable companies, with the participation of shareholders. during the protracted period of the crisis, the private sector has paid a high toll. uncertainty, crumbling demand, funding constraints and high indebtedness as a legacy of the past have driven many companies out of business, thousands of workers to unemployment and the volume of npls to burgeoned levels

heritage. due to the courage and sacrifices of those who preceded us, we now reap the benefits of a prosperous economy and a healthy currency. our gratitude also extends to the authorities and to the swiss people. we are appreciative of the confidence placed in us by the federal council and by parliament. in guaranteeing our independence, the federal constitution gives us the means to act entirely in the interests of monetary stability. the political authorities can count on us using our freedom of action solely in the interests of fulfilling the mandates with which we are entrusted by the legislator. we are also aware that, despite our efforts to communicate our decisions, the general public often finds them difficult to understand. that is why we truly value the confidence that the public places in us. it helps to sustain us when carrying out the mandate with which we are entrusted under art. 99 of the federal constitution, that of conducting a monetary policy that serves the interests of the country as a whole. finally, i would also like to thank you, the shareholders of the swiss national bank. as representatives of cantons, cantonal banks, collective bodies or swiss public law institutions, or as individual shareholders, you have faithfully supported the swiss national bank since its foundation in 1907. you have remained at its side throughout all the ups and downs of its history and we are grateful for your support. your presence is the guarantee of our independence, an essential factor in the success of our efforts to preserve the monetary stability of our country.