deputy governor of the bank of italy tips webinar bank of italy 12 – 13 july 20212 for pan - european instant payments developed by the european payments council at the request of the euro retail payments board. building tips required the fulfilment of a number of particularly challenging technical requirements : - virtually instant payment execution ( with processing times per payment not exceeding 5 seconds ) ; - the capacity to handle a large volume of processed payments ( over 43 million transactions per day ) ; – very high availability and resilience ( reaching 99. 9 % service availability, and the capacity to restart within 15 minutes in a site disaster scenario ) ; - extreme scalability of the system from a performance viewpoint ( the ability to sustain a doubling of the volume of payments over a year ). 1 / 3 bis central bankers'speeches as governor visco recently said, what makes tips really unique and unlike any other settlement platform is its distributed architecture in all layers, from application to infrastructure. 1 this architecture is based on ‘ industry standard ’ and open - source software. the design is meant to ensure very high levels of stability that make service interruptions and software bugs very unlikely. the strengths of this powerful platform lie in its ability to process millions of transactions per day, requiring just a few seconds for each one, and operating all year round with an extremely low environmental impact. the presence of redundant servers allows the settlement engine to process payments without storing any information. this avoids the creation of ‘ bottlenecks ’ in the processing flow and enables tips to be very fast and to achieve system resilience. it is worth emphasizing that this architecture differs from distributed - ledger systems ( such as the bitcoin network, based on a block chain ) which need to generate trust and consensus among a distributed community by means of an expensive and energy - intensive global validation process. in the case of tips, the recognition and guarantee of the transactions comes from the trust provided by the eurosystem ( a typical task for a central bank ). this also allows tips to be ‘ green ’. as shown in recent research carried out by the ict operations directorate of the bank of italy, the tips carbon footprint in 2019 was almost 40, 000 times smaller than the amount of co2 emitted by other distributed - ledger - based networks such as bitcoin. 2 this is because, absent the need to generate trust and consensus among all the network participants, there is no energy dissipation. due to its characteristics, this infrastructure

naples and milan ( €0. 8 billion ) and for the mose barrier project and other measures to safeguard venice ( €0. 2 billion ). finally, expenditure of €0. 9 billion is brought forward for development cooperation and assistance, of which €0. 4 billion on capital account. a one - off payment of €150 is to be made to taxpayers whose net personal income tax liability for 2006 was nil, plus an additional €150 for each dependent ( €1. 9 billion ). the report now estimates general government net borrowing for 2007 at 2. 4 per cent of gdp. with respect to the forecasts made in the autumn of 2006, which put net borrowing at 2. 8 per cent, revenue has been revised upwards by a total of €16. 4 billion ( 1. 1 per cent of gdp ) ; excluding the measure in favour of persons with low incomes who are unable to exploit all the income tax reliefs, the increase amounts to €18. 3 billion. the estimate for expenditure has been raised by €10. 7 billion ( 0. 7 per cent of gdp ) mainly as a result of the measures passed in june and september ( €11. 8 billion ). over half of the revision to the estimate for revenue ( €9. 3 billion ) was made in march 2007 on the basis of the 2006 outturn for receipts. the subsequent revisions have mainly involved direct taxes ( €6. 4 billion, excluding the effects of the measure in favour of persons with low incomes who are unable to exploit all the income tax reliefs ), in connection with the sharp increase in receipts of self - assessed taxes in the four months from june to september compared with the same period of 2006 ( 31. 1 per cent ). according to the official estimates, without the above provisions net borrowing in 2007 would be close to 1. 5 per cent of gdp. the report estimates that the ratio of revenue to gdp in 2007 will be 0. 6 percentage points higher than in 2006. this increase is largely ascribable to self - assessed taxes paid by enterprises and social security contributions, which include allocations to severance pay provisions. compared with 2006, the ratio of primary current expenditure to gdp declines by 0. 1 percentage points, to 39. 8 per cent. this estimate does not include the cost of the measure in favour of persons with low incomes who are unable to exploit all the income tax reliefs, which, as mentioned earlier, is accounted for as a