strength of the servicers entrusted with these operations are essential. the bank of italy recently started an in - depth analysis to evaluate servicers ’ performance and to check the overall effectiveness of the current regulatory and supervisory framework. in the case of sales of unlikely - to - pay loans, it is important to encourage the recovery of firms in difficulty as much as possible. as i have already noted on other occasions, benefits may accrue from interventions by operators specializing in company restructuring ( turnaround funds ) that can provide new funding and specific entrepreneurial skills. the setting - up of buffers for liabilities that can absorb losses and recapitalize intermediaries continues, as per the regulations on crisis management ( minimum requirements for own funds and eligible liabilities – mrel ). over the last few weeks, several banks have placed a considerable amount of bonds at lower costs than in the past, including subordinated bonds, taking advantage of the favourable financial conditions. through this process, we expect that bonds eligible as part of minimum requirements will be held by investors that are able to fully evaluate the risks, in line with the provisions of the regulations for the markets in financial instruments ( mifid ). over the next few months, the european commission will present a proposal for the transposition of the prudential standards adopted by the basel committee at the end of 2017 ( final basel iii ). the new rules, which include the setting of an output floor on the capital requirements calculated using internal models prepared by the banks, will gradually come into force in 2022 and will be fully in place in 2027. in order to cope with the impact of applying these standards, which is expected to be lower than the average estimated for european intermediaries as a whole, italian banks will need to be decisive and continue to seek better organizational and cost - related conditions. although almost all intermediaries provide basic products and services using digital channels, more can be done in the way of adopting new technologies. the opportunities provided by the digital revolution to the financial industry are as much for reducing costs as for investing the resulting savings in developing products and services that meet customers ’ needs better. while fully observing the principles of correct and transparent conduct, this commitment means that, above all, it security and the control of cyber risks will continue to be necessary ; substantial investment is still required to ensure this. accordingly, adequate instruments and professionalism must be acquired ; joint initiatives may be useful here for smaller intermediaries. lastly

alessandra perrazzelli : launch of the g20 techsprint on green finance and sustainable economy keynote address by ms alessandra perrazzelli, deputy governor of the bank of italy, at the g20 techsprint 2021 – presentation event, rome, 7 may 2021. * * * it is an honour to participate in the launch of an initiative like the g20 2021 techsprint and i am very happy for the global recognition of the importance of this competition to find new solutions that meet our social and environment protection goals. let me begin by thanking the minister of economy and finance daniele franco and the governor of banca d ’ italia ignazio visco for their presence and messages : as they have underlined, the italian presidency of the g20 and its ambitious agenda “ people, planet, prosperity ” is an important opportunity to support the transformation occurring in our economies and to ensure that innovative tools and technologies will become the basis for a more resilient, sustainable and greener growth. i would also like to thank benoit coeure and andrew mccormack representing the bank of international settlements for the strong engagement and close collaboration in successfully organising this event. as reminded by the previous speakers, the use of new digital technologies and solutions ( such as distributed ledger technology or artificial intelligence ) may contribute significantly to meet sustainability goals in financial products and services and make green finance an integral part of the daily lives of people and businesses. this phenomenon, called green fintech, is growing rapidly and is becoming a driving force for the creation of a more environmental - friendly financial system. there are a number of ways in which fintech and green finance can interact. for example, the use of artificial intelligence or machine learning algorithms can help in measuring the sustainability and the societal impact of investments. moreover, fintech solutions applying big data analytics may help financial firms in coping with the large amount of information related to esg factors and in taking decisions that direct capital flows towards more sustainable assets and projects. from the demand side, the digitalisation of distribution channels and the spread of platforms can help investors to access green and sustainable investment products while artificial intelligence can facilitate the offering of personalized financial services. it should not be forgotten, however, that new technologies may also have a significant impact on energy consumption and that there could often be a trade - off between innovation and environment. the crypto - asset industry is a good example of this delicate balance : on the one hand,