Looking ahead, we are considering how the needs of the users of our wholesale settlement services might change and whether new technologies could make settlement in wholesale digital central bank money more efficient and secure. In particular, we are assessing the potential of DLT and the extent to which it could improve our services. Market players that are active in payments and securities settlement, such as banks and financial market infrastructures, are already experimenting with DLT. Our ongoing engagement with these stakeholders reveals that many of them expect DLT to experience a significant uptake in the financial industry. This would entail a shift from using centralised databases for transferring cash and assets to using decentralised networks instead. Proponents of DLT highlight a range of benefits, such as the possibility of settling transactions instantly, around the clock, in a wider range of assets and with a broader spectrum of participants, potentially including non-financial corporations. Users of DLT platforms could also program transactions to be settled automatically based on predefined conditions. Stakeholders expect DLT to be used prominently for securities post-trade processes, where it could help to reduce costs, processing times and the need for reconciliation. Some market players see the potential for efficiency gains by using DLT along the whole lifecycle of a security. And in the area of wholesale payments, market stakeholders see the potential for DLT to improve cross-border and cross-currency transactions, as it would overcome some of the frictions related to correspondent banking.
•  Another welcomed development of the banking system belongs to the customer service, which through electronic terminals, has been naturally associated with the increased number of electronic cards in circulation. Presently, banks provide debit and credit cards, in cooperation with the international companies of Visa and MasterCard, Diners Club. Nine banks provide the ATM service and the number of the latter ones at end of December 2005 was 205, while in August of this year it has reached to 266. In the meantime, the number of the points of sale has reached to 1073, of debit cards to about 70,176 and of credit cards to 4,245. •  Undoubtedly, the further expansion and strengthening of the banking system is an important aspect. The geographic extension of covering the territory with banking business, the increased competition, the introduction of many new products and the new recent developments constitute an additional argument for the vital role played by the banking system. The map of covering the country with banking business was further expanded, including new regions uncovered previously. Thirty new branches and agencies were opened during 2004, while in 2005 their number became 48, making the total number of branches at end of 2005 reach 127 and that of agencies reach 113. 4  BIS Review 115/2006  •  The positive developments in the banking sector and the increased number of subsidiaries and agencies have brought about a considerable increase in the number of employees.