Steps taken as part of the liraization policy, including deposits converted from foreign currency and gold that constitute one of our reserve build-up tools, have not produced a net cost for the Bank's balance sheet. Deposit accounts converted from foreign currency and gold, Turkish lira securities maintained in line with the changes made in the collateral policy, the varying interest cost in Turkish lira reserve requirements, changes in commissions for foreign currency reserve requirements, and the increase in Turkish lira rediscount bills due to the liraization in rediscount credits had a balanced total effect on the balance sheet. Distinguished Shareholders, Esteemed Guests, Before concluding my speech, I would also like to mention the major activities we carried out throughout the year to contribute to the financial development of Türkiye. In line with our vision in the field of information technologies, we maintained our studies to develop the technological solutions and systems needed, as well as to ensure the security and continuity of these systems. Accordingly, we supported our payments infrastructure with innovative business models. We developed and introduced the Security Overlay Service (SIPER), to enhance the security of FAST, our Instant and Continuous Transfer of Funds system that we put into implementation in 2021. To expand the use of TR QR Code, another important application in the field of payments, we continued our work on regulation, infrastructure and promotion.
LIAM has been an advocate of important issues that concerned the industry and has served as the primary interface between the industry and the Government, the Bank, and other key stakeholders. In this capacity, one of its key 2  BIS central bankers’ speeches  roles is shaping public opinion by providing accurate information on the industry. It is also an important agent of change for the better of the entire industry – not just in the short term or with a bias towards any particular stakeholder group. Not too long ago, a media publication reported that life insurance agents are being marginalized and the majority of them earn very low commissions due to restrictive remuneration structures. What the report failed to highlight however, was that such agents were mostly part-timers generating only one policy per month. The report also does not discuss many structural issues confronting the industry; the fact that demand for life insurance in Malaysia remains much lower than in our more developed Asian neighbours. Or that Malaysia’s per capita spending on life insurance of USD330 is lower than the world average of USD373, or seven to 12 times lower than the amount spent in Singapore, Japan and Hong Kong. Also lost was the fact that, the world is experiencing demographic, lifestyle and environmental changes that have profound implications for mortality and morbidity rates. Life threatening diseases that were benign 40 years ago are common causes of early death today due to less healthy lifestyles and greater mobility of labour.