This will contribute to the elevation of our job market as a whole and pave the way for an industry that will thrive. Much could happen in the next five years. Technology, the environment, the economic and political landscape could change greatly. Thus, we must plan well. The financial sector will transform regardless but with proper planning and execution, we stand a chance to influence and 3/4  BIS central bankers' speeches  improve the outcomes. Financial market development will be a journey within this framework which requires effort and collaboration by both regulators and financial market participants. The spirit of teamwork and cooperation which has been developed over the years has paved the way for successful endeavours and should be nurtured further, through the sharing of information and feedback for the greater good of market development. Hence, let us take this dinner as an opportunity to strengthen our camaraderie, so we can also better achieve this common goal together. With that, I thank you and wish you an enjoyable night. 4/4  BIS central bankers' speeches
These have, inter alia, (i) reintroduced prudential filters to neutralise the effect of the change in the value of public debt on capital; (ii) allowed reserves at central banks to be excluded from the leverage ratio calculation; (iv) incorporated a favourable provisioning treatment for exposures with public guarantees; (v) brought forward the entry into force of certain measures, such as the supporting factor for SMEs and the new prudential treatment of software; and (v) allowed market model overshootings to be ignored, given the volatility arising from the COVID crisis. 5  As regards the usability of buffers, the BCBS, the European Banking Authority (EBA) and the SSM have in various statements referred to the objective pursued with the introduction of liquidity and capital buffers in Basel III, reiterating that such buffers may be used appropriately to support the economy in a situation like the current one. Also, the message has been conveyed that supervisors will allow sufficient time for these buffers to be replenished. At the same time, the BCBS and the EBA have published technical guidelines on the prudential treatment of guarantees and moratoria, clarifying that the flexibility required by the current health situation must not be at the expense of the prudence needed when recognising and provisioning for non-performing loans.