 Thank you. So the the heat is on apparently Thank you Benoit and also thank you all for joining the first market outreach of the working group on euro risk-free rates I would like to talk about three things One is why do we need alternative risk-free rates? The second how far are we on transition and the third is what are the challenges that we face? Today the various working group members will provide a more deal that update on the progress and the next steps that we're transitioning into But before I begin I would like to thank the public sector observers who have initiated the working group The working group mandate is to identify and Recommend risk-free ways that could serve as an alternative to current benchmark used in financial instruments and contracts in the euro zone The next step is to facilitate a smooth transition to the recommended new rates While support of the public sector observers of the working group is key I also would like to emphasize that it is a private sector's responsibility to deliver the mandate By complying with the EU benchmark regulation and respecting the Yosco principles for financial benchmarks Okay onto topic one. Why do we need alternative risk-free rates? The euro overnight index average Ionia and the euro interbank office rates Yoruba are Used as reference rates in more than hundred and fifty trillion worth of contracts across the world ranging from derivative contracts In professional market players as well as to retail mortgages In July 2014 the financial stability board published a paper and that paper was called Reforming major interest rate benchmarks and this paper described the need to strengthen existing benchmarks and to develop alternative Nearly risk-free reference rates Ionia at the time was seen as a viable risk-free rate for the euro area Then in February 2018 EMI announced that it could not warrant Ionia's compliance with the EU benchmark regulation as of January 2020 If the definition would stay in its current format and Ionia would need to shift from the lending side to the borrowing side Based on a broader range of counter parties in order to capture a more significant number of transactions As an outcome the working group was tasked with finding a new sustainable replacement of Ionia With respect to Euribor EMI is also working on its reform and that outcome is not expected earlier than the third quarter of 2019 The working groups work on the assumption that Euribor will be compliant and remain compliant with EU benchmark regulation Unless Euribor's supervisor FSM a indicates otherwise Nonetheless the EU benchmark regulation requires users of a benchmark to nominate alternatives In case a benchmark sees to exist Therefore like Benoit said earlier The working group will develop and recommend on the full book of Euribor as well to ensure that in the longer run There are enough safeguards for a benchmark that is systematically used in our contracts Then on the second topic how far are we now and if I hear Benoit We are already a bit advanced, but we still have a lot of work to do and he is correct Because since the establishment of the working group and that was established in February members have all worked very hard All the participants in the working group worked very hard to catch up on the work that was already done in other jurisdictions across the sea Priority was finding and recommending a sustainable replacement for Eonia And after careful consideration of various Euro policies secured and unsecured rate candidates the working group consulted the market on three potential Euro risk-free rate candidates over the summer and 88 of the respondents said it should be Esther being the euro short-term rate Reflecting the wholesale euro unsecured overnight borrowing cost of euro area banks And that was then the appropriate future euro risk-free rate Predominantly due to a couple of things and first of all is insecure nature It's compilation method of the dology and it's low for hotel G as well as effect that ECB is the administrator and on the 13th of September 2018 the working group unanimously recommended Esther as a replacement for Eonia as with similar groups in our jurisdictions the working group's recommendation is not legally binding for market participants However, it does provide direction and represents the prevailing market consensus The recommended euro risk-free rate will form the basis for recommending on the transition away from Eonia to Esther to develop and recommending on a term structure methodology as a fallback for the rival and Develop and recommending on legal options to embed the working group's recommendations in new legacy contracts Then we move on to topic three the challenges and There are many but the key one is that the date on which the working group works towards is the first of January 2020 by which time all the market participants need to have transitions from Eonia to Esther and I would say that is a big challenge By that time market participants must have managed the complex legal and operational transition from Eonia to Esther We would have needed to have created a liquid derivatives market based on Esther to develop an Esther based term structure Which can be used as a fallback for your Ivor and This we all need to do while the publication the daily publication of Esther will start only in the fourth quarter of 2019 so time is short and because we acknowledge and recognize that time is short We really need to try to minimal Minimize potential market disruption in case market participants would not be prepared in time and not be able to align with the developments in our Jurisdiction and hence the working group has called upon policy makers to extend the deadlines of the BMR implementation with a minimum of two years Later in today's agenda the EC will provide more clarity on this potential extension But in the meantime, we continue to strive for early 2020 To summarize I have shared with you The background as to why alternative risk-free rates are needed How far we are on transition as well as the challenges that we are facing to make the transition happen and Given the major transition in a way and the impact to all market participants the working group works in a Transparent way and what does that mean that means that on the ECB website You will find the minutes of all the meetings as well as the presentations that are being discussed in those work group meetings And we as a working group we are committed to consulting with the market participants on important decisions And therefore I'm very grateful that you're all here today and for your interest in this major European reform Before we move on I would like to provide an overview of this day During the round-tail meeting various working group members will provide an update on their progress to date and the next steps and After the introductory remarks from the European Commission Administrator of Esther being ECB will give a presentation on the newly recommended your risk-free rate Then there are presentations by EMI and the chair of one of our subgroups on the Ionia transition to address the issues on the Ionia to Esther After lunch break there will be discussion on term rate initiatives which includes EMI and they will give an update of the status on the Uriba reform The chair of our subgroup on term structures will give an update on term structure methodologies that are currently under investigation And is that is to present their work on Ivor fullbacks But we will wrap up with the most important task lying ahead for all market participants From professional market participants to retail clients from buy-to-sell sites inside or outside the euro area How do we prepare for transition? Time is of the essence and therefore all marked participants Participants should start with a smooth transition as of now. Thank you very much