 Thank you very much Willem for that and thank you Isabel for your kind words. It's it's been a pleasure serving in the working group and as the chair of the working group indeed and I just like to also extend my my thank you and Welcome to all the participants joining the the third round table of the working group on the Euro you rival So the Euro risk-free rate So in my speech, I'd like to cover kind of two things I think the first one is with respect to how far we are in the transition from EONIA to the Euro STR rate and The second which is at the next step, which is the recommendation of the URIBOR four-back measures based on the Euro STR Before I begin like Isabel, I would like to thank the public sector observers, whether it's the ECB, ESMA, FSMA and the European Commission for their continuous support And a big thank you to all 82 working group and subgroup members for their determination And their commitment to making this transition a success The working group mandate just to remind you is to identify and recommend risk-free rates that could serve as alternative to the current benchmarks That is used in the financial instruments and contracts in the Eurozone And to facilitate a smooth transition to the recommended new rates While the support of the public sector observers of the working group is key I think I'd like to remind and emphasize that it is the private sector Responsibility to deliver on the mandate by complying with the EU benchmarking regulation And respecting the EOSCO's principle for financial benchmark Now how far are we doing with the transition from EONIA to the Euro STR? I think on the 2nd of October 2019, the ECB started the daily publications of the recommended Euro-free rate The Euro STR On the same day, EMMI recalibrated EONIA to the Euro STR plus fixed spread of eight and a half basis points that some of you are And most of us are aware of And the announcement that this rate will only be published until the 3rd of January 2022 That sounds a long way away. But in fact, we're already at the end of 2020 And that gives us barely 12 months before ceasing the publishing of EONIA. So time is clearly of the essence The working group provided several helpful recommendations to ensure a smooth transition from EONIA to Euro STR For example, the working group Basically helped with the transition path from EONIA to the Euro STR The legal measures for the new and legacy contracts referring to EONIA The fallback measures for Euro STR risk management financial accounting measures as an example And some concrete recommendations on how to tackle the transition for cash and derivative products from an operational As well as a valuation standpoint So what we need to do as market participants is that the key dates should now be the 3rd of January 2022 And that is the focus And as Isabel highlighted in her speech So far the progress in adoption of the Euro STR has been rather slow The market we only have one year left to transition completely from EONIA to ESTA Therefore the working group would like to encourage and remind you all to take a close look at the recommendations and see what your institution can do to make this transition successful This will ensure market stability and this will also ensure that Euro STR will form a firm basis for the URI ball fallback measures as discussed This brings me to my second topic and the purpose of today's round table Which is about finding a fallback to the URI ball based on Euro STR The working group welcomed the authorization of EMMI to provide URI ball in July 2019 This will allow market participants to continue to use URI ball However, as Isabel mentioned the EU benchmark regulations require the introduction of robust fallbacks to the URI ball in contracts to avoid market disruption in the event that URI ball becomes unavailable Therefore after the working group finished the recommendation on EONIA to ESTA or Euro STR transition The working group has been focused on finding a suitable URI ball fallback measures based on Euro STR This resulted in two very comprehensive and complete public consultation papers with a launch on the 23rd of November These public consultations provided proposals on number one, the URI ball fallback trigger events And number two, the URI ball fallback measures for cash products The first consultation identifies a generic set of potential events That would trigger the activation of the URI ball fallbacks In the event the URI ball would permanently cease to exist The second consultation identifies the most appropriate URI ball fallback rates for each cash products This URI ball fallback rates will be based on number one And the Euro STR based term structure methodology And number two, a spread adjustment methodology to mitigate potential value transfer in case the fallbacks are triggered The second consultation will also propose market conventions to use for the calculation of compounded term rates based on the Euro STR Here it is important to measure that the working group has been liaising with International Swap and Derivatives Association, ESTA And similar initiative in other jurisdiction to ensure alignment to the extent possible In addition, the working group takes into account the recommendations provided by the Financial Stability Board as well The deadline for the response to both public consultation, as mentioned, is the 15th of January next year at 5 o'clock Central European time So to summarize, I have shared with you how far we are in the transition from EONIA to Euro STR And in recommending Euro fallback measures based on Euro STR Given the major eyeball transition Underway and the impact on all market participants The working group is working in a transparent way So on the ECB website, you will find the recommendation minutes and the presentations of every Working group meeting that has taken place The working group is also committed to consulting with market participants on important decisions, as we are doing, for example, today Under URIBLE fallback measures So I'm grateful that you're all here today And for you, your interest in this major European reform URIBLE is widely using contracts ranging from derivatives up into very common products like mortgages, by professional market players, up to consumers Therefore, I hope that the input that you will obtain today Encourage you to respond to the public consultations paper because The widespread use of URIBLE, it is of great importance that your voice be heard Thank you very much and over to you, Willem