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For the SCR interest rate risk scenario shift (or Matching Adjustment shift/Volatility Adjustment shift), once the shift applied, should the modified zero coupon curve be recalculated by applying the Smith-Wilson method? My understanding is yes, as we need to take the shift into account when do interpolation, like to retrieve discount factor of 1.3 years. Is it correct? About Smith-Wilson method itself: For a currency, EUR for example, given the swap instruments, by applying the Smith-Wilson calculation process (we call strip process), a zero coupon rate curve will be generated as a result. If we take this zero coupon rate curve as input, and apply the Smith-Wilson strip process again, a new zero coupon rate curve will be generated. The first zero rate curve will be different from the second one, because the coefficient of the Smith-Wilson base function will be different after two strips. Which mean, if asking for the discount factor for 1.3 years (when interpolation happens), the two zero rate curves will give different value. The question is: how many times of strip should apply? Always once, or twice?