Following the establishment of an SSM NPL Taskforce, and much work on data collection and jurisdictional differences and approaches, in March this year, the ECB published the final Guidance to banks on non-performing loans. The Guidance sets the SSM’s expectations on NPL management – and prescribes that banks should implement ambitious yet realistic strategies to reduce their NPLs, using a very granular, portfolio-by-portfolio approach.
2011–2014, I served as a member of the Transitional Committee and the Board. Today, I will focus on the role of financing and regulators in the context of broader policies to mitigate and adapt to man-made climate change. This past year has seen stronger engagement in climate issues around the world. This is most welcome. There has been better engagement by the financial industry.