And they have indeed been very open and candid in these self-assessments, for which I am truly grateful. Together we have learnt that there is a lot of room for improvement. Considering the importance, urgency and long-lasting nature of climate change, we are asking banks to intensify their efforts in measuring and managing C&E risks in line with our expectations.
With the exercises that we are conducting this year, the prudential supervision of climate-related risks is moving closer to maturity. The thematic review is the next step in fully immersing C&E risks in the work of the joint supervisory teams and marks key progress towards their integration in the SREP.