But there is no doubt in my mind that the onus is very much on supervisory authorities to raise institutions’ awareness of climate-related risks – especially in the early days. And we are doing our bit to achieve that by running today’s symposium. What is more, I can well imagine instances where climate-related risks are also raised at supervisory meetings with credit institutions.
The general aim is for the price element to do most of the work, but in some cases, regulations with a quantitative element are in place as a backstop. Let me give as one example of this, the effect of regulation on dealer inventories of fixed income.