Climate and environmental risks will be much of my focus today recognising that these represent only part of the sustainability regulatory journey. And while it is fair to say that governance in banking could be considered a more wellestablished pillar, more consideration is certainly needed on the social aspect.
Before I turn to this, however, I would like to say a few words about the current risk environment. Challenging and uncertain times We published our first Financial Stability Review of 20232 last Wednesday, amidst what feels like particularly challenging and uncertain times. High inflation persists, and is eroding real incomes. Interest rates have risen rapidly – and may stay elevated for longer.