15 International Association of Insurance Supervisors: Issues paper on climate change risks to  the insurance sector (2018). 16 Central Bank of Ireland: Systemic Risk Pack (March 2019). 17 Central Bank of Ireland: Quarterly Financial Accounts. 18 Intergovernmental Panel on Climate Change: Special Report: Global Warming of  1.5°C (January 2019).
Moreover, even countries holding large a buffer may face constraints in actually using it, if a falling reserve stock is perceived by the market as a negative signal. –  Moreover, if a country accumulates reserves to forestall an overdue exchange rate appreciation it may eventually face substantial capital losses.