Likewise, if banks incorporate the risks arising from the ecological transition into their analysis, they will become an engine for change: they will help financing reach those activities which, in addition to being economically profitable, contribute to the sustainable transformation of the economy. In turn, as a central bank we are also in the process of incorporating the environmental factor into the internal ratings used to evaluate the eligibility of banks’ collateral, and into the criteria used for taking own-portfolio investment decisions. Conclusions That brings me to the end of my address. The crisis has been severe and has had consequences at all levels. We have overcome its acute phase, but its legacy remains present. In response, regulation and supervision have changed radically, taking on board lessons we must never forget and equipping supervision with a set of tools necessary for preventing future crises. Society has also changed. Specific values, such as growing awareness about climate and inclusion, have become more important. The demands made of financial institutions, supervisors and the public authorities have increased, along with society’s financial knowledge. However, we must continue to boost education, as a tool for fomenting stability and balanced economic development in society. We must all take note of these changes and rise to the demands being made of us. What we do today will determine the type of future we will have. As Woody Allen said, the future is where we will be spending the rest of our lives, so we should all take an interest in it.
A good reflection of this new manner of conduct is in the recent real estate credit legislation. The financial crisis has given rise to more demanding legislation that calls on banks not only to inform but also to act impartially, transparently and professionally, taking into account the rights, interests and needs of their customers. It may be said that the regulations now transcend mere transparency in form. One very positive aspect of the legislation is the improvement in legal certainty. Clearly, by properly protecting the customer, the risks of litigation are being significantly reduced. And such risks are one of the main costs the sector has been bearing. Let us not forget that the cost of litigation far exceeds any potential benefit that some banks might have obtained in the short term through questionable conduct. Moreover, improper conduct does not only affect those banks guilty of it, but the reputation of the sector as a whole. To conclude, this new type of customer-bank relationship must be the starting point for any sustainable banking business model. Naturally, if it is to be successfully set in place, a topto-bottom cultural change is essential in the organisation. This change will be headed for 10/13  failure if the bank’s senior officers and management do not offer their resolute support. Once again, we are talking about governance as a precondition for change to occur. Financial education I have highlighted how society’s demands with regard to banks’ behaviour with customers have increased considerably.