That has happened in a typical European bank, without significant concentration of deposits or coordination of depositors through social networks, as was the case in the SVB. There are also many risks luring outside of the euro area – geopolitical tensions can have a detrimental effect on growth and inflation, prompting further monetary policy tightening and disorderly adjustment in the financial markets. Recent failures of banks outside of the euro area have exposed vulnerabilities in markets and institutions, and how quickly shocks can transmit through the system. Complacency and overconfidence are chief enemies of every bank and every regulator. Temporary boost to profits may be like a sugar rush – weakening bank discipline on costs and hiding deeply rooted weaknesses. Banks should use the opportunity to improve their capital position, prepare for the potential losses if outlook deteriorates and intensify preparations to resist the rising competition from the non-banking sector. Failure to do so may become expensive in the medium term. Conclusion – a few lessons that we learned 1. Structural issues in the European banking system have likely not gone anywhere – they may just be hiding behind the huge excess liquidity created over the last years, and windfall profits that have started to accrue and will stay with us for some time. However, as they dry out, problems are likely to reappear. In some corners sooner than in others. Banks need to put an effort into efficiency improvements and regulators should not be complacent and need to be cognisant of over-banking.
Singapore aims to help Asia close the protection gap by addressing data paucity issues with the Natural Catastrophe Data Analytics Exchange (NatCatDax) project, co-creating new risk solutions with regional governments and Industry such as the Southeast Asia Disaster Risk and Insurance Facility (SEADRIF). In November 2020, we established the Global Asia Insurance Partnership (GAIP), a tripartite partnership between industry, academia and policy makers. GAIP aims to be the global centre of excellence in insurance and risk management with a focus on Asia. Climate risk and pandemic risk have been identified as the two initial focus areas of the GAIP. https://www.mas.gov.sg/news/speeches/2021/riding-the-growth-momentum-in-asia  7/11  12/02/2021  "Riding the Growth Momentum in Asia" – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), …  19. The Asian financial markets can also help Asian economies adjust behaviour, for a greener and more sustainable future. Global green bond issuance volume increased nearly 50% to reach $ in 2019 [16] , which is a six-fold increase from 2015. OECD expects it to hit $ trillion by 2035 [17] . In Asia, green bond issuances are also rapidly catching up, and now accounts for 24% of global green bond, a leap from the 5% market share 5 years ago. [18] 20. Singapore launched the Green Finance Action Plan in 2019 to support a sustainable Singapore, and facilitate Asia’s transition to a sustainable future.