Investor demand for green bond 6/9  issues is a clear sign of the growing concern about the effects of climate change, but it may also reflect a lower underlying risk. In any event, this change in attitude by investors should also serve as a catalyst for change towards more sustainable activities. Taxonomy I should, however, also mention a general problem that may be holding these markets back. Although the establishment of various green principles, such as the GBP, facilitated the launch of the green bond market, the lack of a commonly accepted taxonomy4 could be hampering its subsequent development. A shared taxonomy is essential to be able to make a coherent analysis of the green/brown bond yield spread. It is also important for the supervisor, as it permits aggregate risk and default analysis, consistent stress testing and the development of macroeconomic models, all of which are required to assess medium and long-term effects on the economy. Lastly, a common taxonomy is needed to provide clear and consistent information to investors and the general public, as will be required of all listed companies in the future Spanish legislation on environmental transition. In this setting, the European Commission’s action plan, presented in March 2018, is crucial. The plan includes three sustainable finance regulations, including one on the creation of a “common taxonomy”.
News conference on new banknotes  Berne, 3 September 2019 Fritz Zurbrügg  Introductory remarks by Fritz Zurbrügg  Ladies and gentlemen I am very pleased to welcome you to our presentation of the new 100-franc note, the last denomination of the ninth banknote series to be issued. To mark the final milestone in this challenging project, as well as inviting the media we also have some guests here who were heavily involved in developing and producing the new banknote series. It gives me great pleasure to welcome representatives from our suppliers Orell Füssli, Landqart, Sicpa and Kurz. I am going to start by unveiling the hotly anticipated 100-franc note, before showing you the full series, with all six denominations together for the first time. My colleague Thomas Jordan will then review the issuance process for the entire new series, before looking to the future. After that, we will take your questions on the new 100-franc note, and the ninth series in general. We do of course have all the denominations here with us, so that you can take photos of both the 100-franc note and the entire series. Finally, we will round off today’s event with a drinks reception, to which you are all warmly invited. But let’s start by unveiling the last denomination in the new banknote series. Voilà, the new 100-franc note. I’ll now take you through the details of the new note. Like its predecessor, the new 100-franc note is blue.