Hopefully, by focussing on the key risk areas, it should reduce some of your regulatory burden. We recognise that this process has to be transparent, in that we need to explain to the banks what the new supervisory framework involves and what standards are expected of the banks. The examination checklists issued by the Japanese FSA are a good example of this approach. I know that some of the Japanese banks feel that the HKMA could do more along these lines in the area of transparency, and this is something that we have very much in mind. We will be publishing soon a framework document that explains the risk-based approach, and we are currently engaged in the major rewrite of all our supervisory guidelines. The aim is to put them into a common format and to make the text more user friendly and easier to read. This is a big task that will take about a year to complete in full. In the meantime, all our existing guidelines are available on our website, and individual guidelines in the new format will be added as they are produced. I hope that you have found useful this assessment of the state of the Hong Kong banking sector, and the current position of the Japanese banks within it. Let me stress again that we greatly value the presence of the Japanese banks in Hong Kong.
I would like to single out three key aspects of this strategy. We will emphasise exploiting the Bank's characteristics as a large and long-term investor in order to achieve the objective of the highest possible return. Norges Bank is able to make investments whose underlying value may take a long time to realise. A long-term investment horizon also means that we can invest differently to many other investors, even in difficult and illiquid markets. The fund's size enables us to explore new ways of investing at little additional cost. As a large, active and long-term participant in capital markets, the Bank is an attractive investor and partner. In unlisted markets, this may open up opportunities unavailable to others. We will set great store by being a responsible investor. Responsible investment and active ownership support the objective of the highest possible return. Transparency about this work is important, and we expanded our reporting in this area in 2022. Managing climate-related risks and opportunities is an important priority. An orderly climate transition in line with the goals of the Paris Agreement is in the fund's economic interest. 1/2  BIS - Central bankers' speeches  The Ministry of Finance updated its mandate for Norges Bank in 2022. The Bank's work on responsible investment is now to be based on the long-term goal that the companies we invest in align their activities with global net zero emissions in accordance with the Paris Agreement. We published an ambitious Climate Action Plan in the autumn for the period 2022-2025.