We need to enhance the level of knowledge in sustainable finance amongst industry professionals as well as companies that are reporting on their sustainability practices or looking to issue green bonds. MAS is working with partners, such as the Institute of Banking and Finance, SGX, the Asia Sustainable Finance Initiative and our universities, to introduce capacity building courses in sustainability for finance professionals and officers of listed companies. Conclusion Let me sum up. Investing – by its very nature – is an activity that focuses our mind on the future. I have sketched three probable investment themes, by no means exhaustive and by no means certain. The rise of private markets offers an opportunity for investors to achieve higher returns within the context of a well-diversified portfolio that also includes traditional assets. If we can manage the higher risks of investing in these markets, we can eat well. Ensuring financial security in old age is becoming a growing imperative amidst demographic change. If we can start saving and investing for retirement early enough and wisely enough, we can sleep well. Mitigating as well as adapting to climate change is likely to be one of the central issues in the future. If we can invest with a view to that future, recognising its risks and providing the incentive for positive change, with a heart for future generations, we can feel well. I wish you fruitful deliberations on achieving a healthy, balanced, and fulfilling investment life. And I wish you well.
The work done by the BNB in this area is the logical extension of the reforms in the banking sector that started in 2015 and is expected to continue throughout 2019 with the following focal points: • Development of an efficient organization for cooperation with the ECB within the supervisory colleges and joint supervisory teams; • Streamlining the supervisory strategy to match the new institutional reality resulting from the close cooperation arrangements; • Dividing the supervisory focus among important and less important institutions; • Organisation of collection of supervisory and statistical data for supervisory purposes and validation of supervisory reporting; • Development of information systems consistent with the new stage in the supervisory activities. The third working block relates to the organisation and carrying out of the asset quality review and the stress test. The process is under way for the selected six banks and is conducted by ECB in line with an ECB-adopted methodology and macroeconomic scenarios for the purposes of the stress test. The bulk of the assumptions and parameters are determined by the Central Project Steering Committee at the ECB with an established working communication between the BNB, ECB and SSM in this process. The Banking Supervision activities will continue through implementing the European regulatory framework applicable to the credit institutions with a focus on the consistent implementation of the technical standards and regulations, the Guidelines of the European Banking Authority and the recommendations of the European Systemic Risk Board.