  The analysis of financial institutions’ sovereign debt exposures constitutes another example where (regular) publicly available information has proved to be insufficient to carry out a reliable macro-prudential analysis. On the eruption of the sovereign debt crisis, market participants reacted abruptly to any news concerning those exposures. Analysis on the basis of aggregated data on banks’ consolidated foreign claims vis-à-vis the public sector in several countries proved to be too imprecise. When the individual exposures to sovereign debt of the largest players in the  4  BIS central bankers’ speeches  European banking system were released by the EBA in the context of the stress test exercise in July 2011, spillover effects diminished and markets started to differentiate across the banks. In this case, enhanced transparency proved to be helpful in influencing markets and market participants’ behaviour.   Examples of indicators where individual bank data would sharpen macroprudential analysis are numerous. In the context of the analysis and assessment of funding vulnerabilities, reporting on banks’ reliance on retail and wholesale funding has ample scope for improvement. Details of banks’ deposits, interbank, senior and subordinated debt are poorly disclosed, and the analysis based on loanto-deposit ratios, currently the best proxy for maturity mismatches, can provide an only incomplete picture of possibly emerging imbalances. A critical area is also that of asset quality indicators, the comparability of which is very poor across banks in Europe on account of different definitions of non-performing assets and loan loss provisions.

The bond proceeds are channelled to support healthcare and pharmaceutical development, for the benefit of lower income households and small businesses. The World Bank’s pandemic bond facility has been triggered, and will provide $ million in emergency financing to 64 of the world’s poorest countries to support their recovery.3 5. Today, I will focus on opportunities in green and sustainable finance, and impact investing. Pushing forward with green finance for a sustainable world 6. The pandemic provides a prime opportunity for countries to “build back better”. It is important now, more than ever, that countries not only rebuild their economies and preserve jobs, but also in the process, intentionally build a more sustainable new economy. There have been growing calls for governments to prioritise or accelerate green infrastructure development as part of recovery plans. Infrastructure development is critical to driving economic growth and improving social outcomes, while climate change remains a significant threat to mankind. It is important that a right balance between growth and sustainability be achieved. Public-private partnerships will be key to achieving this. Last week, Infrastructure Asia in Singapore partnered the World Bank Group and Singapore Management University to build capabilities of regional government officials, and raise awarenss of solutions to support sustainable and resilient infrastructure development, such as clean energy projects.4 1/4  BIS central bankers' speeches  7. Singapore is committed to support the pivot towards a clean and sustainable future.