6 See Altavilla, C., Canova, F. and Ciccarelli, M. (2019), “Mending the Broken Link: Heterogeneous Bank Lending  and Monetary Policy Pass-Through”, Journal of Monetary Economics (forthcoming) and Kayshap, A. and Stein J. (1994), “Monetary Policy and Bank Lending”, in Mankiw, G. (ed.) , Monetary Policy, Studies in Business Cycles, 29: 221–56, Chicago, University of Chicago Press; van den Heuvel, S. (2002), “Does bank capital matter for monetary transmission?”, Economic Policy Review, Federal Reserve Bank of New York, May, 259–265. 7 See Budnik, K. (2019), “Abird’s-eye view of the resilience of the European banking system: results from the new  macroprudential stress test framework”, Macroprudential Bulletin, 7 (March), European Central Bank. 8 See Altavilla C., Boucinha, M. and Peydró, J-L. (2018), “Monetary policy and bank profitability in a low interest rate  environment,” Economic Policy, 33(96): 531–586. 9 See Andersson, M., Kok, C., Mirza, H., Móré, C. and Mosthaf, J. (2018), “How can euro area banks reach  sustainable profitability in the future?”, Special Feature, Financial Stability Review, November, European Central Bank. 10 See Brand, C., Bielecki, M. and Penalver, A. (eds.) (2018), “The natural rate of interest: estimates, drivers, and  challenges to monetary policy”, Occasional Paper Series, No. 217, ECB, Frankfurt am Main, December. 11 See, for example, Holston, K., Laubach, T. and Williams, J. (2017), “Measuring the Natural Rate of Interest:  International Trends and Determinants”, Journal of International Economics, 108 (Supplement 1, May): S59–75. 12 Andersson et al. (2018), op. cit.

Sethaput Suthiwartnarueput: Climate risk resilience and sustainable finance - regulation and supervision Welcome remarks by Dr Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, at the ASEAN Core Curriculum on Climate Risk Resilience and Sustainable Finance, Block 4: Regulation and Supervision, hosted by the Bank of Thailand, Bangkok, 13 February 2013. *** Dr. Mangal Goswami, Executive Director, The SEACEN Centre Professor Ulrich Volz, Professor of Economics & Director of the Centre for Sustainable Finance, SOAS, University of London Distinguished speakers, and participants Ladies and gentlemen First of all, I would like to extend a warm welcome to all participants to the ASEAN Core Curriculum on Climate Risk Resilienceand Sustainable Finance Block 4: Regulation and Supervision. It is a pleasant opportunity to finally meet you in person as I believe this is the first hybrid SEACEN seminarhere since 2020. On behalf of the Bank of Thailand, I would like to thank the SEACEN centre and the SOAS centre for Sustainable Finance for arranging the capacity building course on this important and urgent topic in Thailand. Ladies and Gentlemen, I am confident that all of us have already acknowledged substantial threat of climate change posing to society and economy. Central banks and financial regulators in our region and around the world have put much effort in setting a concrete policy direction towards tackling climate change. Likewise, the BOT published a directional paper on Transitioning towards Environmental Sustainability Under the New Thai Financial Landscape last year to communicate and kick start the journey with our stakeholders.