In support of this, we are currently working through the JC3 to develop Guidance Documents on Climate Risk Management and Scenario Analysis. An Application Guide is also being developed to encourage and improve TCFD-aligned disclosures by financial intermediaries. Third, we are ramping up our engagement and capacity building efforts to support climate action and risk management in the financial sector. The JC3 actively engages with various stakeholders on climate and transition initiatives. As part of its advocacy role, JC3 also contributes to the formulation of national climate policies to promote alignment with the financial sector’s response to climate risks. In addition, the JC3, working with selected knowledge partners, will continue to deepen its stack of technical programmes to strengthen the knowledge and competencies of financial professionals in this area. Fourth, we are collaborating with the industry to promote an enabling environment for green financing and investments. Building on work undertaken to identify market gaps and barriers, JC3 members are working to develop concrete measures to enhance the demand and supply of green finance. This includes solutions to support and accelerate climate risk mitigation and adaption by firms along the supply value chain. Fifth, we are working to identify and address critical data gaps in climate and environmental 2/5  BIS central bankers' speeches  risks-related information. Without adequate and good quality data, we will not be able to make informed assessments and judgments. This is especially important for climate risk management, disclosure and scenario analysis.

The chart shows the net investment result since the first quarter of 2010 for the foreign exchange reserves, as well as for the individual components. The dominant role of exchange rate movements is clearly evident. In the past, too, exchange rate movements have posed by far the greatest risk to our portfolio. Taking a long-term view, exchange rates have been responsible for about 80% of the total risk on the foreign currency reserves. Reform of interest rate benchmarks Following last year’s revelations that Libor interest rates had been manipulated, various activities to reform the Libor and other interest rate benchmarks are under way. The SNB is involved in these reform activities at both international and national level. The objective is to improve the credibility and acceptance of the existing interest rate benchmarks or, where appropriate, to take steps to ensure the provision of robust alternative interest rate benchmarks. International efforts are being coordinated by the Financial Stability Board on behalf of the G20 countries. They involve not only central banks and supervisory authorities but also an international group of private sector financial market participants. They are examining, first, the extent to which the existing Libor interest rates fulfil the requirements laid down by securities supervisors last July (the IOSCO standards). Second, they are investigating whether there are alternative interest rate benchmarks which would better meet the needs of the market and the requirements of supervisory authorities in the longer term.