current accounts, savings and simple investments, and lending ), which will have far - reaching implications for banks and credit unions. all business models are vulnerable to this disruption and there are few, if any, that will be able to compete effectively over the medium term without successfully making significant changes, to build : the necessary capability to meet changing customers ’ needs and to take advantage of the opportunities technology offers in providing their services ; the resilience and security necessary to underpin the increased reliance on technology ; and sufficient board and senior management understanding and oversight of the use of technology and customer data. credit unions face specific issues in meeting these challenges. in particular, the size and scale of individual credit unions, means that success requires greater levels of reliance on third parties, greater cooperation between credit unions and effective sectoral leadership. it will also require the focus of individual credit union boards and management. furthermore, longer term success will require successfully evolving the current credit union ethos and the basis of the trust in the credit union sector in a way that enables the continued servicing of current members as well as attracting new ones. climate change climate change effects and costs are with us today. there is broad scientific consensus that these effects and costs are going to grow exponentially and that the future costs of deferred and 2 / 7 bis central bankers'speeches inadequate action today continue to grow. and yet, at global, national, political, economic, business and individual levels our responses and planned actions have been woefully inadequate to date. playing our part in the meeting of the challenges of addressing climate change is a strategic priority for the central bank. we must all work to ensure that the financial system is resilient to the risks posed by climate change and capable of supporting the transition to a carbon neutral future. the challenges and opportunities are relevant to all financial service providers, including credit unions. the central bank wrote to regulated financial service providers on 3 november3 to highlight our commitments and our expectations for all firms to take action to address the risks posed by climate change. regulatory change the regulatory framework for credit unions has undergone substantial change over a period of years beginning with the legislative changes made following the commission on credit unions, which included the introduction of detailed requirements to strengthen credit union governance frameworks. since the introduction of the central bank ’ s regulation making powers for credit unions in 2016, we have introduced a number of important changes to the framework, including, to the two main asset classes for credit unions – investments and

. we are conducting a very expansionary monetary policy to preserve confidence in the nominal anchor provided by the inflation target for more than 20 years. at the same time, we are emphasising the importance of managing the risks linked to household indebtedness, as financial stability is a necessary condition for attaining the inflation target in the longer run. bis central bankers ’ speeches