individual bank to use this model. i understand that such obligation would require further legislation so as not to contravene the constitutional requirement that expropriation shall be subject to statutory provisions. the financial crisis has taught us that no bank can turn a blind eye on the issue and say that this could never happen to it. all institutions have to accept that it could happen to them. and they must have an emergency action plan. that will enable the customers to navigate safely! consequently, we find it important that the institutions be obliged, by a prior general meeting, to decide whether to join the scheme now. i hereby welcome the minister ’ s consent. furthermore, it would be appropriate for the danish bankers association to encourage its members to join the scheme. i hereby thank the association of danish mortgage banks for our successful cooperation during the past year. thank you for your attention.

heard the argument that this isn't a good time to do these things. in that case, there would never seem to be a good time to do the right thing. also regarding climate change, it has been a problem finding a good time to do the right thing. but after the climate summit in glasgow, there is, after all, reason for cautious optimism on behalf of the climate. things have been set in motion, and there is still hope. climate change and the green transition are the greatest challenge facing our society. it will affect us all. it may also impact some of the central banks'core tasks : to ensure stable prices and financial stability. therefore, we've put the climate challenge on the agenda in danmarks nationalbank. banks also have a role to play. they must be able to provide capital and loans for the large - scale investments to be made by households, companies and the public sector. you've already embarked on that task. page 3 of 7 but green loans will not do it alone. everyone here knows that lending money entails a risk. we have long experience with lending and why it may cause losses. but loan losses resulting from climate change and the green transition are unknown territory. climate change has, for example, meant that we're experiencing more violent weather and more storm surges. homes in low - lying areas with seaside views are therefore no longer necessarily real estate agents'dream home. the bank must also take this into account when granting a housing loan secured by a mortgage on the property. when denmark's green goals are to be implemented, this will create new business opportunities. at the same time, some companies will be challenged. will they be able to adjust their business model in time? in future, the effects of climate change must form an extra dimension in the banks'credit work. on that front, we all still have a lot of work ahead of us. finally, we must also be honest : while climate is also a cause for the financial sector, this isn't where the climate battle will be either lost or won. this will instead require the politicians to make the right decisions – nationally and internationally – and to do so soon. a general tax on carbon emissions is the right way forward. today, i would also like to address the problems of economic crime and money laundering. and, not least, what we can do about them. economic crime and money laundering damage trust in the banks and the work of the