, have developed and adopted sustainable banking guidelines in 2019. we have seen concrete steps taken by thai banks to incorporate sustainability into their business strategy. we have seen them setting up clear governance structure on sustainability issues such as dedicated sustainability committees, developing risk assessment tools, and disclosing esg - related information. some notable standards that banks adhere to include the un principles for responsible banking and recommendations from the task force on climate - related financial disclosures. the bank of thailand stands ready to lead and support the financial institutions ’ role in this transition. it is our aim to create an ecosystem for sustainable finance that would better internalize a lot of these environmental concerns and issues. this would include incorporating and improving disclosure standards, developing better risk assessment tools, as well as, developing a green taxonomy that is consistent across the financial sector. let me end my remarks by saying that these are very early steps, and much much more needs to be done. inaction will only increase the risk of a disorderly transition. 1 / 2 bis central bankers'speeches thank you very much. 2 / 2 bis central bankers'speeches

are common in the u. s. general collateral ( gc ) repo market, in addition to treasuries, mortgage - backed securities, agency debt, and corporate bonds had been accepted as collateral. as these three securities ’ prices declined, however, margin calls arose and haircuts were raised. as a result, liquidity in the repo market decreased significantly. based on this experience, in september 2009 the payments risk committee ( prc ), a private - sector group of senior u. s. bank officials sponsored by the federal reserve bank of new york that identifies and analyzes risk in payments and settlement systems, formed the tri - party repo infrastructure reform task force. the task force has been reviewing collateral management and settlement practices. b. measures to stabilize financial markets in japan as i mentioned earlier, at the time of the crisis, the japanese government bond ( jgb ) and credit markets have remained relatively stable. this was because the japanese financial system, which had experienced a financial crisis in the 1990s, showed relative resilience compared with the systems in the united states and europe. in addition, the introduction of a delivery - versus - payment ( dvp ) mechanism for settlement of jgbs eliminated principal risk. furthermore, a jgb clearing institution, the japan government bond clearing corporation ( jgbcc ), accepted transactions between parties as a ccp, assumed the seller ’ s obligation to every buyer and the buyer ’ s obligation to every seller, and provided guarantee for settlement of those obligations. this reduced the settlement risk in the secondary market for jgbs as a whole and prevented a chain reaction of default in jgb settlement. we should welcome the fact that a worst - case scenario was avoided in japanese financial markets, as i have just described. this does not necessarily mean, however, that japanese market infrastructure is sufficiently developed to ensure stability in times of crisis compared to the united states and europe. indeed, the current financial crisis revealed issues that were unique to japan and different from those in the united states and europe. specifically, the existing fails practice did not work as expected. as a result, the pace of jgb settlement was delayed significantly since fails occurred frequently in the secondary market for jgbs. in order to reduce the risk of fails, most market participants refrained from starting new repo transactions. repo transactions are collateralized with government securities that command high creditworthiness. as a safer and more secure funding tool than uncollater