support the real economy. we believe the experience of the covid - 19 shock re - emphasises the need to have a robust, comprehensive and effective macroprudential framework. it also presents some lessons for how the framework could operate. through 2021 and beyond, we will return to that multi - year work programme in light of our experience of the covid - 19 shock and the evolution of the european legislative framework : in the area of bank capital, to deepen our holistic view on the interaction between the macroprudential buffers themselves and with other policies during periods of growth and periods of stress. this will inform the appropriate mix, level and build - up speed when the recovery is fully - fledged. for the mortgage measures, building on the benefits of having them as a permanent feature in the market, we will consider the overarching framework informing our regular calibration and further embed new data, to enhance our work in assessing their effectiveness. the initial phase of this work will focus on expanding our public engagement on the operation of the measures. in the area of market - based finance, the significant market turmoil that we saw in march has illustrated vulnerabilities in parts of the sector and there is growing international focus on the resilience of market - based finance. as i have mentioned before, we will continue to work with our european and international partners on the development of a comprehensive and proactive macroprudential framework in this area. work across all these pillars will continue alongside our regular analysis, assessment and calibration reviews of our existing tools. as a result, we will of course continue to take our annual decision on the calibration of the mortgage measures, the other - systemically important 3 / 4 bis central bankers'speeches institutions ( o - sii ) buffer and the quarterly decisions on the ccyb consistent with our approach. over time, and as the insights from the framework reviews are fully developed, they will become embedded in our regular calibration decisions. to sum up, our main messages coming from today ’ s fsr are three - fold : first, the overall risk environment remains very challenging and continues to be characterised by heightened uncertainty, closely linked to the path of – and response to – the virus and the structural implications of this crisis. second, the banking system as a whole has loss - absorbing capacity for shocks that are materially worse than current baseline projections. that loss - absorbing capacity is not, however, unlimited.

sharon donnery : climate risk and sustainable finance forum capacity building working group remarks by ms sharon donnery, deputy governor of the central bank of ireland, at the launch of the " report from the climate risk and sustainable finance forum's working group on capacity building ", dublin, 27 march 2024. * * * my thanks to dorothy and kevin for the warm introduction. i am delighted to be here with you all at the launch of this report from the climate risk and sustainable finance forum's working group on capacity building. as many of you will be aware, the climate forum first met in june 2022, and is made up of senior - level representatives from the central bank and the irish financial sector, as well as climate risk and sustainable finance experts and academics. its main aim is to build and accelerate a shared approach between the financial sector and the central bank in the understanding and management of the financial risks and opportunities posed by climate change. we seek this through discussion of high - priority climate issues and the establishment of a framework within which industry can progress work on these topics. having identified climate - related capacity building as one of the high priority issues, i am very pleased to see the publication of the working group's report, and the first external piece of work from the climate forum come to fruition. i also look forward to the publication of the risk management working group report in the coming weeks. on behalf of the forum, my thanks to all working group members for their efforts and a special thanks to dorothy and kevin for co - chairing and delivering this work. the willingness of climate forum members to come together and support the working group, to devote time and resources, and to collaborate on this topic is very welcome, and to my mind reflective of the importance of the issue and the seriousness we must all treat it with. the transition to a sustainable net zero economy is critical for the economy and society and we encourage the ambitions and progress shown already through the climate forum to support financial services in playing its part to make this a necessary reality. while this report does not represent central bank requirements or guidance and is, rather, the work of the climate forum, i very much welcome its publication today. the work of the climate forum seeks to identify the ways in which progress can be achieved in a manner that is accessible for all financial market participants – and today's report is a good step forward in this journey. 1 / 2 bis - central bankers'speeches building capacity by enhancing our