recommends that the maximum limit for the loan - to - value ratio be set at 85 percent as a regulatory requirement, but that banks are also permitted to extend a certain proportion of loans with a loan - to - value ratio higher than 85 percent. such quotas for new loans that exceed the regulatory limit are commonly referred to as speed limits. norges bank recommends that the tightened requirements for principal repayments for loans with high loan - to - value ratios and for debt servicing be set out in the form of guidelines rather than in the form regulations. the prudent lending requirements strengthen the robustness of banks and households and should be regarded as a permanent structural measure. let me conclude by turning back to the present situation and challenges for the norwegian economy. oil prices have nearly halved since last summer. so far, the effects on the mainland economy have been relatively small. nevertheless, the norwegian economy must now adapt to lower demand from the oil sector and lower oil revenues. bis central bankers ’ speeches the shift to an oil - driven economy with a high wage capacity was a comfortable journey. the journey forward, where the oil service industry must downscale and other trade - exposed industries must grow, will be more challenging. the point of departure for coping with the period of restructuring we are now facing is favourable. we have economic policy leeway. inflation expectations are firmly anchored and the krone exchange rate is functioning as a stabiliser. and perhaps most important of all : norwegian businesses and the social partners have previously shown an ability to restructure. that ability will also be decisive this time. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

pandemic levels. increased investment and recovering consumption ensured that the baltic economies recovered swiftly from the pandemic shock, with gdp growth in 2021 outperforming most of the previous forecasts. despite the pandemics, before the russian invasion into ukraine, lithuania was on the path of growth and the long - term economic transformation of digitisation and sustainability. in these unprecedented times we must stay on this path. no matter the current uncertainty, we need to ensure that investment directed towards our long - term goals continues. a consistent and speedy implementation of the rrf plans geared towards climate and digital transitions remains crucial. the war in ukraine highlighted the importance of energy independence. investing into developing renewable energy sources not only reduces geopolitical energy vulnerability ; large - scale and ambitious green investment programmes also help offset the negative effects of automation – the loss of jobs and growing regional inequalities. cheaper and more available green energy also contributes towards meeting our co2 emission targets. despite this opportunity appearing in such a tragic circumstance of war, policymakers cannot afford to miss the move - away from fossil fuels by directing public funds that are available towards expanding the renewables sector. public investment will provide a spark, but we need a financial system that is financing climate - friendly investment to keep the engine running. fostering such a sustainability - minded financial system is an increasingly important topic for central banks. one of the strategic goals of the bank of lithuania is management of climate related risks. we monitor our own institutional carbon footprint and manage our own investment portfolio according to sustainable investment principles. we also established a new centre for financial market development just before the outbreak of the war and were preparing to open a centre for green finance in hopes of increasing opportunities to attract resources for lithuanian firms considering green investments. dear colleagues, to conclude, as the well - known saying goes, “ good times don't last, and bad times don't stay forever ”. planning and investing today in preparation for those good times to come is more important than ever. it is therefore a great honour to open this investments in the baltics conference in webinar format. i look forward to the upcoming discussions and presentations. thank you.