##ar announcement, that made it clear ( to any that still doubted it ) that extremely large banking losses would be incurred by the banks in the nama purchases, was only about 125 basis points. clearly, the cost of refinancing the amortisation payments at such a yield would have been much lower than it is today. the first annual amortisation payment was made in march 2011. ( i abstract here from the question of the interest holiday for the first two years ). meanwhile, it should be recalled that, when, despite the government guarantees that covered many but not all of them, deposit outflows and bond repayments exceeded anglo ’ s capacity, the central bank, consistent with the euro - area view that no senior bank creditors should suffer losses in the crisis, extended emergency liquidity assistance to anglo irish bank. to cut a long story short, much of this is still outstanding to ibrc, and much of it is secured by the promissory notes. funding such flows is not something that a central bank will normally do for any longer than is necessary. with the troika and the other irish authorities, the central bank has been actively studying ways of enhancing the security of the arrangements surrounding the provision of liquidity to ibrc and ensuring that avoidable deleveraging costs to the system as a whole are not incurred in the disposal of non - core assets. this is a large ambition, and the design of a full bis central bankers ’ speeches solution that would achieve the objectives and respect the constraints of all the parties has not yet been finalised. given the deepening of the crisis since april 2010 and in particular the loss of market access by the government and the need to have recourse to the eu - imf programme to ensure continued financing of the government ’ s budget, the sequence of annual cash payment by the government of €3. 06 billion envisaged for the coming years in the promissory notes has become a source of risk to financial stability. a way of funding this cash payment over a much longer period would clearly help reduce this risk. ahead of the scheduled march 2012 payment, the central bank has been working vigorously with the ecb and other parties on a mechanism for ensuring such a result in a manner that is at an acceptable cost to ireland and whose design is beyond criticism from the perspective of articles 123 and 124 of the treaty. while some technicalities still need to be resolved, it now seems likely that this effort will be

made net - zero commitments, a three - fold increase from the year before. this number will continue to grow rapidly. there is also greater international impetus for growing the voluntary carbon markets. the taskforce for scaling voluntary carbon markets, sponsored by the institute for international finance, has set out 20 recommendations for building trusted and wellfunctioning markets for voluntary carbon credits. climate impact x this is why today ’ s announcement of climate impact x, or cix, is significant. cix is a visionary idea for a global carbon exchange and marketplace anchored out of asia, centred on trust and innovation. it is an initiative borne out of the alliance for action on sustainability under the emerging stronger taskforce the sustainability alliance proposed to develop an asian voluntary carbon credit market, and i am happy to see more partners coming together to take forward this meaningful work. cix is a promising solution to the problem we face today of fragmented carbon credit markets characterised by thin liquidity and credits of questionable quality. cix can be a test bed for the recommendations of the taskforce for scaling voluntary carbon markets. example : the recommendation to create mechanisms for signalling demand. cix is forming a coalition of buyers and sellers committed to high quality credits. this will provide suppliers the confidence to scale up supply and catalyse the development of the carbon market. if cix can demonstrate the effectiveness of the recommendations of the taskforce, it will build strong momentum for effective carbon credits markets globally. let me highlight two significant features of cix : first, the focus on carbon credits generated through nature - based solutions ; and second, the use of technology to ensure a transparent and verifiable carbon market. nature - based solutions are measures taken to protect, sustainably manage, and restore ecosystems. examples include reforestation, and restoring peatlands and mangroves. it is estimated that nature - based solutions can provide more than 30 % of the climate mitigation needed globally by 2030. yet, such solutions currently only account for 2 % of climate funding. nature - based solutions are an attractive proposition. they not only green the world, but provide social and economic benefits that make it a better 3 / 5 bis central bankers'speeches place to live in. take for example the restoration of mangroves. mangroves not only save carbon emissions but also serve as a natural barrier against floods and support biodiversity. trust is a critical ingredient for any successful marketplace. the use of innovative technology solutions to ensure the integrity of the carbon credits traded will