banks and society in a changing time : why we need broad dialogue bundesbank symposium 2023 – banking supervision in dialogue 05. 07. 2023 | frankfurt am main | claudia buch check against delivery. 1 the economy is undergoing structural change which is impacting on the real economy and financial sector alike. 2 banks play a key role in a successful transformation – but they are also exposed to risks. 3 we need a public discourse on the role of banks in the transformation process and what is expected of supervision and regulation. 4 conclusion 5 list of references ladies and gentlemen, it gives me great pleasure to welcome you today to the bundesbank symposium. this is already the 24th event of its kind – but i ’ m quite sure none of the previous symposiums were held during a period of upheaval like the one we find ourselves in now. the global economy has been hit by severe shocks in the past few years, the geopolitical and macroeconomic situation is uncertain, and episodes of stress in financial markets in march of this year are casting their shadow. a transformation is needed in the real economy to effectively mitigate climate change and deal with the structural challenges of our time. all of this has implications for our liberal economic and social order which go far beyond the financial sector. banks cannot directly influence these conditions, but they need to adapt to them. you see, how banks and supervisors react is extremely important : robust banks that have a firm handle on their risks and a sound capital base are vital contributors to a successful transformation. however, especially during periods of upheaval, we cannot rely solely on banks ’ risk management. strong supervision that preserves financial stability and gives society confidence in the stability of banks is more important than ever. it is precisely because supervisors act on behalf of society that we need to engage in constructive and comprehensive dialogue with all groups of society. “ banking supervision in dialogue ” – the motto of this series of events – is therefore defined very broadly. our aim is to deepen this dialogue. going forward, we intend to reach out even more to relevant groups of society alongside stakeholders in the industry, to explain and discuss what supervisors can and should do, to talk about how we can tackle the challenges of our time. with that in mind, i would like to discuss three theses with you today : 1. the economy is undergoing structural change which is impacting on the real economy and financial sector alike. 2. banks have a key role to play in a successful

information und forschung ) institute ( 2023 ). shortage of skilled workers eases somewhat in germany. press release of 15 february 2023. available at shortage of skilled workers eases somewhat in germany | press release | ifo ( information und forschung ) institute [ https : / / www. ifo. de / en / press - release / 2023 - 02 - 15 / shortage - skilled - workers - eases - somewhat - germany ]. koont, naz, tano santos and luigi zingales ( 2023 ). destabilizing digital ‘ bank walks ’ ( 8 may 2023 ). available at destabilizing digital'bank walks'by naz koont, tano santos, luigi zingales : : ssrn ( social science research network ) [ https : / / papers. ssrn. com / sol3 / papers. cfm? abstract _ id = 4443273 ] wuermeling, joachim ( 2022 ). gemeinsam fur ein stabiles und leistungsfahiges finanzsystem : zusammenspiel von kreditwirtschaft und aufsicht. speech delivered at the 5th german banking industry committee forum on supervision and regulatory activities 2022 on 15 june 2022. footnotes : 1. i would like to thank roman goldbach, jakob hartmann, laura - chloe kuntz, alexandra mitschke and joachim zwanzger for their input and comments on an earlier version of this text. any remaining errors and inaccuracies are entirely my own. 2. the german banking sector currently has excess capital of just under €150 billion, which means that it holds just over one - quarter more capital than the regulatory requirement. the liquidity coverage ratio of german institutions averaged around 160 % in march 2023, and 147 % for significant institutions. bundesbank calculations based on prudential reporting ( corep ( common reporting ) ). 3. see wuermeling ( 2022 ) on the question of how supervisions and regulation are responding to structural change. 4. bundesbank calculations based on the mfi ( monetary financial institution ) interest rate statistics. 5. see bafin ( bundesanstalt fur finanzdienstleistungsaufsicht ) - circulars - circular 06 / 2019 ( ba ( bundesagentur fur arbeit ) ) - interest rate