the livret a accounts must strike, and continue to strike a balance between the effective financing of social housing and, more broadly, of the french economy, and the fair return on savings : in this regard, i am pleased to note that the livret d'epargne populaire ( lep ), which pays 6. 1 % interest, is finally ‘ taking off ’ with 9. 6 million passbooks at the end of march ; i encourage banks to pursue this progress with their customers. as regards housing loans, fixed rate loans - which fortunately represent almost 98 % of outstanding loans - page 3 of 9 are an essential protection for borrowers, and therefore ultimately for the banks as they limit their default risks. and more generally, rest assured that we will never take any prudential decision that could increase the risk of overindebtedness or of non - repayment of housing loans. the average solvency ratio of the six main french banking groups reached 14. 9 % at end - 2022, still a high level, well above regulatory requirementsi. i welcome the publication yesterday of the report by the observatoire du financement des entreprises ii, which notes that for this very reason, their access to financing has remained favourable despite the crises. french insurance groups also show high solvency ratios, around 250 %, thanks to their dynamic activity and financial results. page 4 of 9 ii.... and of our regulation and supervision model there are two other reasons why the us banking crises did not affect the euro area this time - although we must remain vigilant : our regulation and supervision. as regards regulation, basel iii in its entirety applies to all european banks, but only to 13 banks in the united states. according to a number of estimates, including our own, svb's short - term liquidity ratio ( lcr ), had it been applicable, would have been below the 100 % requirement, which would have been an early page 5 of 9 warning signal – for memory ’ s sake, all liquid assets are booked at fair market value in this ratio. the priority is therefore not to keep reworking the basel requirements - and thus delaying their implementation - but to implement them everywhere and quickly. in short, more basel iii now, rather than a hypothetical and delayed basel iv. however, there are two i ssues to consider : the increased speed of deposit withdrawals - connected with digitalisation and social networks - raises

stocks. we, at the banque de france, adopted in march last year a charter on responsible investment for the management of our own funds and our pension portfolios : this means allocating them to socially and environmentally responsible investment funds. with respect to disclosure, in march 2019 we were the first central bank to publish our climate - related risks ’ exposures. we are also working to further align our reporting with a tcfd - like approach that would fit the specificities of central banks. we trust our experience will be useful to the ngfs membership in defining some best practices as far esg investment for central banks is concerned. we can be proud of what we have achieved in 16 months, but it is “ time to roll up our sleeves ” : the merciless perspective of a more than 2°c world requires us to strive to do better and to do it now. developing practical solutions now tops the agenda of the ngfs “ season 2 ”. ii. the road ahead for central banks / supervisors and other players too a. disclosures and taxonomies, two faces of the same coin we are currently facing a chicken and egg dilemma. in order to bridge the data gaps, we must rely on enhanced disclosures that need to be built on sound taxonomies. but we need some data to set out a proper taxonomy! it is time to follow the path set by the tcfd on one side and the european commission on the other to address all issues at the same time. it means working jointly on disclosures and taxonomies. it will notably help to enhance the quality of disclosure and, ultimately, its relevance in internalising the current climate change externality for all firms. we will then be in a position to move gradually towards compulsory transparency based on a “ comply or explain ” principle, such as that of article 173 of the french energy transition law that could usefully serve as a reference. b. integrating climate - related risks into financial stability monitoring substantial work remains to be done to achieve “ the video of risks ”. our feeling is that risk premia do not currently appropriately reflect climate risks. and therefore i believe that we, as central banks and supervisors, must push for a forward looking vision of the impacts of climate risks. in order to properly size the financial effects of climate change, our goal is clear : we should be able to design some comprehensive climate stress tests. what does it mean in practice? the snapshot of risks provides information on