who would be speaking on this subject through the day and the learned audience gathered here will collectively find out new models of doing business with environmental and social sustainability goals in mind. i believe that the senior bank management would also be encouraged to adopt these practices. i once again thank the organizers for inviting me and giving me an opportunity to share my thoughts on the subject. thank you. bis central bankers ’ speeches annex 1 bis central bankers ’ speeches annex 2 bis central bankers ’ speeches references fao ( 2011 ), “ global food loss and food waste – extent causes and prevention ” fao at rio + 20 ( 2012 ), “ 100 days to rio + 20, 100 facts making the link between people, food and the environment ”. government of india ( 2012 ), draft twelfth five year plan ( 2012 - 17 ) document, vol i, faster, more inclusive and sustainable growth, planning commission. — — — ( 2013 ) economic survey 2012 – 13, ministry of finance. — — — ( 2013 ) union budget 2013 – 14, ministry of finance. — — — ( 2012 ) report of the working group on “ effectively integrating industrial growth and environment sustainability ” twelfth five year plan ( 2012 – 2017 ). nijathaworn, bandid ( 2008 ), “ is climate change a big deal for the financial system? ”, speech by deputy governor, bank of thailand, at bank indonesia ’ s annual international seminar on “ macro economic impact of climate change : opportunities and challenges ” in bali, august 2. provopoulos george a ( 2011 ), “ the impact of climate change in greece ”, opening address by governor of the bank of greece, at the presentation of the report of the climate change impacts study committee, athens, 1 june. parikh kirit ( 2011 ), “ interim report of the expert group on low carbon strategies for inclusive growth ”, goi. prahalad c. k., m. r. rangaswami and ram nidumolu ( 2009 ), “ why sustainability is now the key driver of innovation? ’, harvard business review, september. prime minister ’ s address ( 2013 ), at the international workshop on green national accounting for india, april 5. — — — ( 2013 ) at the 4th clean energy ministerial, april 17. reserve bank of india ( 2013 ), report on “ state finances : study of budgets of 2012 – 13 ”. — — — ( 2012 ) annual report 2011 – 12. sachs,

plentiful. fragilities in financing of property markets – whether in housing or commercial real estate – can create economy - wide problems. in the housing market, prolonged periods of unsustainably loose mortgage lending standards have often resulted in costly recessions and financial crises, with long - lasting adverse implications for the economy as a whole. there is a range of channels through which this mechanism operates, including the spending behaviour of highly - indebted borrowers in a downturn or the impact of large mortgage losses by lenders in a stress. 4 overall, though, the evidence across countries and over time is very consistent : credit - driven housing booms have very often been associated with severe subsequent recessions. 5 similar dynamics can operate in the commercial real estate market. while the evidence around the macroeconomic implications of corporate credit booms is more nuanced, when corporate lending booms are concentrated on the real estate and construction sectors, these have been associated with increased financial fragility. 6 indeed, commercial property played a key role in the crises that occurred in the nordics and in japan in the early 1990s and during the global financial crisis of the 2000s across a number of countries. in ireland, of course, we have our own, painful experience of how unsustainable financing conditions in property markets can lead to economy - wide problems. the property - related boom and subsequent bust in the 2000s here was amongst the most extreme in history, at a global level. but what is striking is the consistency of patterns across countries and over time : vulnerabilities in financing of property markets, left unchecked, have the potential to create economy - wide harm. this – ultimately – is why we care about the sustainability and resilience of property financing. financing in property markets in ireland over the past decade let me now turn to the evolution of financing in property markets in ireland over the past decade. i ’ ll start with the mortgage market, which is the single most important financing source for the housing market. following the collapse of new lending after the financial crisis, the mortgage market has gradually recovered in recent years. new mortgage drawdowns in the year to september reached €13bn. this is the highest level in over a decade, but remains far below the unsustainable rates of credit extension that we saw in the 2000s. put differently, following an extraordinary credit boom and subsequent bust, aggregate volumes point to a gradual return to more sustainable mortgage market dynamics. the