session by quoting from on the origin of species by british naturalist charles darwin : " it is not the most intellectual of the species that survives ; it is not the strongest that survives ; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. " 1 baku hit by widespread flooding ( msn. com ). 2 what to know about the floods that killed over 200 in spain | time. 3 finance & prosperity 2024 ( worldbank. org ). 4 finance & prosperity 2024 ( worldbank. org ) / the stated figures are from 2022. 5 adaptation gap report 2024 | unep - un environment programme. 3 / 4 bis - central bankers'speeches 6 ngfs conceptual note on adaptation, november 2024. 7 world bank, 2019 open knowledge repository ( worldbank. org ). 8 standard chartered / kpmg / undrr, 2024, guide for adaptation and resilience finance | undrr. 9 global commission on adaptation, september 2019, adapt now : a global call for leadership on climate resilience - global center on adaptation ( gca. org ). 4 / 4 bis - central bankers'speeches

notwithstanding general concerns about the responsiveness of supply, the information available suggests that foreign residential purchases have probably not had a large direct effect on the price of housing that is typically purchased by first home buyers. while incomplete, the firb data and the information received through our liaison with developers suggest that most foreign residential purchases are for new, higher - density, inner - city properties as well as properties close to universities. furthermore, the properties they purchase tend to be valued well above the average national sales price. in contrast, most purchases by first home buyers have been for established homes that are priced well below the national average. moreover, when they do purchase new housing, first home buyers appear to generally purchase detached homes close to the fringe of the main cities rather than new apartments located close to the city centres. of course, there are some foreign buyers that purchase cheaper homes outside the inner - city areas, just as there are some first home buyers that purchase inner - city properties priced above the national average. but in the main, foreign buyers appear to be purchasing properties that are typically quite different in their characteristics from those purchased by most first home buyers. finally, i would like to comment on the issue of the availability of data. firb ’ s main role is to ensure foreign purchases are consistent with the rules, rather than to provide data on the actual level of foreign investment. even so, a case could be made for more timely provision of the approvals data that are already collected by firb, perhaps publishing them on a quarterly rather than annual basis. also, more granular data could be provided, such as the number of approvals within broad price brackets rather than just the total value and number of approvals. beyond that, the benefits of any new reporting requirements in this area should be weighed carefully against the costs of its collection and administration. with those introductory comments, my colleague, dr david orsmond, and i are happy to take any questions you may have. bis central bankers ’ speeches