remarks by governor gabriel makhlouf at consulate general of ireland and ihk frankfurt event remarks by governor gabriel makhlouf at consulate general of ireland and ihk frankfurt event 19 july 2022 speech it is a pleasure to address you today. i would particularly like to thank our consul general anne - marie flynn for organising this event. 1 german – irish economic relationship ireland and germany have excellent relations, politically, culturally and economically. these relations have been documented as far back as the 7th century. when reading about the relationship, i learned that in 686 an irish monk kilian travelled to rome and then on to pagan wurzburg, where he converted duke gozbert to christianity. kilian had a rather unpleasant ending after telling gozbert that it was against the bible ’ s teachings to marry his brother ’ s widow. when gailana, the widow, heard this, she had kilian and his followers beheaded. in 752 the first bishop of wurzburg, burchard, had a cathedral built on the spot where they were executed and their remains placed in the crypt. st kilian is today the patron saint of wurzburg, heilbronn and kostheim, and of the whole region of franconia. on st kilian ’ s feast day ( just recently on 8 july ), relics ( the skulls of killian and his followers preserved in a glass case ), are – i ’ ve read - paraded through the town and put on display in the cathedral. thankfully irish / german relations today have moved beyond beheadings and patronage. what this story does highlight is the importance of and persistence of institutions to manage relationships. 2 douglass north defined institutions as the “ humanly devised constraints that structure political, economic and social interactions ”. 3 as andy haldane highlighted “ a common denominator among all … thinkers, from smith to veblen to coase to north, is that institutions rise in importance as societies become more complex, integrated and information - rich. indeed, by embedding knowledge from the past, and investing in public goods for the future, institutions … [ are ] essential prerequisites for continuing progress … ”. 4 i will come back to institutions later but let me give you some figures which demonstrate the importance of the mutual economic relationship between ireland and germany. overall, germany was ireland ’ s 3rd largest export market in 2021. germany accounted nearly 9 % of irish goods and services exports last year. of

will take ongoing collective effort from the public and private sector, and through appropriate incentive structures. for example, in 2017 fiji issued a sovereign green bond. 13 in 2019 the asian development bank launched in fiji an action plan for healthy oceans. their plan is to finance ocean health and marine projects up to $ 5 billion from 2019 to 2024 for asia and the pacific, including co - financing from partners. 14 and, the new zealand super fund is one of 18 founding members of the pacific banking the economy in post - covid aotearoa, a speech delivered by deputy governor geoff bascand to banking industry representatives in wellington on 31 july 2020 un environment programme https : / / www. unenvironment. org / news - and - stories / press - release / cut - globalemissions - 76 - percent - every - year - next - decade - meet - 15degc grantham research institute on climate change and the environment, climate change and the just transition a guide for investor action https : / / www. unpri. org / download? ac = 9452 the role of ocean finance in transitioning to a blue economy in asia and the pacific https : / / development. asia / explainer / role - ocean - finance - transitioning - blue - economy - asia - and - pacific adb launches $ 5 billion healthy oceans action plan https : / / www. adb. org / news / adb - launches - 5 - billionhealthy - oceans - action - plan islands investment forum ( piif ) actively sharing expertise on how to integrate climate change into investment strategies. regulatory policy is another tool to drive transformational change. at the reserve bank we are playing our part in contributing to new zealand ’ s climate response. for example, we are contributing to the sustainable finance forum, submitted on the zero carbon act15 and are contributing to the development of new zealand ’ s first national adaptation plan. we also support the proposal for mandatory disclosure of climate - related financial risks. 16 more good quality, comparable information being disclosed by the firms we regulate is critical to climate change management. and we are taking every opportunity to highlight the risks to financial stability from climate change and the need for an effective response. for example, our bi - annual financial stability reports17 have highlighted the systemic risks from climate change and this focus will continue. in the last month we highlighted climate risks amongst audiences such as the nz australia chartered accountants, the new zealand bankers ’