’ s long - term financial value. responsible investment is part of that task. as a long - term financial investor, the fund stands to benefit from sound and sustainable growth in the companies and markets included in its investment universe. we use a variety of instruments to exercise our ownership rights. we engage in close dialogue with companies, investors and regulatory authorities. we vote at shareholder bis central bankers ’ speeches meetings in line with pre - defined principles and publish our voting results on a regular basis. we also submit shareholder proposals and participate in consultations based on the fundamental principles that we apply in the exercise of ownership rights. norges bank integrates the considerations relating to corporate governance, the environment and social conditions into the investment process. because the fund is a longterm financial investor, we place considerable emphasis on our role as responsible investor. the overriding goal, which is the highest possible return at an acceptable level of risk, remains firmly established. if norges bank is assessed using criteria other than return and risk, its mission will become unclear. this might also impact return performance. there must be no doubt as to the objective of investment management. norway ’ s enormous economic progress since 1814 has not been linear. rapid population growth and food crises in the latter half of the 1800s led to the massive emigration of close to 1 million norwegians to america. norway gradually became an industrialised country, and trade and shipping provided our new nation with much needed income. moreover, an abundance of natural resources has been essential for our country ’ s prosperity. norway never did become a true manufacturing nation. we cannot expect the strong growth in national income we have seen in recent years to continue. norway is not immune to shifting circumstances and external shocks. but we have a good starting point. the beneficial tailwinds have been put to good use and norway is in a solid position to tackle challenges when the winds shift. the constitution is the foundation of modern norway. this year ’ s bicentenary of the norwegian constitution is an occasion to remember the importance of good institutions that have clearly defined roles. this is essential for stability and progress. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

##f, servel and suceso. figure 16 results of the system under severe scenario ( * ) car requirements cet1 requirements ( percent of rwas ) conservation stressed cet1 24. ii 14. i 14. ii 15. i 15. ii 16. i 16. ii 17. i 17. ii 18. i 18. ii 19. i 19. ii 20. i 20. ii 21. i 21. ii 22. i 22. ii 23. i 23. ii 24. i 24. ii minimum initial cet1 24. i 23. ii conservation stressed car 23. i minimum initial car 22. ii 22. i ( percent of rwas ) ( * ) capital requirements are calculated as the weighted average of the specific limits of each bank. the stressed scenario is assumed to release the prevailing ccyb at each moment. source : central bank of chile based on information from the cmf and the central bank of chile.