arrived, we need to be especially cautious about a premature scaling back of these crisis measures. that could inflict more severe damage to the economy and pose larger risks to the financial sector. the cost of winding measures down too early as yet outweigh the potential cost of leaving them in place for too long. it is important that the support measures are in due course rolled back in a gradual and predictable way to prevent cliff - edge effects. in a severe shock such as this, which originated entirely outside the sector, it is only logical for the government to absorb a large part of the shock. the netherlands can also afford a temporarily higher public debt. the fact that the government has now laid down its support measures for a longer period of time will help reduce uncertainty for firms and households. the netherlands of course also depends on what happens in other countries. our economy and financial sector are closely interconnected with those of other european countries. the creation of a european recovery fund during the summer was therefore a positive move. we must prevent this crisis from leading to even greater economic growth imbalances in europe. as for dnb, we have given banks additional leeway to continue lending and absorb any losses by adjusting the buffer requirements for the major banks. in view of the current uncertainty we will be continuing these crisis measures. at any rate, the floor for the risk weighting of mortgage loans and the countercyclical capital buffer will not come into force before the end of 2021. in summary, we are still in a historically deep economic crisis. fortunately, this has not so far sparked a financial crisis. but with the pandemic flaring up, economic uncertainty is yet again increasing. the main challenge in this next phase is therefore to limit the damage to the economy and prevent the crisis from spreading to the financial sector. this concludes my introductory statement. i would be happy to answer any questions you may have.

olaf sleijpen : investing in the future speech by mr olaf sleijpen, executive board member of monetary affairs and financial stability of the netherlands bank, at the apg global investors day, amsterdam, 16 november 2023. * * * even for the international participants at this event, it can hardly have escaped your attention that we have national elections next week. we will elect our new house of representatives, and there are 26 (! ) political parties clamouring for our attention. always an interesting time, because elections are about choices. and choices can be made based on many different considerations. i think that in this time of transition, in this time of aging and migration, in this time of climate change and energy transition, disruptive new technologies and devastating loss of biodiversity, the most important consideration is the choice between today's wishes and tomorrow's needs. the choice between instant gratification and sustainable development. and that proves to be a difficult one. not only for votersbecause it proves difficult to look further than your own backyard, further than one election, one period of government. and that is not only true in politicsin the financial sector we also know how difficult it is to look beyond risk and return, to take broader environmental and societal impact into consideration, and to look at the impact on the future instead of the proof of the past. like in politics, that attitude, that ingrained short - sightedness, has to change. because as apg says on its website : " what is the use of a good pension, if the world around you has become unliveable? " the question i want to address today is : how can we, how can the financial ecosystem play its part in the transition towards a sustainable future, towards sustainable prosperity? because it's undeniable that policymakers, regulators and the financial sector all have their part to play, and they all depend on each other. it's undeniable that the transition needs to be funded, and that it is the financial sector that can allocate resources, that can fuel the transition towards a carbon - neutral society in harmony with nature. towards a world where environmental, social and governance criteria are in balance. this impact - driven mindset has to be the basis of our decision - making, especially because it is squarely within all of our mandates and responsibilities. as frank elderson, ecb board member, said earlier this year : " destroy nature