the following measures to support responsible investment : _ _ _ ( a ) we have already incorporated esg factors in our credit risk analysis of bonds ; we have required our external managers of the hong kong equity portfolios to comply ( b ) with the principles of responsible ownership promulgated by the securities and futures commission in 2016 ; we have invested two tranches of us $ 1 billion each in the managed co - lending portfolio ( c ) programme ( mcpp ) run by the ifc. a substantial part of the mcpp will target sustainable investments across emerging markets ; ( d ) we will further grow our green bond portfolio, through direct investment or investment in green bond funds ; ( e ) we will participate in esg - themed public equities investments through external managers in passive or active mandates targeting esg benchmark indices ; and ( f ) we will accord green accreditation as a predominant factor in investment in buildings in our real estate portfolio. 6. instead of setting a quantitative threshold or target for green investments, we believe our present approach is a more pragmatic and likely to be a more effective way of promoting green and esg investments. we will continue to work with like - minded investors to promote focus on good esg practices in managing their investments. in the interest of transparency, the hkma will also consider an appropriate framework for disclosing the exchange fund ’ s green and esg investment efforts without arousing market sensitivity in the process. capacity building in green finance : centre for green finance ( cgf ) 7. hong kong is already one of the major green finance hubs in the world. last year a total of us $ 11 billion of green bonds were issued and arranged in hong kong. earlier this morning, the hkma, as the implementation agent of the hk $ 100 billion government green bond programme, announced that a roadshow will be held for a potential green bond offering. under the outline development plan for the guangdong - hong kong - macao greater bay 2 / 3 bis central bankers'speeches area, hong kong is the designated green finance centre in the area. with the launch of the green and sustainable banking initiative and the rapid growth of the green bond market, hong kong possesses enormous potential to become a leading green finance hub in the world. however, in pursuing our aspirations, there is a pressing need to upgrade our capacity and expertise in green finance in the financial industry. 8. with this in mind, the hkma will set up shortly a new centre

jaime caruana : basel ii and corporate governance issues speech by mr jaime caruana, governor of the bank of spain and chairman of the basel committee on banking supervision, at the 2nd islamic financial services board ( ifsb ) summit 2005 : the rise and effectiveness of corporate governance in the islamic financial services industry, doha, 24 may 2005. * * * introduction and overview i would like to thank his excellency governor abdulla khalid al - attiya and the qatar central bank the hospitality and professor rifaat and the islamic financial services board for inviting me to speak this evening before such a distinguished gathering. it is a great honour for me to be here at what i am sure will be a most successful and rewarding summit. i consider it a privilege to have the opportunity to share with you some thoughts on two timely and important topics : corporate governance and the basel ii capital framework. my contribution to this important conference comes with a degree of humility. although i understand that some of the roots of islamic finance can be traced back to my own country during the time it was known as al - andalus, i cannot claim to be an expert in islamic finance, and i certainly would not presume to talk about the specificities of islamic banking before such a knowledgeable audience. suffice it to say that we all know that there are differences between islamic banking and what we normally refer to as “ conventional ” banking. however, i do think that we share some important broader perspectives, particularly in relation to the two issues i will address today. more rigorous risk management anchored in strong corporate governance, enhanced transparency and sound minimum capital requirements that reflect the risks that banks face are vital elements for any financial system to promote confidence and foster financial stability. on top of that, common standards in these areas can help to improve the integration of the international financial system. it is certainly true that the special features of islamic banking may not be fully addressed by the traditionally broad international standards developed by organisations such as the one i chair – the basel committee on banking supervision. i believe that it would be neither appropriate nor possible for the basel committee to seek to fill such gaps. that is why i am very pleased to see organisations such as the ifsb addressing issues related to the soundness and stability of the rapidly growing market for islamic financial services worldwide. the exposure drafts that you have issued with regard to risk management and capital adequacy for institutions offering islamic financial services help to fill a very important