proceeds, process for project evaluation and selection, management of proceeds and reporting. an external independent verifier had confirmed that fiji ’ s green bond framework is credible, transparent and aligns with the core principles. in addition, we are developing reporting and monitoring guidelines to ensure compliance with the green bond framework and any environmental and social risk assessments. a key outcome would be the release of periodical reports on both the use of green bond proceeds and expected climate and / or environmental impacts of eligible projects. given fiji ’ s success story and experience on its green bonds, the international finance corporation has released a report titled “ guidance for sovereign green bond issuers ” which focuses on lessons from fiji ’ s example as the first emerging economy to issue a sovereign green bond, and which can be applied by any future green bond issuer. in addition, fiji was also awarded a prestigious green bond pioneer award at the recent climate bonds initiative ’ s conference in london. to further leverage our position on the global scale and bolster bis central bankers ’ speeches awareness and interest from foreign investors and stock exchanges, fiji green bonds will be listed on the international securities market of the london stock exchange on 18 april 2018. [ iii ] on page 50 under ‘ reserve ’ we note that $ 1. 0 million was transferred to general reserve whereas no such transfer was made in 2016. can this be explained? in accordance with the rbf act, all the profits of the reserve bank are distributed annually to government together with one - fifth of the foreign currency revaluation reserve account. over the years, the total capital and reserves of the bank have been declining and stood at around $ 82. 0 million as at the end of july 2017. as explained earlier, it is prudent to set aside a small portion of the profits to the general reserves to strengthen the bank ’ s capital base similar to what is practiced by private companies. the reserve bank had written to the minister for economy on 17 august 2017 recommending the transfer of $ 1. 0 million from the 2016 - 17 financial year profits to the general reserve account. the request for the transfer of profits is in line with the provision of section 8 of the rbf act. the last transfer to the general reserve account was made for the financial year ended 31 december 2007 when the minister approved that $ 1. 0 million be set aside from the profits distributable to government. [ iv ] on page 33 relating to the development of the economy ; we note that these

: coming together or drifting apart? ”, imf working paper, no 18 / 10, january 2018. [ 23 ] schelkle, w., “ the insurance potential of a non - optimal currency area ”, in cramme, o. and hobolt, s. ( eds. ), % democratic politics in a european union under stress, oxford scholarship online, 2014. [ 24 ] nikolov, p., “ cross - border risk sharing after asymmetric shocks : evidence from the euro area and the united states ”, quarterly report on the euro area, vol. 15, no 2, july 2016. [ 25 ] see draghi, m., “ risk - reducing and risk - sharing in our monetary union ”, speech at the european university institute, florence, 11 may 2018. [ 26 ] cetorelli, n. and goldberg, l., “ liquidity management of u. s. global banks : internal capital markets in the great recession ”, staff reports, no 511, federal reserve bank of new york, august 2011 ; de haas, r. and van lelyveld, i., “ internal capital markets and lending by multinational bank subsidiaries ”, working paper series, no 105, european bank for reconstruction and development, january 2008 ; reinhardt, d. and riddiough, s. j., “ the two faces of cross - border banking flows ”, bank for international settlements, december 2015. [ 27 ] see enria, a., “ post - crisis repair and the profitability malady ”, presentation at the forum analysis, milan, 17 september 2019. [ 28 ] see milano, v. and reichlin, p., “ risk sharing across the us and emu : the role of public institutions ”, policy brief, luiss school of european political economy, january 2017. [ 29 ] see, for example, arrow, k., “ insurance, risk and resource allocation ”, in essays in the theory of risk - bearing, 1971 ; pauly, m., “ the economics of moral hazard ”, the american economic review, vol. 58, no 3, june 1968 ; shavell, s., “ on moral hazard and insurance ”, the quarterly journal of economics, vol. 93, no 4, november 1979. [ 30 ] dias da silva, a., givone, a. and sondermann, d., “ when do