four million or 33 % of the 12 million who are bankable. the savings to gdp ratio is still low at 16 %. in addition, financial intermediation is poor as indicated by the stock of private sector credit of 11. 8 % of gdp. these numbers do not compare favourably with kenya and tanzania. there are about 22 insurance companies, 26 insurance brokerage firms and eight lossassessors operating in the country. the insurance industry just like the banking industry, remains largely underdeveloped. the products offered by these companies are limited to life and nonlife insurance products. in spite of the fact that agriculture is the backbone of the economy, uganda lacks agricultural insurance, weather indexing of agricultural production and micro insurance for low income groups. the lack of a system of crop finance is a major barrier to lending to small farmers. “ the insurance sector must therefore take a closer look at developing new insurance products that suit their clients, train their personnel, increase distribution channels and enhance marketing, ” dr. kasekende said. bis central bankers ’ speeches banking, finance and insurance sectors are the life - blood for growth and development of the financial system and the entire economy. hence the key sectors of the financial system deserve priority attention by government as they are instrumental in the process of savings mobilization and capital accumulation, key ingredients in the growth and development process of the economy. bis central bankers ’ speeches

robert holzmann governor oesterreichische nationalbank welcome remarks october 7, 2021 climate protection : state of play, division of labor, steps forward conference organized by the oenb in cooperation with suerf honorable guests, ladies and gentlemen, dear colleagues, a warm welcome to everybody – those participating here on the premises of oesterreichische nationalbank and those of you participating remotely. i am delighted that at least some of you were able to join us on - site, which gives us a taste of normality in exceptional times. but the impression of “ back to normality ” is deceptive. the pandemic has compelled us to adjust to a new normality, which helps us learn to adapt our society and economy to another new normality – the long - term challenge of climate change, the topic of today ’ s high - level event. who would be better suited than lord stern to give a bird ’ s - eye view of the current state of play in global and european climate protection and adaptation politics? professor nicolas stern chairs the grantham research institute on climate change and the environment at the london school of economics. he was chief economist of the ebrd and, later, of the world bank. i remember many productive interactions when i served at the world bank ’ s research committee that he directed. lord stern later held several positions including that of the second permanent secretary to her majesty ’ s treasury, but may be best known for heading the influential stern review on the economics of climate change, published in 2006. his publication record is impressive, encompassing more than 15 books and 100 articles. among the various prizes he received is the austrian schumpeter award. at the award ceremony here at oenb six years ago, he highlighted the opportunity that low - carbon technologies offer to generate prosperity and wealth. today, however, we want to move the discussion about the transition to a low - carbon economy forward – from the “ why ” to the “ how ”. nicholas has a lot to say on why we should change but certainly also on how to build coalitions, mix policies and coordinate activities in europe and beyond to achieve globally agreed emission goals. let me highlight a few challenges regarding both the why and the how. publisher and editor : oesterreichische nationalbank communications division otto - wagner - platz 3, 1010 vienna, po box 61 why is climate change relevant for central banks? the simple answer is, because climate change affects our targets