before personal income taxes and transfers ( market incomes ) and the gini coef cient after taxes and transfers ( disposable incomes ) in per cent of the gini coef cient before taxes and transfers. 11 central statistics of ce ( 2015 ). “ household finance and consumption survey 2013 ”. the release for 2018 / 2019 survey data due in 2020. 12 jorda, oscar, schularick, mortiz & taylor, alan m ( 2015 ). “ leveraged bubbles ” journal of monetary economics, vol. 76, pages s1 - s20 ( 2015 ). 13 central bank of ireland ( 2019 ). “ quarterly bulletin 3 2019 ” 14 national oceanic and atmospheric administration ( 2019 ). “ july 2019 was hottest month on record for the planet ” august 15 2019. 15 this idea is promoted by mary robinson, her work focuses on climate justice. 16 donnery, sharon ( 2019 ). “ risks and opportunities from climate change ” speech delivered to department of finance and sustainable nation ireland conference, 16 may 2019. 17 lane, philip r, ( 2019 ). “ economic letter : climate change and the irish financial system ” 18 carney, mark ( 2019 ). “ a new horizon ” speech delivered at european commission conference : a global approach to sustainable nance, 21 march 2019. 19 as part of the european system of financial supervision, the central bank of ireland has contributed to this work on sustainable nance through the european securities and markets authority ( esma ) and the european insurance and occupational pensions authority ( eiopa ). both bodies submitted technical advice on sustainable finance to the european commission 3 may 2019 ( esma, eiopa ). 20 banque de france ( 2018 ). “ charter of the central banks and supervisors network for greening system ( ngfs ) ” 21eurostat “ population ( demography, migration and projections ) database ”, in 2018, ireland has the lowest proportion of over 65 year olds at 13. 8 %, and well below the eu 28 value of 19. 7 %. 22 nerlich, c., ( 2018 ), “ the 2018 ageing report : population ageing poses tough scal challenges ”, ecb economic bulletin, issue 4 / 2018. available here : https : / / www. ecb. europa. eu / pub / economic - bulletin / focus / 2018 / html / ecb. ebbox201804 _ 04. en. html 23

mr. stals considers the issues of the relaxation of exchange controls and raising finance on the foreign bond market speech given by the governor of the south african reserve bank, dr. chris stals, at a luncheon of the institute of directors in southern africa in pretoria on 16 / 7 / 97. 1. the relaxation of exchange controls the extension of the relaxation of exchange controls to private individuals as from 1 july 1997, marked a further step in the government ’ s committed programme of gradually phasing out all restrictions on the movement of funds between south africa and the rest of the world. the present system of exchange controls was introduced in south africa over many years, starting from 1961, and was mainly intended to provide some protection to the domestic economy against the adverse effects of non - economic developments in south africa, and international reactions that followed internal developments. since these non - economic factors were removed during 1993 and 1994, following the major social and political reforms in our country, justification for the retention of the exchange controls also disappeared. in the new situation, the retention of exchange controls became counter - productive and, in a more open and freer economic environment, created undesirable distortions in the allocation of resources. there was, therefore, general consensus that south africa should remove exchange controls as quickly as possible, and some advisers even thought that it should be done in a one - off “ big bang ” approach. how desirable such an approach might have been, particularly for financial operators in the market, realism forced the reserve bank and the government to opt for a gradual but determined phasing - out programme. the major constraint on the authorities had been the limited amount of foreign exchange reserves available to the country that were required for the conversion of south african rand assets into foreign currencies. developments over the past few years enabled us to move rather fast with the removal of the exchange controls. large inflows of foreign funds, mostly in the form of portfolio investments made by non - residents in south african equities and bonds, and inflows of short -, medium - and long - term loan capital made it possible not only to replenish the country ’ s net foreign reserves from a zero - level in april 1994 to more than r20 billion now, but also to remove more than 50 per cent of the exchange controls that existed three years ago. these relaxations required large amounts of funds, for example to enable south african resident companies to invest about r20 billion in foreign