europe had similar rules in place before the basel framework was published in april 2014, this new standard provides a global approach to regulate relations between banks and other financial institutions. the framework was designed to protect banks from significant losses caused by the sudden default of an individual counterparty. by extending the scope of coverage beyond banks to exposures to funds, securitisation structures and collective investment undertakings, the framework has also become a useful tool in helping to strengthen the oversight and regulation of the shadow banking system. 4. conclusion ladies and gentlemen, unfortunately all of us here will have to work in this challenging environment for some time to come – ultra - low interest rates, digitalisation, deleveraging, and a high degree of investment uncertainty will continue to frame our decisions. yet, as i have outlined, we are seeing a considerable improvement in the condition of the banking and financial sector. such developments and the regulatory reforms around basel iii have made the financial system more stable. bis central bankers ’ speeches nevertheless, further reform efforts are needed, and the momentum for reform cannot be lost. a resilient resolution regime with sufficient bail - in capital, prudent regulatory treatment of sovereign exposures, and the regulation of shadow banking activities are necessary to make the financial system more resilient. i think this is good news for investors, because it promises to boost transparency, enhance stability, and generate new investment products. my talking a lot about outstanding regulatory reforms might give you the impression that most of the work lies ahead of us. nevertheless, as the title of my speech suggests, we have already achieved a great deal – more than is still ahead of us. as a supervisor, i am happy to say that, while we still have a lot of work to do, the glass is half full, not half empty! ladies and gentlemen, that concludes my speech – thank you very much for your attention. bis central bankers ’ speeches

largest companies appears to have been more sophisticated – with a higher share of the firms reporting against more of the tcfd recommendations. this is remarkable given companies only had about six months to respond to the final tcfd recommendations in their 2017 filings. that said, compared to both the recommendations and user expectations, more progress is needed. in particular, financial implications are often not yet disclosed disclosures are often in multiple reports making comparisons harder disclosure varies by industry and region, with higher percentages of european firms, as well as higher shares of those on the climate frontline – such as the energy sector – disclosing information aligned with the recommendations ; and disclosure is weakest with respect to strategic resilience which is the topic of greatest interest to most capital providers. as they look to enhance their disclosures, tcfd members are supported by various tcfd preparers ’ forums, which have been established to help firms prepare disclosures, for example the oil and gas industry group convened by the world business council on sustainable development and the institute of international finance for banks. a4s ’ implementation workshops are exactly the sort of collaborative processes which will help ensure that the tcfd recommendations are implemented in a consistent manner. this is particularly important for more complex parts of the tcfd framework like scenario analysis and its interpretation. as a4s has identified, managing climate - related risks will require firms to assess the resilience of their business strategies : where they are now, where they are going and how they will get there. see tcfd ( 2018 ), ‘ 2018 status report ’, september 2018. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx scenario analysis will be part of this over time ( and there are already some good examples ) but most important at this stage will be for companies to demonstrate that they have the governance processes and strategic flexibility to consider and manage the opportunities associated with different climate pathways. adoption can be expected to widen and improve as the private sector refines emerging good practice in efficient, decision - useful climate - related disclosure. to continue the momentum behind the task force ’ s recommendations, the tcfd will provide a major implementation report to the japanese g20 presidency. impact the impacts of these developments could be enormous. tcfd ’ s voluntary disclosure is creating a virtuous circle by encouraging learning by doing : as companies apply the recommendations, investors