##listed renewable energy infrastructure, ie a 50 percent stake in the world ’ s next largest offshore wind farm off the dutch coast. unlisted renewable energy infrastructure is still a relatively new area for norges bank. we intend to build up the portfolio gradually, primarily through investments in wind and solar power. we will prioritise investments that contribute to improving the overall risk - return tradeoff in the gpfg. management of the gpfg is to be cost - efficient, and the executive board monitors cost developments closely. earlier this month, norges bank announced a revised strategy describing how we will fulfil the investment mandate ahead. the strategy plan expresses our ambitions and our overall aim of achieving the highest possible return after costs. our ambitions are high. as they should be. nonetheless, we still aim to be a small, flexible and cost - efficient organisation. 2 / 2 bis central bankers'speeches

limit the contagion in the banking sector. however, additional regional banks still saw deposit outflows and came under stress. we ’ re working to address the lessons learned from these events in three areas. svb fell short in attempts to raise financing against securities due, in part, to limited established access to private markets. see board of governors of the federal reserve system, review of the federal reserve ’ s supervision and regulation of silicon valley bank ( washington : board of governors, april 2023 ), https : / / www. federalreserve. gov / publications / files / svb - review - 20230428. pdf. similarly, signature bank experienced deposit outflows well in excess of its established repo lines. see also cotton & company assurance and advisory, llc, material loss review of signature bank of new york ( arlington : oig fdic, october 2023 ), https : / / www. fdicoig. gov / sites / default / files / reports / 2023 - 10 / eval - 24 - 02. pdf. see congressional research service, bank failures : the fdic ’ s systemic risk exception ( washington : crs, april 2024 ), https : / / crsreports. congress. gov / product / pdf / if / if12378. before 2023 there were five planned uses of the systemic risk exception ( sre ) for wachovia, citigroup, bank of america, the fdic ’ s temporary liquidity guarantee program, and the public private investment program ( ppip ). the sre was ultimately not used for wachovia, bank of america, or the ppip. - 8capital on capital, i ’ ve already mentioned our basel 3 endgame proposal and its role in completing the post global financial crisis regulatory reform agenda. with respect to the acute problems we saw last year, the proposal would also extend the requirement to reflect the impact of unrealized losses on capital to all large banks. currently, only the largest banks are required to reflect those losses on their capital. this would better reflect interest rate risk in capital, a problem that played a major role in both svb ’ s and first republic ’ s failures. liquidity to address the lessons about liquidity learned last spring, we are exploring targeted adjustments to our current liquidity framework. 8 over the last year, many firms have taken steps to improve their liquidity resilience,