fact one that is connected with all the other challenges you are facing, is restoring public trust in the banking sector. trust is a tricky thing. the supervisor, the politicians and the banks are talking a lot about restoring trust, but it is ultimately not something you can gain yourself, it is given to you. however, there is a lot you can do to create the right conditions. like preventing negative publicity, where possible. like learning to read the public sentiment, which is not easy i admit. by making a contribution to addressing social challenges. for example by supporting the green transition. the way the financial sector supported the negotiations and pledged funding, did a lot to hammer out the national climate accord. as chief supervisor for the dutch banking sector i am very grateful for that. these are all steps that may contribute to restoring trust. why do i think strengthening trust in the banking sector is important? isn ’ t it all going well? customers are entrusting their savings to you, they continue to take out insurance policies. the banking sector in general is scoring fairly decently in reputation monitors. so what ’ s the problem? earlier in my speech i mentioned psd2, and how it is probably going to change the way customers interact with financial services providers. but these kind of innovations can only succeed if customers trust the new services. a recent survey we did suggests there ’ s some public skepticism about psd2. that ’ s understandable. one of the goals of psd2 is for customers to benefit from a myriad of new and useful services. but if they have concerns about fraud, or their data being used without permission, they might see it as a risk that ’ s just not worth taking. as a result of psd2, banks will lose their privileged access to customer data. new fintechs are entering the market, that are often ideally positioned to make full use of this data. fout! onbekende naam voor documenteigenschap. one of few competitive advantages that banks have, is they enjoy a stronger position of public trust than fintechs do. our survey revealed that if customers had the choice between an app offered by their bank, or a similar service from an unknown fintech startup, they ’ d stay loyal to the bank they ’ re familiar with. but no one knows where the tipping point lies. once it is crossed, psd2 could drive banks into the background. with customers obtaining services directly from third party

a huge territory in the nemunas delta and washed away coastal sand - dunes. the consequences for other countries, located lower relative to the sea level than lithuania, would be even more disastrous. climate change also exacerbates air pollution problems. the rise in temperature increases the concentration of the bad ozone in the atmosphere, which is harmful to the human health. according to the world health organisation, every year more than 400, 000 people die prematurely due to air pollution. in lithuania, around 2, 500 people die annually due to air pollutioninduced illnesses. it is estimated that in europe, the annual losses due to climate change - related factors, including the additional pressure on the health care system and the premature deaths, amount to over €15 1 / 5 bis central bankers'speeches billion, and this figure is continuously increasing. the bigger the threats of the climate change both to the ecosystem and the economy, the more ambitious are the emission reduction targets. neither climate nor climate change has borders : as this challenge is of a global nature, a successful mitigation of the related risks is only possible through international coordination. the kyoto protocol, which was signed in 1997 and came into force in 2005, was the first international commitment to reduce pollution with the aim of halting climate warming. however, its actual impact was minimal, as only the advanced economies were involved, while large emerging economies were gradually becoming the major contributors to the global pollution. the paris agreement, signed in 2015, rectified this situation. it is a remarkable diplomatic achievement that the paris agreement was signed by 186 countries which are jointly responsible for 96 % of the greenhouse gas emissions. the green policy has become a priority in many nations. nonetheless, today we witness that the commitments under the paris agreement do not suffice. even if all signatory countries delivered on their commitments under this agreement, by the end of the century the average temperature in the world would be 2. 7°c higher than in the mid - 19th century. as i have already mentioned, the consequences of this would be catastrophic. that is why we must set climate change - oriented targets that are even more ambitious than those set in the paris agreement. the european union ( eu ) is leading in this field : the transition to a climate - neutral economy is a priority objective for the eu, and the green policy is being integrated in multiple fields. the european commission has published the european green deal. its main objective is transforming the economy and becoming a