. past and current crises underscore an additional lesson. then as now, international or regional financial crises require a coordinated response to safeguard the stability of the world ’ s financial system. to that end, the uab can play an important regional role by facilitating efforts to address potential cross - border issues, and by providing a local platform for strong cooperation between home and host supervisors during normal and crisis periods. at your conference this week, i anticipate you will discuss the opportunities and challenges that lay ahead for your members. among the topics, no doubt, will be the prospects for partnership between the public and private sectors, the importance of establishing institutions capable of managing crises, the effects of new regulatory and supervisory structures on the banking industry, and the role of the banking sector in promoting economic growth. bis central bankers ’ speeches we at the federal reserve face similar challenges and opportunities, and we look forward to working with you to find common approaches and solutions. i wish you a successful and productive conference. warm congratulations on your 40th anniversary, and best wishes for another 40 years of success. bis central bankers ’ speeches

norman chan : welcome remarks - 2018 green and social bond principles annual conference welcome remarks by mr norman t l chan, chief executive of the hong kong monetary authority, at the 2018 green and social bond principles annual conference, hong kong, 14 june 2018. * * * financial secretary, martin, distinguished guests, ladies and gentlemen, 1. welcome to the 2018 green and social bond principles annual conference, co - organised by the hong kong monetary authority ( hkma ) and the international capital market association, supported by the hong kong financial services development council. 2. today ’ s conference is the flagship event in the world of green finance, and rightly so. since the publication of the green bond principles ( gbp ) in 2014, it has become the de facto global standard for green bond issuance. these days, a majority of the green bonds issued globally follow the gbp framework, and many major markets base their local green bond standards on the gbp. in this conference, we will have the opportunity to hear more about the latest enhancements to the gbp, and how green standards have been developing in different parts of the world. 3. today ’ s conference is notable also because of its location. as martin said, it is the first time that the conference is held in asia. looking at the turnout, it is a good choice. i am not just referring to over 900 registered attendees – this is clearly impressive. i am also referring to the geographical mix, with a large showing from asia, in addition to delegates from europe. this is a testament to the rapid growth of the green bond market in region. 4. indeed, over the past few years, the green bond market has grown exponentially, including the green bond market in hong kong, and we are very pleased about this development. for many years, the hkma has been working to promote the development of the hong kong bond market. today, hong kong is the third largest bond issuer in asia ex - japan, behind only the mainland of china and south korea. 5. the hkma plays more than just the promoter role in green finance. as many of you may know, the hkma is the investment manager of the exchange fund. with assets under management over usd500 billion at the end of last year, we are one of the world ’ s largest asset owners. the hkma has been very supportive of responsible investment, and has incorporated environmental, social and governance, or esg, principles into our investment