too early to declare victory. mas will remain vigilant to any signs of a resurgence of inflation. even as we remain vigilant on our current challenges, let us not ignore our longer - term imperatives. i will highlight two such imperatives for china and singapore : financial market connectivity and co - operation ; and green and transition financing. the cci financial summit has been a key platform for financial co - operation between chongqing and singapore. since its inception in 2015, the cci financial summit has connected more than 2000 policymakers and industry leaders from asean and china, to exchange ideas and to explore new areas for cooperation. to - date, the cci has facilitated 239 cross - border financing deals worth over us $ 29 billion. in 2022 alone, 27 financing deals worth about us $ 6 billion were concluded. the second imperative – green and transition financing – is a new dimension in financial co - operation between china and singapore as well as asean. many countries and corporates have made commitments to reach net - zero by 2050. financing is critical to support these efforts and facilitate the progressive decarbonisation of our economies. mckinsey has estimated that $ 9 trillion a year till 2050 is needed to achieve netzero. one - third of this amount is required in the asia - pacific. mas and the people's bank of china ( pbc ) have formed a china - singapore green finance taskforce. the taskforce will : facilitate public - private sector exchanges to better mobilise private capital for sustainable development needs ; and collaborate on standards, financing solutions, data collection, and technology enablers to enhance green investment opportunities in china and the asean region. the first session of the taskforce will be held tomorrow in chongqing. let me suggest four potential areas of co - operation between chongqing and singapore, leveraging on the work of the china - singapore green finance taskforce. first, we can work together to incubate pilots and test initiatives. 2 / 3 bis - central bankers'speeches chongqing has a green financial reform and innovation pilot zone. this could serve as a safe space for green finance initiatives to be piloted. as taskforce discussions progress, we can work closely with chongqing to assess suitable green projects for incubation. second, we can explore together how to develop a green financial market ecosystem. chongqing and singapore have been working with our financial institutions to raise awareness of green financing amongst chinese corporates. chinese corporates

number of complaints submitted to the banco de espana. as you will know, in recent years the problems related to mortgage loans have led to the change in the number of complaints lodged with the banco de espana. this is due in particular to two issues : the above - mentioned floor clauses and mortgage loan arrangement costs, which saw a record number of complaints submitted in 2017. however, mortgage loan complaints made last year fell to levels of a decade ago. we expect this trend to continue. but apart from one - off changes in the time series, i wish to emphasise the fact that the problems behind these complaints stem from operations entered into prior to the enactment of the law in question. in short, i expect the law on real estate lending, along with the new bank culture in respect of customer relations, to provide for an appropriate framework for the development of the mortgage market. it may thus cast off once and for all the legal uncertainty that has been trailing it. i would like to refer to an essential aspect the law addresses : the obligation to evaluate in depth the solvency of the potential borrower, surety or guarantor before entering into a loan agreement. as you may well imagine, i fully share the caveats set out in the regulations. we must never forget that the essential element for consideration in granting a loan is not the value of the collateral, but the ability of the borrower to pay. evidently, when analysis prior to the granting of the exposure is based excessively on the value of the collateral put up, there is no effective, practical restriction on the continuous growth of the loan, at least while the collateral value also continues to rise. the incentive to ease appraisal stringency is greatest when the appraisal value is practically the only parameter justifying the granting of the loan. the law also makes it very clear that the value of the collateral should not be the fundamental factor when it comes to granting financing. this is a factor of protection for the customer since it places all responsibility for analysing ability to pay on the bank. in this respect, the financial crisis painfully reminded us that the worst business that can be done is to extend a mortgage loan to somebody who has little possibility of meeting the payment obligations. it is bad business for the bank, but also for the customer and for society as a whole. particular care is unquestionably needed in granting new loans. but we must assume that, inevitably, the application of strict standards, as the law