agenda on climate change risk assessment and sustainable finance. we have also established a climate risk and sustainable finance forum which met for the first time in june. this forum will enable stakeholders to discuss the implications of climate change for the irish financial system and share best practices on embedding climate risk and sustainable finance considerations within firms. 2 / 5 bis - central bankers'speeches in november of last year, you will remember, we issued a letter to regulated firms setting out our clear supervisory expectations relating to climate, environment and esg issues. our supervisory expectations focus on five key areas including governance, risk management framework, scenario analysis, strategy and business model risk and disclosures. it was noted that our approach to climate risk and esg issues will evolve based on our supervisory experience, engagement with industry and international developments in this area. that continues to be the case as we seek to accelerate action in this space. looking ahead, this will include legislative implementation and supervision of the new requirements in this area – including the sfdr, taxonomy regulation and the amendments to ucits / aifmd for management companies. we will continue to evolve regulatory policy for the asset management sector as required in the years ahead. but in the here and now, the implementation of the sfdr requirements is a key area of focus and i would like to briefly walk you through our continuing work, specifically related to the asset management sector. we continue to scrutinise fund applications as part of our gatekeeper role, which since march 2021 must be compliant with the sfdr level 1 transparency requirements. an effective and efficient gatekeeper function is a key part of our supervisory strategy for the funds sector. it is interesting to us that investment funds classified as either article 8 or article 9 products under the sfdr remain a small but significant part of ireland's funds sector. the majority of funds have classified themselves as article 6 products. however, the proportion of article 8 and article 9 products is expected to grow over time given investor demand for investment products which are considered sustainable. indeed, this reflects our gatekeeper experience, where funds seeking authorisation at present are more likely to be structured as article 8 or article 9 products. from 1 january 2023, additional requirements under the eu sfdr level 2 disclosure obligations will apply. we consider these new obligations to be instrumental in terms of the level of information that investors will now have about the products in which they invest. as you know, these new requirements will require irish investment funds to make extensive updates

in payments, so that money continues to serve europeans well ”. money, in whatever form it takes, serves as ; a unit of account providing a common measure of the value of goods and services ; a store of value which people use to transfer purchasing power from the present to the future ; and, most importantly in terms of our focus here today, as a medium of exchange ( or means of payment ) to facilitate trade and transactions. payment systems cover a wide range of transactions at all levels of the nancial system. retail payments systems apply to consumer and business instruments such as credit transfers, direct debits, credit or debit cards, cash and cheques. while wholesale systems handle the clearing level of nancial institutions such as interbank clearing or card payment schemes, up to settlement in central bank money. in terms of retail payments in ireland, ecb survey data from 2019 illustrates that 57 per cent of payments ( in terms of value, made either person to person or at point of sale ) were made by cash, while card payments accounted for a third. 3 the average person in ireland makes almost two such payments a day ( 1. 90 ) with an average value per payment of just over €30. 4 and i ’ ll come back shortly to how this has evolved with the pandemic. money and payment systems are at the core of the monetary system. the monetary system is founded on trust, trust placed by consumers, businesses and industry in the public good of money, the institutions that provide it and the payment systems that deliver it. maintaining trust in the monetary system is a rst - order public interest. 5 it is important to bear this in mind as we look to the evolution of payments into the future. the evolving landscape of payments over the last number of years, two key trends have been shaping the payments landscape ; speed and innovation. as our worlds have become increasingly digitalised, the expectation of speed, of instant delivery and removal of cross border frictions to payments has grown ever stronger. in response, there has been remarkable innovation in service offerings by rms, new and old, and indeed the pandemic served to accelerate the use of digital payments. [ refer to slide : use of electronic payment instruments in the euro area ] against this backdrop we have seen the emergence of new technologies and processes to meet this demand, both from existing providers and an explosion of new rms – ntech, big tech and start - ups. the e - money and payment services directive