Central Bank Statistics: From Data Delivery to Analytical Value Add

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1 Since 1999, Central Banking Publications has organised annual residential training courses/seminars which have been attended by more than 5,000 central bankers and supervisors from over 140 countries. Central Bank Statistics: From Data Delivery to Analytical Value Add April 2016, Cumberland Lodge, Windsor UK Course Chair Laura Vajanne Head of Statistics Bank of Finland Series Advisor Charles Goodhart Professor Emeritus London School of Economics Financial Markets Group

2 Dear Delegate, The recent financial crisis has increased uncertainty and we need more detailed and globally comparable statistics. We must invest in closing gaps, mainly by complementing aggregated statistics with more granular data and in enhancing the comparability of statistics at the global level by applying the agreed international statistical standards. Only in this way can we attempt to achieve more informed decision-making by policy-makers. Sabine Lautenschläger, Member of the Executive Board, European Central Bank, October 2015 The demands on central bank statisticians could not be clearer. For those at the sharp end the challenges are compounded by the revolutionary developments in the information sciences and processing, which open up near limitless possibilities for analysis. What is the best approach to adopt in terms of big data? What is the right data strategy for the central bank? And how can sensitive data be made available for analysis without compromising commitments to confidentiality? This course, Central Bank Statistics: From Data Delivery to Analytical Value Add is designed to equip central bank statisticians to meet these challenges. The four-day programme of interactive roundtable seminars and workshops offers practical examples of central bank statistics, as well as questions of organisation and resourcing the function. The panel of expert speakers combines practical central banking experience and expertise in the technical aspects as well as views from private sector experts. All discussions are held in roundtable format to encourage participants to share their experiences and debate the pressing issues in their field. This format, as more than 5,000 central bankers and regulators can attest, encourages delegates to quiz panellists, raise issues and discuss solutions to the specific challenges they face. We look forward to welcoming you to Windsor on April 19. Yours sincerely, Key sessions focus on: Big Data: new opportunities for central banks Tools for policymakers: the European Systemic Risk Board dashboard Systemic risk analysis: which data is useful? The central credit register: new applications and uses Monitoring global financial stability: cross-border credit data A great experience. Different from other seminars I ve participated in in a good way Rasmus Mandsberg, Economist, National Bank of Denmark Key speakers include: Laura Mellone, Head, Central Credit Register Division, Bank of Italy François Mouriaux, Director Balance of Payments, Directorate General Statistics, Banque de France Timur Hülagü, Deputy Executive Director, Central Bank of Turkey Filipa Lima, Deputy Director, Statistics Department, Bank of Portugal Martina Horakova, Head of Seminars Central Banking Publications

3 Central Bank Statistics: From Data Delivery to Analytical Value Add Tuesday 19 April New Demands and Challenges in Data Collection New developments and key issues Introductory session led by the chair, Laura Vajanne, Head of Statistics, Bank of Finland This opening session led by the course chairman will consider the four main dynamics shaping the working environment that central bank statisticians operate in: escalating new demands from policymakers, emerging international initiatives, revisions and updates to technical standards, and the question of what to publish when. Cutting across these forces are the institutional and mandate challenges, which have characterised central banking for the past ten years. The course chair will invite participants to comment on how the interplay of these changes have impacted their central bank and their work in particular, before asking them to raise topics of particular importance to them. Themes emerging from this discussion will be taken up throughout the week and inform debate in the days to follow. Monitoring global financial stability: cross-border credit data Pietro Franchini, Member of Secretariat, Financial Stability Board Financial markets pay little heed to national borders. Yet the globalised nature of the financial system has only begun to be reflected in the data and statistics which track it. One step in this direction is the enhancements to the international banking statistics (IBS). In addition to the residency-based approach to financial positions, these introduced the nationalitybased, ie, globally consolidated, approach which provides more granular and detailed information about internationally active banks domestic activities and counterparties. In this session, the speaker who has been actively involved in the project to develop these enhancements will discuss the opportunities these present to statisticians as well as central banks, markets and media, and stakeholders more broadly. SDDS Plus: promoting a core set of data for financial stability analysis Speaker from the International Monetary Fund to be confirmed Today statisticians and policymakers recognise that better policymaking requires data in a more timely and digestible fashion and in ways that support macroprudential policy. Yet to gain a better view of a financial system does not just mean collecting data from more sources: it must be more granular, integrated and consistent. In this vein, the IMF s SDDS Plus is designed to serve two purposes. Firstly, to improve reporting in countries with systemically important financial sectors and, secondly, to provide a standard that supports financial system analysis. In this session, the speaker will discuss the SDDS Plus initiative, its background, requirements, implications and timeline, and more broadly, the vision for its role in central bank statistics. Group discussion will consider the impact this new standard will have on their day-to-day work. About the course chair: Laura Vajanne has been the head of statistics at the Bank of Finland since October The Statistics Division is responsible for all statistics that the Bank of Finland is in charge of. She is also a member of the European System of Central Banks Statistics Committee and of the European Statistical Forum. She joined the Bank in 1994 and has worked in the monetary policy and financial stability areas in addition to statistics. She has worked at the European Central Bank and the European Systemic Risk Board as a senior economist. Before joining the Bank of Finland, she worked as an economist for a commercial bank and as a research fellow at an economic research institute. She has a PhD in international monetary economics from Hanken School of Economics in Helsinki.

4 Windsor, 2016 Wednesday 20 April From MicroData to Big Data Using micro data for upgrading financial accounts Filipa Lima, Deputy Director, Statistics Department, Bank of Portugal Financial accounts remain a cornerstone of central bank statistics. They continue to offer broad coverage across sectors with consistent series going back decades. Yet they typically lack the granularity to focus on particular risks or players. These aspects are, however, in increasing demand by macroprudential policymakers keen to identify domestic and crossborder threats to financial stability. How to square the circle? One solution lies in the use of micro data to enhance existing series, and this session will provide a case-study example of the Bank of Portugal s work in this area. Linking micro data and financial accounts Workshop led by the chair and Filipa Lima This workshop builds on the previous session of the day and will focus on developing a deeper understanding of how central bank statisticians can meet increased demands for more granular data in practice. Participants will be split into teams, given different scenario-based problems and asked to work out a solution strategy. Responses will be discussed and analysed in plenary. The central credit register: new applications and uses Laura Mellone, Head, Central Credit Register Division, Bank of Italy The central credit register represents a crucial bridge between the micro and macro elements of financial stability policymaking. Established to provide individual institutions with information on credit and counterparty risk at the micro level, credit registers today are increasingly being used to detect concentration of risks and potential macro-stability threats. As the speaker will show, the credit register s rich, granular data can improve balance sheet statistics and an understanding of credit developments that might fall under the radar when relying on macro-level data only. Big Data: new opportunities for central banks Michael J. Kraemer, Deputy Chief Data Officer, Office of the Chief Data Officer, Federal Reserve Board (invited) The increase in volume, variety and velocity of data being collected has the potential to become a game changer for central bank statisticians. The hopes are high: a better understanding of the financial world and better informed policymaking are the ultimate goals. Yet this new resource presents a number of issues for an area of central banking and a profession more broadly which prides itself on consistency and accuracy. In this session, the speaker will share his institution s approach in considering this drawing on his experience of adopting a new data strategy and developing the skillsets. Big Data: practical uses and applications Timur Hülagü, Deputy Executive Director, Central Bank of Turkey While the potential of big data for decision making and statistical analysis is acknowledged by a majority of central banks, only a much smaller share are actually using Big Data regularly. This session will explore potential reasons for this discrepancy in interest in and actual usage of Big Data in central banks. The speaker will show how central banks can overcome possible roadblocks on their way to developing a big data strategy and invite participants to share their own institutions current approach. This was a carefully prepared course: the programme items gave a clear picture of the landscape of current problems, particularly with the new challenges in mind Ulf von Kalckreuth, Deutsche Bundesbank

5 Central Bank Statistics: From Data Delivery to Analytical Value Add Thursday 21 April Statistics for Macroprudential Policymaking Tools for policymakers: the European Systemic Risk Board dashboard Jean-Marc Israel, Head of Monetary and Financial Statistics Division, European Central Bank (invited) This session draws on the work of the European Systemic Risk Board to provide a case-study session for meeting the needs of macroprudential policymakers. The speaker will discuss the make-up of the dashboard, and the innovations and upgrading that went into making the indicators it covers. The speaker will also report feedback from policymakers on user experience and possible future adaptations. A specific focus of this extended session will be indicators of liquidity, with time also devoted to the shadow banking system and systemically important financial institutions (G-SIFIs). Systemic risk analysis: which data is useful? Workshop led by the Chair and Jean-Marc Israel (invited) In this workshop, the speakers and delegates will aim to bring together strands from previous sessions. The financial crisis has strikingly highlighted the importance of granular level data: while macro trends can be used to develop policy on a broad-based level, macro data may obscure or depart from trends observed at the micro level. But granularity comes at a price and central bankers must be judicious in selecting what they select, compile and look at. Participants will be split into groups and tasked with a set of questions relating to the use of micro data for systemic risk analysis. Balance of payments and financial stability: a post-bpm6 strategy François Mouriaux, Director Balance of Payments, Directorate General Statistics, Banque de France Balance of payments and the related International Investment Position are core elements of central bank statistics. Indeed, they have taken on a renewed importance in the wake of the financial crisis because of their cross-border view on both the real and financial sectors. Yet, the increasing complexity of international value chains and financial innovation challenge the accuracy of classifications and can introduce excessive volatility or bias in errors and omissions. In this session, the speaker, an experienced practitioner from France s central bank, will address three interrelated themes: how to look at balance of payments post-bpm6; where and how balance of payments data can be used as an indicator of risks; and, crucially, user education. Previous attendees include: Austrian National Bank Bank Indonesia Bank Negara Malaysia Bank of Algeria Bank of Canada Bank of England Bank of Ghana Bank of Italy Bank of Jamaica Bank of Korea Bank of Papua New Guinea Bank of Sierra Leone Bank of Spain Bank of Tanzania Bank of Thailand Bank of Zambia Banque de France Bermuda Monetary Authority British Virgin Islands Financial Services Commission Monetary Authority of Brunei Central Bank of Bahrain Central Bank of Barbados Central Bank of Bosnia & Herzegovina Central Bank of Brazil Central Bank of the Republic of China (Taiwan) Central Bank of Colombia Central Bank of the Democratic Republic of Congo Central Bank of Ecuador Central Bank of Hungary Central Bank of Kenya Central Bank of Kuwait Central Bank of Nigeria Central Bank of Oman Central Bank of Paraguay Central Bank of Qatar Central Bank of Seychelles Central Bank of Sri Lanka Central Bank of The Gambia Central Bank of the Philippines Central Bank of Venezuela Czech National Bank Deutsche Bundesbank

6 Windsor, 2016 Friday 22 April Advancing the Statistics Function Structure and resourcing for improved service delivery Angela Henry-Small, Manager, Statistics Department, Central Bank of Trinidad and Tobago Traditionally perceived as a cost centre, statistics faces an uphill task in securing support for resourcing. Now as the roles and responsibilities of central banks are changing, those responsible for the statistics function must make the case for support if the function is to deliver the services that policymakers and international standard-setting bodies increasingly demand. In this session, the speaker will discuss the institutional structure, reporting lines and management models, as well as the new skillsets statistics departments need. Throughout the focus will be on the importance of obtaining high-level management buy-in for resourcing and programmes. Data sharing: risk and return Speaker to be confirmed Data sharing and access to a wide range of comprehensive and detailed data allow central banks and supervisors to improve their understanding of the banking and financial system, and ultimately their ability to help avert future crises. The synergies on the face of it are obvious. Yet, data cooperation can be fraught with difficulties because of legal and budgetary constraints and, crucially, a general reluctance to share data of sensitive nature. Central banks statistics functions often find themselves tasked with the difficult balancing act between respecting data confidentiality on the one hand, and improving policymaking through increased data cooperation on the other hand. This session will draw on the experience of a central bank that has tackled the challenge against a back-drop of institutional and mandate change. Lessons learnt and key takeaways Concluding discussion led by the chair In this concluding session the course chair will draw together the highlights and key lessons from the preceding four days of discussions. Delegates will have the opportunity to share their thoughts on issues raised throughout the week and how they can take lessons they have learned back to their home institutions. CBP s Spring Series 2016 features the following seminars: April Central Bank Governance: the Role of the Board Central Bank Statistics: From Data Delivery to Analytical Value Add Communications and External Relations for Central Banks Financial Stability: Designing and Implementing Macroprudential Policy April AML/CFT: Implementing the Risk-Based Framework Effective Internal Audit for Central Banks New Developments in Banknote and Currency Management Strategic Planning and Change Management for Central Banks

7 Central Bank Statistics: From Data Delivery to Analytical Value Add Booking details Course fee: 3,100 4-Day (3 nights) residential course Course fee includes: en-suite accommodation, meals, refreshments, course documentation and a complimentary copy of the most recent issue of the Central Banking journal. Substitute delegates can be accepted should the registered delegate be unable to attend; please let us know prior to the event. How to book There is a booking form overleaf. Please use one of the following methods to book your place: Online: Call: Steve Hands on +44 (0) conference@centralbanking.com Fax: Attention of Central Banking Events to +44 (0) Post: Central Banking Publications Incisive Media Haymarket London SW1Y 4RX, UK The Venue The 2016 Spring Series will return to the Cumberland Lodge, a former royal residence set in the tranquil heart of Windsor Great Park. Only 27 miles from London and a short distance from Heathrow airport, Cumberland Lodge is perfectly placed for local, national and international meetings. Dining and accommodation are top class and the atmosphere is that of a friendly country house. Cumberland Lodge, The Great Park, Windsor, Berkshire SL4 2HP About Central Banking Publications For 25 years Central Banking Publications has been a trusted provider of independent, authoritative and relevant information, commentary and analysis to the central banking community. Central Banking Publications events division is the leading independent organiser of public policy seminars/training courses for the official sector. Since 1999, CBP has hosted roundtable seminars and training courses for over 5,000 senior policymakers from central banks, ministries of finance and financial regulatory agencies around the world. Senior officials from more than 140 countries have attended these meetings over the past decade and a half.

8 Central Bank Statistics: From Data Delivery to Analytical Value Add 1. Delegate details: PLEASE WRITE IN CAPITALS Mr/Mrs/Ms: First name: Job title: Organisation: Address: Telephone: 1: 2: Surname/Family name: Department: Post Code: Facsimile: Please provide us with the direct address of the delegate and an additional address if possible. This is very important because all correspondence with delegates is by . Accomodation: The course fee includes 3 nights accommodation at the Cumberland Lodge. Please indicate if you think you may need extra night(s) accommodation at the venue Do you have any dietary requirements? If yes, please specify (Yes/No) (Yes/No) Course fee: 3, Payment details: Invoice: If you select this option an invoice will be sent to you by and by post. If you would like to provide different details to the above for the invoice please notify us when sending back the booking form. Credit card: please charge 3,100 to my Visa Mastercard American Express Card No: Cardholder name: Cardholder address (if different from above): Security Code: Expiry date: Signature: Date: I have read and agree to the terms and conditions below. Signature: Date: Terms & Conditions: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. In addition delegates are wholly responsible for obtaining any necessary entry visas and refunds cannot be given as a result of non-attendance arising from a failure to secure such visa. A substitute delegate is always welcome at no extra charge. The programme may change due to unforeseen circumstances, and Incisive Risk Information Ltd reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data protection: by registering for a Central Banking training course you will receive further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please click the following relevant boxes: mail phone fax Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail phone. Please tick if you are happy to receive relevant information from carefully selected third parties by and fax. Registered Office Haymarket House, Haymarket, London, SW1Y 4RX UK. Registered in England and Wales number VAT No. GB P.