Statistics for financial stability purposes
|
|
- Cecilia Matilda Maxwell
- 5 years ago
- Views:
Transcription
1 Statistics for financial stability purposes Hermann Remsperger, Member of the Executive Board, Deutsche Bundesbank Ladies and Gentlemen, 1. Sound statistics for monetary policy and financial stability Sound statistics are needed for both fields of central banking monetary policy and safe-guarding of financial stability. Statistics for monetary policy purposes mirror the two pillars of the ESCB s monetary policy strategy: first, monetary statistics, such as monetary aggregates and their counterparts which are compiled by the ESCB on the basis of banks balance sheet data, and second, a wide range of real economic indicators such as GDP growth, wage developments, price indices, balance of payments data and exchange rates. Most of these indicators are collected and compiled by the European Statistical System which comprises Eurostat and the National Statistical Institutes. Statistics on financial developments are needed not only because of the key role that financial intermediaries and financial markets play for monetary policy. They are also needed because monetary stability consists of both, price stability and financial stability. Central bank policy is more than monetary policy alone. It is against this background, as Eugenio Domingo Solans pointed out in his speech at the 54th Session of the International Statistical Institute in Berlin last year, that the ECB has added the development of a statistical framework for financial stability to its medium-term agenda. Today I would like to focus on the use of statistics for financial stability purposes. The questions that I will raise are, first, to what extent financial stability purposes require different statistics from those which are already available for monetary policy purposes and, second, in which areas can deficiencies concerning their availability still be identified. 2. Measurement without definition? The ultimate aim of monetary policy is price stability. The usefulness of all indicators in this field of activity therefore has to be assessed in terms of their relation to inflation. By contrast, the aim of financial stability analysis is more complex as there is no single and straightforward definition of financial stability. According to Tommaso Padoa-Schioppa, financial stability means a condition whereby the financial system is able to withstand shocks without giving way to cumulative processes, which impair the
2 allocation of savings to investment opportunities and the processing of payments in the economy. 1 This definition shows that financial stability is not confined to banking stability. Furthermore, recent research points out that financial instability can occur even in an environment of price stability. This is the underlying situation that makes statistics for financial stability purposes more diverse and less well established than statistics for monetary policy. Moreover, unlike statistics for monetary policy purposes, financial stability indicators not only focus on the euro area as a whole but also have to facilitate the analysis of financial stability at the national level. Thus, although a comprehensive set of harmonised and consistent series of euro area indicators for monetary policy is now available, there is scope for collecting and compiling new data which could be used for financial stability purposes. 2 As any assessment of financial stability is a very complex matter, we need a multi-dimensional framework when dealing with financial stability. Take the IMF initiative on Financial Soundness Indicators as an outstanding example. Its monitoring grid focuses on four main areas, the first of which is financial market surveillance. In order to evaluate the risk arising from imbalances or shocks, data are needed on asset prices, as are early warning indicators. The second area on which the IMF s grid focuses is macroprudential surveillance, which concentrates on the impact of shocks on the financial sector. The third area consists of the analysis of macro-financial linkages. In particular, I would like to mention credit spreads, credit to private sector and balance sheet data for different sectors of the economy. Last but not least, the fourth area of focus is the surveillance of macroeconomic conditions. At first glance, monetary policy seems to rely more on aggregated statistics for the whole economy while for financial stability purposes a more disaggregated, or micro, view is what is needed. However, as Andrew Crockett pointed out a few years ago, there is also a macro-dimension to financial stability analysis. 3 It is certainly true that the focus of financial stability indicators is more on the distribution within peer groups (ie categories of individual banks) which are at risk rather than the average bank. However, at least some degree of aggregation is normally needed as the causes of financial instability are often common to all banks. It is unlikely to be the occasional failure of one bank that triggers a crisis but rather a shock to the financial system as a whole, caused, for example, by an earlier asset price boom and/or lending boom. 1 Tommaso Padoa-Schioppa, Central banks and financial stability, speech delivered in Jakarta on 7 July Even though most statistical indicators, such as balance sheet statistics, interest rates and exchange rates, can serve both monetary policy and financial stability purposes, there are also a number of indicators which relate exclusively to one area or the other. 3 Andrew Crockett, Marrying the micro- and macro-prudential dimensions of financial stability, speech delivered at the Eleventh International Conference of Banking Supervisors, Basel, 21 September 2000.
3 While the analysis of shocks to the economy and the surveillance of macroeconomic conditions are also essential parts of monetary policy analysis, the question of how these shocks affect the financial sector is typically relevant to financial stability purposes only. The frequency at which financial stability data are compiled differs greatly, depending on what the user requires. Some indicators for financial stability should be available at an even higher frequency than data for monetary policy. To give you an example, I would like to point to intra-day financial market prices as a means of studying market dynamics. On the other hand, other financial soundness indicators such as balance sheet and profitability data for banks at bank category level can only be provided at a lower frequency for example, quarterly. 3. Infinite variety of financial stability indicators I suggest concentrating now on three areas. First, financial and real estate markets; second, financial institutions; and third, non-financial companies and private households. With this set-up in mind, I will first focus on the situation in Germany before drawing your attention briefly to the euro area as a whole. As far as data for the surveillance of financial markets are concerned, these are more or less readily available with long time series and adequate frequency. Examples are stock price indices, bond yields and emerging market spreads, obtained through commercial data providers. However, the availability of indicators for other asset markets is less satisfactory. One example are price indicators for the real estate markets, where the Bundesbank currently calculates indicators for terraced houses and flats based on data from a commercial data provider at annual frequency only. We are now investigating a way to move to a quarterly frequency for these data. The second group of financial stability indicators relates to the banking system which forms the backbone of the financial system. It is precisely this area that is stressed in the IMF project on Financial Soundness Indicators, namely setting up indicators of the vulnerability of the financial system (such as credit, liquidity and market risk indicators) and for the capacity to absorb shocks. In Germany, there are two different data sources in this area. First, there are data collected for monetary policy purposes, such as balance sheet statistics and all kinds of interest rate statistics. Second, there are data used for supervisory purposes, such as data on profitability, risk and capital. These data cover the total business of individual German institutions, thus also branches abroad. Sometimes even the whole bank group is covered, ie including domestic and foreign bank subsidiaries or even other financial subsidiaries.
4 The Bundesbank is currently working closely with the Federal Financial Supervision Agency and the Ministry of Finance to investigate how these two data sets could be combined and better displayed. The aim is to improve the analysis under the financial stability umbrella. While a near-comprehensive set of raw data is more or less readily available, further work may be necessary in respect of the methodology and frequency of those data. From the perspective of financial stability, it would be preferable to increase the frequency of the statistics on banks profits and losses from annual to quarterly. For the monitoring of financial stability it is not sufficient to look only at banks. You also have to look at other financial intermediaries, insurance companies and pension funds. The IMF has, for instance, encouraged the compilation of two indicators for the economic sector other financial corporations ; these cover assets to total financial system assets and assets to GDP. A very important issue here is to gain more insight into the credit risk transfer from banks to these institutions through credit derivatives or securitised loans. Although some fundamental data do exist in this regard in Germany, data availability in this field should be improved to get more information on links between different sub-sectors within the financial industry. Turning now to the third area of financial stability indicators: What we also need are data on the financial conditions of non-financial enterprises and households. Economic shocks might also be transmitted to the financial industry from these sectors for example, via a deterioration of the quality of banks assets. The IMF is also taking the lead in this respect and has incorporated a number of indicators in its monitoring grid. It is precisely in this data segment, namely the quantification of the overall liabilities of non-financial corporations and households, that the Bundesbank is currently improving data availability. We have established a data pool related to non-financial enterprises in Germany which is fed by various sources (our own information, associations of banks and credit insurers, public information services, etc). In addition to the banks balance sheet data which allow the liabilities of non-financial corporations and households vis-à-vis banks to be quantified, supplementary information from the data pool on corporations may shed more light on the overall indebtedness of the private sector. This is particularly true for the services sector which was previously only poorly covered. Here, a possible indicator may be the ratio of non-financial corporations total debt to equity. A second set is composed of profitability indicators, such as return on equity. As regards households assets, the Bundesbank has reasonably comprehensive information on their securities held in safe custody with banks in Germany. Admittedly, these data are supplied on an annual basis only. However, the frequency of the safe custody statistics is currently being increased to a quarterly basis. That is why we may be in a position in due course to monitor the specific developments of
5 securities holdings of households, as well as of other economic sectors such as non-financial corporations, in a more timely manner and with greater precision. Turning now to the analysis of financial stability for the euro area as a whole, at least two additional issues arise from a statistical point of view. First, the degree of cross-country comparability of the data and, second, the availability of indicators at euro-area level. The medium to long-term aim should be to achieve a sufficiently high degree of coverage and harmonisation for each indicator considered essential for the analysis of financial stability in the euro area. On the one hand, the ESCB already collects and compiles a comprehensive and harmonised set of statistics for monetary policy purposes. This allows the derivation of high-quality indicators referring to the business of bank head offices and bank branches located in the countries of the Eurozone. However, bank branches/subsidiaries outside the euro area are not covered by these data, and other financial subsidiaries are excluded in general. On the other hand, there are indicators covering the entire bank or bank group. These indicators are derived from national supervisory data sources and thus are not harmonised. Harmonisation issues may also arise in the area of financial markets indicators and real estate prices. 4. Feasibility constraints Against this background, it does not come as a surprise that there are a number of harmonisation gaps. They have to be tackled. Furthermore, there is no doubt that the availability of reliable statistical data for financial stability purposes is not yet complete. We are faced with data gaps. There are, however, practical difficulties with regard to gathering additional, and more detailed, statistical data. Financial stability indicators draw on a variety of different data sources from different authorities or institutions such as central banks, supervisory authorities, national statistical institutes, stock exchanges, associations or market participants. As a rule, these bodies currently produce these data for a range of different purposes. One possibility to reduce these difficulties is to consider whether more data from commercial data providers could be purchased. However, the scope may not be sufficient as the focus of private providers is on financial market data. In addition, this option could also turn out to be quite costly. Another option might be to consider extending the statistics produced under the stewardship of the ESCB in the field of money and banking statistics. The aim would be to enlarge the number of harmonised and consistent indicators for financial stability purposes. There is no doubt that statistics are a public good and have, as such, a lot of merits.
6 And yes, there is broad agreement that the task of central bank statisticians is to construct a mansion with many different statistics rooms to accommodate all users of statistical information and to provide support for the decision-making process by the ESCB and all other external users. However, a good sense of proportion is necessary when deciding on new harmonised statistical requirements to be formulated by the ESCB. There is a common understanding that producing statistics is a costly matter, in particular from the viewpoint of the data suppliers. Budgets and resources are very limited. Any new statistical reporting will place an increased burden on the reporters and strain their resources. And we all know that central bank statisticians and reporting agents (with the MFIs in the front row) are also faced with statistical requirements for analytical purposes other than financial stability. On top of that, central bank statisticians and data reporters have to cope with a whole bunch of new challenges. Examples are the enlargement of the European Union, any potential enlargement of European Monetary Union, the change in accounting rules, and, last but not least, the requirement of calculating new indices and indicators for banking supervision purposes under the Basle II regime. Given all these tasks clamouring for attention, it is absolutely essential to set priorities. The highest priority should be attributed to closing data gaps with regard to essential indicators such as statistics on the securitisation of bank loans. In order to narrow the data gap in this area we should use existing data with sufficient coverage from other sources. An obvious example is the biannual information by the BIS on derivative instruments which is collected from a small number of leading market players, which covers still 80% of the overall market volume. At the same time, we have to check whether existing statistical surveys could be discontinued in exchange for any new data requirements. For example, regionally disaggregated balance sheet data of banks in Germany no longer have analytical relevance because of euro-area membership. In order to keep the costs within strict limits, statisticians may find it helpful to determine the extent to which one and the same data source might serve different analytical purposes. For instance, monthly balance sheet statistics of MFIs serve monetary analysis purposes as well as microprudential and possibly macroprudential purposes. Statistics on banks profit and loss accounts provide microeconomic as well as macroeconomic information. The advantage is that the reporters have to submit only one statistical return. Both sides users and reporters may stand to gain if this option is pursued. We also have to check whether new data requirements can be met from existing statistics if we estimate parts of the data cells and accept as far as tolerable estimation errors. This could apply to some specific sectoral breakdowns within the credit aggregates of MFIs which are not actually reported but estimated from specific benchmarks.
7 In order to reduce the reporting burden, statistics could be compiled, whenever possible, on a sample basis, in particular in those cases where prices or indices are to be calculated. The MFI interest rate statistics could be taken here as an example. At the very least, statistics, or surveys, could be reported on a voluntary basis. This would be feasible in cases where a very small number of institutions cover the bulk of the business in question. Statistics on derivatives and the bank lending survey are valid examples. In those cases where no compromise solution can be found a balanced decision has to be reached. The benefits to be gained from collecting new statistics need to be offset against the costs of harvesting the data from the reporters. At least within the fields of money and banking statistics and balance of payments statistics and as far as these are under the aegis of the ESCB, central bank statisticians have been advised to take a cost/benefit approach before proposing to produce any new statistics. Within this framework, all parties involved may have their say: users, data reporters, data compilers, associations and other pressure groups, parliaments, governmental bodies including supervisory authorities, and so on. At the end of the day, the data providers need to submit the statistical information which is absolutely essential from both the users and the producers point of view with the aim of ensuring adequate reporting in due course. 5. Conclusion Let me conclude by summarising the points I have made. First, there is a need for financial stability statistics beyond those that are already available for monetary policy purposes. Second, although progress has been made, a more extensive set of indicators is still missing. Third, however, clear-cut mandates are necessary for the formulation of reporting requirements and for the cost assessments; all the parties involved have to acknowledge that the production of statistical data is costly and burdensome and that budgets for statistical reporting are in no case unlimited.
Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools?
Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Frankfurt
More informationIndex of the articles in the Monthly Report
Index of the articles in the Monthly Report 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Postfach 10 06 02 60006 Frankfurt am Main Germany Tel +49 69 9566 0 Fax +49 69 9566
More informationIndex of the articles in the Monthly Report
Index of the articles in the Monthly Report 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Postfach 10 06 02 60006 Frankfurt am Main Germany In the form of catchwords, this index
More informationFRAMEWORK FOR SUPERVISORY INFORMATION
FRAMEWORK FOR SUPERVISORY INFORMATION ABOUT THE DERIVATIVES ACTIVITIES OF BANKS AND SECURITIES FIRMS (Joint report issued in conjunction with the Technical Committee of IOSCO) (May 1995) I. Introduction
More informationGertrude Tumpel-Gugerell: The euro area s economic outlook
Gertrude Tumpel-Gugerell: The euro area s economic outlook Intervention by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, during a panel discussion on Europe s
More informationECB STATISTICS ON INSURANCE CORPORATIONS AND PENSION FUNDS
5 th IFC Conference at BIS Basel, 25 and 26 August 2010 INITIATIVES TO ADDRESS DATA GAPS REVEALED BY THE FINANCIAL CRISIS: ECB STATISTICS ON INSURANCE CORPORATIONS AND PENSION FUNDS Ana Cláudia Gouveia
More informationFINANCIAL SECURITY AND STABILITY
FINANCIAL SECURITY AND STABILITY Durmuş Yılmaz Governor Central Bank of the Republic of Turkey Measuring and Fostering the Progress of Societies: The OECD World Forum on Statistics, Knowledge and Policy
More informationDr Andreas Dombret. Member of the Executive Board of the Deutsche Bundesbank
Dr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank Stress Relief: Europe s banks, the Comprehensive Assessment and the Way Forward Speech at the European School of Management and
More informationAndreas Dombret: Between global competition and the regional principle - which bank needs which rules?
Andreas Dombret: Between global competition and the regional principle - which bank needs which rules? Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the "G20
More informationRisk Concentrations Principles
Risk Concentrations Principles THE JOINT FORUM BASEL COMMITTEE ON BANKING SUPERVISION INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS Basel December
More informationEnhancements to ECB statistics for financial stability analysis
Enhancements to ECB statistics for financial stability analysis Anna Maria Agresti, 1 Stefano Borgioli 2 and Paolo Poloni 3 Section 1: Motivation 4 The strengthening of the framework for macro-prudential
More informationFinancial stability: how to lean against the wind?
Financial stability: how to lean against the wind? Zdeněk Tůma Sinaia, 15 th November 2012 Main points Institutional framework Central bank as natural harbour Way of thinking Processes and decision making
More informationCOMMUNIQUE. Page 1 of 13
COMMUNIQUE 16-COM-001 Feb. 1, 2016 Release of Liquidity Risk Management Guiding Principles The Credit Union Prudential Supervisors Association (CUPSA) has released guiding principles for Liquidity Risk
More informationGertrude Tumpel-Gugerell: The road less travelled exploring the nexus of macro-prudential and monetary policy
Gertrude Tumpel-Gugerell: The road less travelled exploring the nexus of macro-prudential and monetary policy Speech by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central
More information1 DIRECTIVE 2013/36/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on access to the
Methodology underlying the determination of the benchmark countercyclical capital buffer rate and supplementary indicators signalling the build-up of cyclical systemic financial risk The application of
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Siim Kallas, Vice-President of the European Commission On behalf of the European Commission Statement of
More informationSecurities holdings statistics in Germany: A flexible multi-dimensional approach for user-targeted data provision
Securities holdings statistics in Germany: A flexible multi-dimensional approach for user-targeted data provision Matthias Schrape Deutsche Bundesbank, Statistics Department, Wilhelm-Epstein-Strasse 14,
More informationIs it implementing Basel II or do we need Basell III? BBA Annual Internacional Banking Conference. José María Roldán Director General de Regulación
London, 30 June 2009 Is it implementing Basel II or do we need Basell III? BBA Annual Internacional Banking Conference José María Roldán Director General de Regulación It is a pleasure to join you today
More informationMohammed Laksaci: Banking sector reform and financial stability in Algeria
Mohammed Laksaci: Banking sector reform and financial stability in Algeria Communication by Mr Mohammed Laksaci, Governor of the Bank of Algeria, for the 38th meeting of the Board of Governors of Arab
More informationOPRISK USA. New York 25 March The view from Europe. Arnoud Vossen, Secretary General of CEBS
OPRISK USA New York 25 March 2009 The view from Europe Arnoud Vossen, Secretary General of CEBS Ladies and Gentlemen, I am honoured to present to you a European view on risk management and legislation
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 9.4.2018 COM(2018) 172 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on Effects of Regulation (EU) 575/2013 and Directive 2013/36/EU on the Economic
More informationMacroprudential Policy in Germany and the EU Políticas macroprudenciales en Alemania y la UE Robert Düll
Macroprudential Policy in Germany and the EU Políticas macroprudenciales en Alemania y la UE Robert Düll The views expressed are my own and do not necessarily represent those of the Deutsche Bundesbank
More informationKey Aspects of Macroprudential Policy
Seminar for Senior Bank Supervisors from Emerging Markets WB/IMF/Federal Reserve October 2016 1 Key Aspects of Macroprudential Policy Luis I. Jácome H. Monetary and Capital Markets Department International
More information14. What Use Can Be Made of the Specific FSIs?
14. What Use Can Be Made of the Specific FSIs? Introduction 14.1 The previous chapter explained the need for FSIs and how they fit into the wider concept of macroprudential analysis. This chapter considers
More informationRemarks by Nout Wellink Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank
Remarks by Nout Wellink Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank FSI High-Level Meeting on the New Framework to Strengthen Financial Stability and Regulatory Priorities
More informationUsing granular security holdings data to enhance investment fund statistics 1
Eighth IFC Conference on Statistical implications of the new financial landscape Basel, 8 9 September 2016 Using granular security holdings data to enhance investment fund statistics 1 Maciej Anacki and
More informationSYSTEMIC RISK AND THE INSURANCE SECTOR
25 October 2009 SYSTEMIC RISK AND THE INSURANCE SECTOR Executive Summary 1. The purpose of this note is to identify challenges which insurance regulators face, by providing further input to the FSB on
More informationFinancial Stability Review June Presentation by Tommaso Padoa-Schioppa 31 May 2005
Financial Stability Review June 25 Presentation by Tommaso Padoa-Schioppa 31 May 25 1 Outline I Financial Stability concepts and processes II Areas of vulnerability Global macro-finance Financial markets
More informationFACTORS INFLUENCING THE FINANCIAL SYSTEM STABILITY ORIENTED POLICIES OF A SMALL COUNTRY SOON TO BECOME AN EU MEMBER ESTONIAN EXPERIENCE 1
VAHUR KRAFT FACTORS INFLUENCING THE FINANCIAL SYSTEM STABILITY ORIENTED POLICIES OF A SMALL COUNTRY SOON TO BECOME AN EU MEMBER ESTONIAN EXPERIENCE 1 Vahur Kraft Introduction The efficiency of financial
More informationThe IMF s work on financial soundness indicators 1
The IMF s work on financial soundness indicators 1 Armida San Jose, 2 Russell Krueger 3 and Phousnith Khay 4 1. Introduction The Asian Crisis in 1997 98 revealed major gaps in statistical coverage of the
More informationSolvency II: Orientation debate Design of a future prudential supervisory system in the EU
MARKT/2503/03 EN Orig. Solvency II: Orientation debate Design of a future prudential supervisory system in the EU (Recommendations by the Commission Services) Commission européenne, B-1049 Bruxelles /
More informationConsolidated and non-consolidated debt measures of non-financial corporations
Consolidated and non-consolidated debt measures of non-financial corporations Andreas Hertkorn 1 Abstract There is a broad consensus to use comprehensive debt measures for the analysis of non-financial
More informationRECENT WORK CARRIED OUT BY THE ESCB WORKING GROUP ON BALANCE OF PAYMENTS AND EXTERNAL RESERVES STATISTICS
BALANCE OF PAYMENTS STATISTICS AND EXTERNAL RESERVES DIVISION J. Pfluger :7389 15 September 2000 ST/IMF/BP/COM2000.ECB.0034.WORKBPER.D OC RECENT WORK CARRIED OUT BY THE ESCB WORKING GROUP ON BALANCE OF
More informationLucas Papademos: Financial stability and macro-prudential supervision: objectives, instruments and the role of the ECB
Lucas Papademos: Financial stability and macro-prudential supervision: objectives, instruments and the role of the ECB Speech by Mr Lucas Papademos, Vice-President of the European Central Bank, at the
More informationFinancial Integration, Financial Stability and Central Banking
International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Keynote Speech Financial Integration, Financial Stability and Central Banking Choongsoo Kim Governor, Bank
More informationMACROPRUDENTIAL POLICY: GOALS, CONFLICTS, AND OUTCOMES
MACROPRUDENTIAL POLICY: GOALS, CONFLICTS, AND OUTCOMES Stijn Claessens Federal Reserve Board Next Steps in Macroprudential Policies conference Thursday, November 12, 2015 Columbia University This note
More informationSeeing Both the Forest and the Trees- Supervising Systemic Risk
Eleventh Annual International Seminar on Policy Challenges for the Financial Sector Seeing Both the Forest and the Trees- Supervising Systemic Risk Opening Remarks José Viñals, Director and Financial Counselor,
More informationBRIDGING THE REPORTING REQUIREMENTS REGARDING ESCB BALANCE SHEET AND INTEREST RATE STATISTICS WITH EBA GUIDELINES ON FINREP, COREP AND LARGE EXPOSURES
BRIDGING THE REPORTING REQUIREMENTS REGARDING ESCB BALANCE SHEET AND INTEREST RATE STATISTICS WITH EBA GUIDELINES ON FINREP, COREP AND LARGE EXPOSURES March 2012 Fourth ecb central banking conference 21-22
More informationEric S Rosengren: A US perspective on strengthening financial stability
Eric S Rosengren: A US perspective on strengthening financial stability Speech by Mr Eric S Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston, at the Financial Stability
More informationMACROPRUDENTIAL POLICIES TO ACHIEVE FINANCIAL STABILITY - CONFERENCE HOSTED BY THE CENTRAL BANK OF URUGUAY AND THE IMF
MACROPRUDENTIAL POLICIES TO ACHIEVE FINANCIAL STABILITY - CONFERENCE HOSTED BY THE CENTRAL BANK OF URUGUAY AND THE IMF COMMENTS MADE ON THE PANEL: EFFECTIVENESS OF POLICIES TO ADDRESS THE SYSTEMIC FINANCIAL
More informationBasel Committee on Banking Supervision. Consultative Document. Pillar 2 (Supervisory Review Process)
Basel Committee on Banking Supervision Consultative Document Pillar 2 (Supervisory Review Process) Supporting Document to the New Basel Capital Accord Issued for comment by 31 May 2001 January 2001 Table
More informationMedium-Term Statistical Work Programme of Latvijas Banka for
Medium-Term Statistical Work Programme of Latvijas Banka for 2019 2021 2 Terms and abbreviations Credit institution a credit institution registered in the Republic of Latvia and a branch registered in
More informationStandardised granular credit and credit risk data
Standardised granular credit and credit risk data Violetta Damia and Jean-Marc Israël 1 Abstract The recent financial crisis has further highlighted that, although a wide range of data on credit are already
More informationGL ON COMMON PROCEDURES AND METHODOLOGIES FOR SREP EBA/CP/2014/14. 7 July Consultation Paper
EBA/CP/2014/14 7 July 2014 Consultation Paper Draft Guidelines for common procedures and methodologies for the supervisory review and evaluation process under Article 107 (3) of Directive 2013/36/EU Contents
More informationMacroprudential policy: could it have been different this time?
Macroprudential policy: could it have been different this time? Jaime Caruana General Manager, Bank for International Settlements People s Bank of China seminar on macroprudential policy in cooperation
More informationMACROPRUDENTIAL INSTRUMENTS USED BY EASTERN EUROPEAN COUNTRIES
MACROPRUDENTIAL INSTRUMENTS USED BY EASTERN EUROPEAN COUNTRIES Dragoș Gabriel Turliuc * Andreea Nicoleta Popovici Abstract: The recent financial crisis has highlighted the lack of analytical frameworks
More informationEUROPEAN CENTRAL BANK
10.6.2015 EN Official Journal of the European Union C 192/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 4 February 2015 on the review of the mission and organisation
More informationLuncheon Speech State Secretary Ineichen-Fleisch
Federal Department of Economic Affairs, Education and Research EAER State Secretariat for Economic Affairs SECO Economic Cooperation and Development Macroeconomic Support Luncheon Speech State Secretary
More informationprudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/
7 December 2017 Assessment of the notification by Cyprus in accordance with Article 458 of Regulation (EU) No 575/2013 concerning the application of stricter prudential liquidity requirements Introduction
More informationDr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank
Dr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank Looking to the future What comes next in terms of European financial integration? Speech at the South African Institute for International
More informationBasel III: towards a safer financial system
Basel III: towards a safer financial system Speech by Mr Jaime Caruana General Manager of the Bank for International Settlements at the 3rd Santander International Banking Conference Madrid, 15 September
More informationReconsidering the International Monetary System
Reconsidering the International Monetary System John Lipsky I am honored to have this opportunity to discuss prospects for strengthening the international monetary system. The topic is both timely and
More informationRisk appetite frameworks: good progress but still room for improvement
Risk appetite frameworks: good progress but still room for improvement Speech by Danièle Nouy, Chair of the Supervisory Board of the ECB, at a conference on banks risk appetite frameworks, Ljubljana, 10
More informationJaime Caruana: Savings banks - efficiency and an ongoing commitment to society. Efficiency of financial institutions
Jaime Caruana: Savings banks - efficiency and an ongoing commitment to society. Efficiency of financial institutions Speech by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of The Basel
More informationJean-Claude Trichet: Reforming EMU time for bold decisions
Jean-Claude Trichet: Reforming EMU time for bold decisions Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the conference of the Group of the Progressive Alliance of Socialists
More information(Non-legislative acts) REGULATIONS
7.11.2013 Official Journal of the European Union L 297/1 II (Non-legislative acts) REGULATIONS REGULATION (EU) No 1071/2013 OF THE EUROPEAN CENTRAL BANK of 24 September 2013 concerning the balance sheet
More informationCompilation of Detailed Flow of Funds: Korea s Experiences 1
Compilation of Detailed Flow of Funds: Korea s Experiences 1 Hyejin Lee 2 Abstract Since the financial crisis of 2008, the demand for data on financial interconnectedness among economic sectors has been
More informationQuality report concerning statistics underlying the Macroeconomic Imbalance Procedure (MIP) indicators level 3
Quality report concerning statistics underlying the Macroeconomic Imbalance Procedure (MIP) indicators level 3 National self-assessment report on the quality of balance of payments and international investment
More informationDescribing the Macro- Prudential Surveillance Approach
Describing the Macro- Prudential Surveillance Approach JANUARY 2017 FINANCIAL STABILITY DEPARTMENT 1 Preface This aim of this document is to provide a summary of the Bank s approach to Macro-Prudential
More informationNORGES BANK S FINANCIAL STABILITY REPORT: A FOLLOW-UP REVIEW
NORGES BANK S FINANCIAL STABILITY REPORT: A FOLLOW-UP REVIEW Alex Bowen (Bank of England) 1 Mark O Brien (International Monetary Fund) 2 Erling Steigum (Norwegian School of Management BI) 3 1 Head of the
More informationEmerging from the Crisis Building a Stronger International Financial System
Secrétariat général de la Commission bancaire Emerging from the Crisis Building a Stronger International Financial System Session 4: Issues Highlighted by the Crisis: Expanding the Regulatory Perimeter
More informationPro-cyclicality and interconnectedness in the financial sector the European perspective
ECB-PUBLIC Sabine Lautenschläger Vice-Chair of the Supervisory Board Member of the Executive Board Pro-cyclicality and interconnectedness in the financial sector the European perspective Joint BoE-HKMA-IMF
More informationIdentifying and measuring systemic risk Regional Seminar on Financial Stability Issues, October 2015, Sinaia, Romania
Identifying and measuring systemic risk Regional Seminar on Financial Stability Issues, 22-24 October 2015, Sinaia, Romania Ulrich Krüger, Deutsche Bundesbank Outline Introduction / Definition Dimensions
More informationComparisons of datasets to monitor data quality: Applications with banking data 1
Comparisons of datasets to monitor data quality: Applications with banking data 1 Martina Spaggiari, European Central Bank, Martina.Spaggiari@ecb.int Angelos Vouldis, European Central Bank, Angelos.Vouldis@ecb.int
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 2 January 2018
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 2 January 2018 on a proposal for a regulation of the European Parliament and of the Council on European business statistics amending Regulation (EC)
More informationLes Entretiens de la Maison Dorée THE EUROPEAN FINANCIAL SERVICES MARKET WHERE ARE WE NOW?
Les Entretiens de la Maison Dorée THE EUROPEAN FINANCIAL SERVICES MARKET WHERE ARE WE NOW? Minutes from the meeting on October 4, 2007 INTRODUCTION BY MR. DU MOULIN DE LABARTHETE: Mr. Arnauld du Moulin
More informationJean-Claude Trichet: The monetary policy of the ECB during the financial crisis
Jean-Claude Trichet: The monetary policy of the ECB during the financial crisis Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the University of Montreal, Montreal, 6 June
More informationEXECUTIVE COMMITTEE ACT 53/ Subject: Definition of a policy strategy for the exercise of the macro-prudential tasks of the Bank of Greece
EXECUTIVE COMMITTEE ACT 53/14.12.2015 Subject: Definition of a policy strategy for the exercise of the macro-prudential tasks of the Bank of Greece THE EXECUTIVE COMMITTEE OF THE BANK OF GREECE, having
More informationEnhancing global financial statistics after the crisis what is the focus?
Enhancing global financial statistics after the crisis what is the focus? Bruno Tissot* Bank for International Settlements, Basel, Switzerland Bruno.Tissot@bis.org Abstract The BIS has significantly enhanced
More information2017 ESCB statistics work programme
2017 ESCB statistics work programme 1 Introduction In accordance with Article 5 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank, 1 the statistical
More informationPeter Praet: The role of the central bank and euro area governments in times of crisis
Peter Praet: The role of the central bank and euro area governments in times of crisis Speech by Mr Peter Praet, Member of the Executive Board of the European Central Bank, at the German Federal Ministry
More information11 th Annual International Seminar on Policy Challenges for the Financial Sector
11 th Annual International Seminar on Policy Challenges for the Financial Sector Washington, D.C 1 3 June 2011 Session 2 Improving supervisory intensity and effectiveness in dealing with SIFIs Nor Shamsiah
More informationStatement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000
Statement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000 Let me start by thanking the staff on behalf of my Estonian authorities and myself for their dedication
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 26 June on a systemic risk committee (CON/2014/46)
EN OPINION OF THE EUROPEAN CENTRAL BANK of 26 June 2014 on a systemic risk committee (CON/2014/46) Introduction and legal basis On 28 March 2014, the European Central Bank (ECB) received two requests from
More informationThe Role of Foreign Financial Institutions in Japan's Financial System
September 29, 2014 Bank of Japan The Role of Foreign Financial Institutions in Japan's Financial System Speech at a Meeting Held by the International Bankers Association of Japan Haruhiko Kuroda Governor
More informationDr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank. Firm as a rock is bank capital an all-purpose tool?
Embargo: 4 December 2015, 12:30 Eastern Standard Time Dr Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank Firm as a rock is bank capital an all-purpose tool? The example of sovereign
More informationAxel A Weber: Moral hazard, market discipline and self-regulation what have we learnt?
Axel A Weber: Moral hazard, market discipline and self-regulation what have we learnt? Speech by Professor Axel A Weber, President of the Deutsche Bundesbank, at the Ceremony for the 50th Anniversary of
More informationPhilip R Lane: SMEs and the macro-financial environment
Philip R Lane: SMEs and the macro-financial environment Address by Mr Philip R Lane, Governor of the Central Bank of Ireland, at the Irish Small and Medium Enterprises Association Annual Conference 2016,
More informationPublic consultation on the Capital Requirements Directive ('CRD IV')
MEMO/10/51 Brussels, 26 February 2010 Public consultation on the Capital Requirements Directive ('CRD IV') General How do the suggested measures fit with the ongoing work of the Commission to strengthen
More informationStatistics Paper Series
Statistics Paper Series Antonio Colangelo The statistical classification of cash pooling activities No 16 / July 2016 Note: This Statistics Paper should not be reported as representing the views of the
More informationA comparison of ECB and IMF indicators for macro-prudential analysis of the financial sector 1
A comparison of ECB and IMF indicators for macro-prudential analysis of the financial sector 1 Anna Maria Agresti, 2 Patrizia Baudino 3 and Paolo Poloni 4 Introduction The IMF recently published, on an
More informationMacroprudential Framework in Bosnia and Herzegovina
Macroprudential Framework in Bosnia and Herzegovina September 22, 2017 Dejan Kovačević Central Bank of Bosnia and Herzegovina The views in this presentation are these of the author and do not necessarily
More informationFive Years after Lehman s Collapse: Where are we going to?
Five Years after Lehman s Collapse: Where are we going to? Luis M. Linde Governor XCVII MEETING OF CENTRAL BANK GOVERNORS OF THE CENTER FOR LATIN AMERICAN MONETARY STUDIES São Paulo 28 April 2014 LEHMAN
More informationSabine Lautenschläger: Caught in the middle? Small and medium-sized banks and European banking supervision
Sabine Lautenschläger: Caught in the middle? Small and medium-sized banks and European banking supervision Speech by Ms Sabine Lautenschläger, Member of the Executive Board of the European Central Bank
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL. Market developments potentially requiring the use of Article 459 CRR
EUROPEAN COMMISSION Brussels, 8.3.2017 COM(2017) 121 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Market developments potentially requiring the use of Article 459 CRR EN
More informationREGULATORY GUIDELINE Liquidity Risk Management Principles TABLE OF CONTENTS. I. Introduction II. Purpose and Scope III. Principles...
REGULATORY GUIDELINE Liquidity Risk Management Principles SYSTEM COMMUNICATION NUMBER Guideline 2015-02 ISSUE DATE June 2015 TABLE OF CONTENTS I. Introduction... 1 II. Purpose and Scope... 1 III. Principles...
More informationMs Sabine Lautenschläger Member of the Executive Board European Central Bank By
Association of German Banks P.O. Box 040307 10062 Berlin Germany Ms Sabine Lautenschläger Member of the Executive Board European Central Bank By email: statistics@ecb.europa.eu cc Mr Aurel Schubert - Director
More informationMSB Roundtable 2010 Managing Risk for Growth & Development. Mona Visitors Lodge & Conference Centre University of the West Indies, Mona.
MSB Roundtable 2010 Managing Risk for Growth & Development Mona Visitors Lodge & Conference Centre University of the West Indies, Mona Address Brian Wynter Governor, Bank of Jamaica Thursday, 04 March
More informationKEYNOTE ADDRESS EIOPA S INITIATIVES TO EMPOWER THE PENSIONS SECTOR
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) KEYNOTE ADDRESS EIOPA S INITIATIVES TO EMPOWER THE PENSIONS SECTOR 18 th Handelsblatt Annual Conference on Occupational
More informationChapter Two. Overview of the Financial System
- 12 - Chapter Two Overview of the Financial System Introduction 2.1 As noted in Chapter 1, FSIs are calculated and disseminated for the purpose of assisting in the assessment and monitoring of the strengths
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Bill Morneau Minister of Finance, Canada On behalf of Antigua and Barbuda, The Bahamas, Barbados, Belize,
More informationFinancial Integration and Supervision Challenges for Central Banks. Nestor A. Espenilla, Jr. Deputy Governor Bangko Sentral ng Pilipinas
Financial Integration and Supervision Challenges for Central Banks Nestor A. Espenilla, Jr. Deputy Governor Bangko Sentral ng Pilipinas Issues Covered in this Discussion The premise of regional integration
More informationStefan Ingves: Regulatory challenges of cross-border banking possible ways forward
Stefan Ingves: Regulatory challenges of cross-border banking possible ways forward Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Reserve Bank of Australia, Sydney, 23 July 2007.
More informationDEVELOPMENTS IN BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION STATISTICS IN THE EUROPEAN CONTEXT
BALANCE OF PAYMENTS STATISTICS AND EXTERNAL RESERVES DIVISION Judith Pfluger!: 7389 20 December 2001 ST/IMF/BP/DEVELOP.DOC DEVELOPMENTS IN BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION STATISTICS
More informationCentral Bank Communication and Financial Stability
Magnus Andersson European Central Bank Central Bank Communication and Financial Stability Continental Seminar of the Association of African Central Banks Accra 3 May 2017 Rubric Overview Conceptual Issues
More informationAnaCredit. Overview and implementation from an NCB`s point of view
AnaCredit Overview and implementation from an NCB`s point of view, ISI Regional Statistics Conference Sebastian Grünberg, Directorate General Statistics, Deutsche Bundesbank Agenda 1. Introducing AnaCredit
More informationTRADE-OFF BETWEEN TIMELINESS AND ACCURACY
Directorate General Statistics Division General Economic and Financial Statistics Werner Bier and Henning Ahnert * TRADE-OFF BETWEEN TIMELINESS AND ACCURACY ECB REQUIREMENTS FOR GENERAL ECONOMIC STATISTICS
More informationRegulating Non-bank Finance: Options and Implications
Regulating Non-bank Finance: Options and Implications Speech by Klaas Knot at the launch of the FSR, Banque de France, Paris, 25 April 2018 In his closing Key Note speech at the FSR launch at Banque de
More informationDanish Securities Statistics in An International Perspective
119 Danish Securities Statistics in An International Perspective Katrine Skjærbæk and Birgitte Søgaard Holm, Statistics INTRODUCTION Danmarks Nationalbank has begun to publish new statistics on a monthly
More informationEUROPEAN COMMISSION S CONSULTATION ON HEDGE FUNDS EUROSYSTEM CONTRIBUTION
25 February 2009 EUROPEAN COMMISSION S CONSULTATION ON HEDGE FUNDS EUROSYSTEM CONTRIBUTION As a part of a wider review of the regulatory and supervisory framework for EU financial markets, the European
More information