Financial Information Needs in Central Banks

Size: px
Start display at page:

Download "Financial Information Needs in Central Banks"

Transcription

1 Financial Information Needs in Central Banks Bruno TISSOT Head of Statistics and Research Support, BIS Keynote speech CEMLA Meeting on Financial information needs for statistics, macro prudential regulation and supervision in central banks of Latin America and the Caribbean May 2014, Mexico Restricted

2 Outlines l Financial Statistics where do we stand 6 years after the crisis? è I - Look at large banks also in a granular way è II - Look at financial markets globally: across countries and sectors è III - Have a financial stability-oriented, long-term perspective Restricted 2

3 Financial Statistics where do we stand 6 years after the crisis? 1. Still important information lessons to be taken 2. Implications for statisticians 3. The G20-endorsed data gap initiative (DGI) 4. BIS involvement in the DGI 5. Key opportunity to better address information needs 6. 3 key areas for central banks interest: Banks Financial markets Financial stability orientation Restricted 3

4 (1) Some information lessons from the crisis l Previous assumptions proved wrong Market failure / Contamination / Human factors Shortcomings of statistical techniques and models l Financial stability focus, with 3 key dimensions Well-functioning financial intermediation Macroeconomic stability Prevention of financial disruptions and excesses l Need to better understand Economic behaviour: frictions and market imperfections / irrationality (eg risk taking, herd behaviour) / representative agents / traditional residencebased statistics Role of financial factors: intermediation, balance sheets, liquidity and financial prices determination Growth theory: financial booms/busts dynamics, non-linear dynamics (eg tail events, systemic risks, initial conditions) Restricted 4

5 (2) Implications for statisticians l More data? New areas / sources (administrative databases) / concepts prepare to use Big Data? l But more focussed data collection Reconcile statistical, supervisory and accounting standards Need to better integrate micro and macro data Educate: crisis not fundamentally caused by lack of data l Residence vs. Nationality Residence refers to the location (national accounts concept) Nationality refers to the ultimate decision unit (ie potential support from the parent company) Understand linkages/spillovers across countries and sectors Restricted 5

6 (3) Data Gaps Initiative l Initiative in 2009 of the FSB and IMF, at the request of the G20 l Coordination through InterAgency Group on Economic and Financial Statistics comprising main financial IOs l Work pioneered by the BIS started before 2009 l BIS (and central banks) directly involved in around half of the 20 G20 recommendations Restricted 6

7 (4) BIS involvement in G20 recommendations l #4 Aggregate leverage and maturity mismatches (eg BIS s funding risk indicators) l #5 Credit default swaps: enhanced CDS statistics l #7 BIS securities statistics revamped l #8-9 Global Network Connections and Systemically Important Global Financial Institutions: BIS International Data Hub l # International Banking Statistics l # 13 Cross-border exposures of Financial and Non-Financial Corporations reference guide l #14 Inventory & navigation template on cross-border positions l # 19 Real Estate Prices Restricted 7

8 (5) Key opportunity to address information needs l Indirect involvement of BIS & Basel-based committees in other recommendations l Many recommendations interrelated l Opportunity to coordinate and achieve international consistency in methodologies and definitions l Identify new information needs: Shadow Banking, Legal Entity Identifier, derivatives l Improving dissemination of statistics l Follow up (guidance, implementation and monitoring) Restricted 8

9 (6) 3 key areas for central banks: I. Banks II. III. Global financial markets Financial stability orientation Restricted 9

10 I. Look at (large) banks in particular in a granular way 1. The International Banking Statistics 2. The BIS International Data Hub 3. Making and applying financial regulation: quantitative exercises II. Global financial markets III. Financial stability orientation Restricted 10

11 (I.1) Monitoring banks: the International Banking Statistics (IBS) l Balance sheet information amounts outstanding at quarter-end l With a country breakdown of (non-resident) counterparties positions vis-à-vis >200 territories l Reported by internationally active banks banks that lend in foreign currency or to non-residents l Worldwide 31+ countries and financial centres l Central banks cooperation under guidance from the Committee on the Global Financial System (CGFS) l By residence / by nationality Restricted 11

12 (I.1) IBS cont d - History l Introduced in 1964 / developed to analyse issues in international banking ü 1960s international deposit ( euro-currency ) markets and focus on international banks assets and liabilities ü 1970s recycling of petro$: interest in counterparty countries and offshore centres ü 1980s debt crisis: attention to external debt statistics ü 1990s Asian crisis: focus on country risk exposure and risk transfers ü crisis: interest in banks funding and lending patterns Restricted 12

13 (I.1) IBS cont d - Locational dataset l Look at financial flows through the international banking system ü All banking offices in a reporting country (residency concept) ü Banks claims & liabilities (inc. inter-office positions) ü Banking offices identified by their nationality l Two subsets of Locational Banking Statistics ü Residence basis ü Nationality basis Restricted 13

14 (I.1) IBS cont d - Locational by residence ü International claims and liabilities of banks by residence, ie all banks vis-à-vis a particular country ü Ex: * Assets placed by Turkish residents in banks that reside outside Turkey = Liabilities of foreign reporting banks vis-à-vis Turkey = 44 * External assets of foreign banks on Turkey residents = Liabilities owed by residents of Turkey to (BIS reporting) foreign banks = 188 (data at end Q3-2013, bn USD) Restricted 14

15 (I.1) IBS cont d - Locational by nationality ü International claims and liabilities of banks by residence and nationality of ownership (ie all banks in a country are reported with a split by home country banks and individual nationality of foreign banks) ü Ex: International positions of worldwide banks offices of US nationality (ie a US bank X located either in the US or in any reporting countries), assets: = 3,692 è of which: * vis-à-vis related offices: 1,370 (ie office of US bank X in country A to another office of the same bank X in country B) * vis-à-vis other banks: 909 * vis-à-vis non-banks: 1,376 (data at end Q3-2013, bn USD) Restricted 15

16 (I.1) IBS cont d Consolidated dataset l Exposure of national banking systems to country and transfer risks (claims) ü (country) risk exposures ü Draws on supervisory concepts l 2 sets of consolidated banking statistics ü Immediate borrower basis ü Ultimate risk basis Restricted 16

17 (I.1) IBS cont d Consolidated on an Immediate Borrower (IB) basis ü Foreign claims of the banks of one country nationality (among 31), consolidated worldwide ü Ex: Total foreign claims vis-à-vis China (IB basis): 1,003 è of which: 197 Local currency positions with local residents: Total international claims: Net risk transfers to China: 44 = Total foreign claims vis-à-vis China on an UR basis: 1,048 Restricted 17

18 (I.1) IBS cont d Consolidated on an Ultimate Risk (UR) basis ü Foreign claims of the banks of one country nationality (among 24) allocated to country of ultimate obligor ü Ex: Total foreign claims vis-à-vis China: 1,003 - Adjustment due to reporting basis = Total foreign claims vis-à-vis China (24 nationalities): 660 è of which: è of which: è of which: on Chinese banks: 326 on China s public sector: 81 on Chinese corporates: 253 Claims held by Japanese banks: 65 Other potential exposures (eg derivatives): 146 (data at end Q3-2013, bn USD) Restricted 18

19 (I.1) IBS cont d Country coverage l G20 ü New reporters: Indonesia (2012, locational), Korea (2013, consolidated), Argentina (2014, locational), Russia (test data) ü Preparatory work by Saudi Arabia and China l Financial centres ü Offshore centres recognised as banking sectors dealing primarily with non-residents and/or in foreign currency on a scale out of proportion to the size of the host economy ü Already 12 reporting countries (only 3 for consolidated) ü Counterparties: vis-à-vis public data for 22 offshore centres l Coverage declining since 2002, eg from about 95% to 90% of estimated global interbank activity Restricted 19

20 (I.1) IBS cont d DGI Enhancements l Ad-Hoc Group to investigate options to improve IBS (2010) l DGI specific recommendations (+impact on GSIBs data) l CGFS-approved enhancements (2012) 2 phases ü Stage 1 (locational) data already collected ü Stage 2 (locational & consolidated) new data l Implementation ü Stage 1: data from Q2 2012; dissemination to central banks started in summer 2013 ü Stage 2: data from Q4 2013; feedback to reporters in 2014 and dissemination to central banks expected early 2015 ü Public dissemination: phased in starting in 2015 Restricted 20

21 (I.1) IBS cont d Enhancements Stage 1 (locational) l Full financial balance sheet: ü More complete data ü Refined FX breakdown ü Local currency positions against residents l New counterparty-country dimension: ü Crossing nationality of the reporter / location of the reporter / location of the counterparty ü Ex: liabilities of German banks that reside in the UK vis-à-vis counterparties located in Japan (before: vis-à-vis counterparties in all other countries combined) Restricted 21

22 (I.1) IBS cont d Enhancements Stage 2 (locational & consolidated) l Country credit risk (CBS): ü Exposures to residents of the country where the bank is headquarted ü Size of bank s total balance sheet l International bank credit: ü More granular counterparty-sector (eg banks exposure to the nonbank financial sector) CBS/LBS ü Breakdown by type of banking office (domestic banks, branches, subsidiaries) LBS l Banks funding patterns ü Breakdown by instruments (eg deposits, debt securities, equity) CBS ü Basic maturity split for debt securities LBS Restricted 22

23 Locational residence Locational nationality Consolidated Immediate Risk Consolidated Ultimate Risk Reporting countries Business reported Bank type (I.1) IBS cont d a bird eye's view Financial assets & liabilities (inc. derivatives) All reporting banks, Bank types (eg branches) n.a. Financial assets Total assets & liabilities, capital Risk transfers All reporting banks Domestic banks Financial assets Other potential exposures Domestic banks Bank nationality n.a Type of position Crossborder Local Total International (cross-border& FX local) Local in LC Total Cross-border, Local in all currencies Currency Local, USD, EUR, JPY, GBP, CHF, others optional For local in LC positions: >160 n.a. Maturity For debt securities For international claims n.a. Instrument Loans & deposits Debts securities Other For liabilities (debt securities) Assets: claims, total, RWA Liabilities: deposits, debt securities, derivatives, others Capital: total equity, Tier1 Other potential exposures: derivatives, credit commitments, guarantees Counterparty country (inc. reporting country) > >200 Counterparty sector Banks (inc. related offices, CBs) Non-bank financial institutions Non-financial sector (split) Official sector Banks (excl. CBs) Non-bank private sector (split) Restricted 23

24 (I.1) IBS cont d examples of analytical benefits l Credit exposures of national banking systems ü Scaled against measures of total balance sheet, equity ü Analysis of banks sources and uses of all major currencies l Refined sector breakdown ü Tracking the supply of credit to various types of counterparty ü Non-bank financial sector (shadow banking system) l Full geography of banks international activities ü Analyse transmission of shocks across countries through nationality of banking systems ü Differences in lending/funding behaviour by bank types ü Funding currency mismatches ü Banks aggregate funding by broad instrument type Restricted 24

25 (I.1) IBS cont d Challenges with the new data l New, expanded templates ü Data Structure Definitions ü Massive increase in amount of data ü New IT applications l Quality issues ü Granularity ü Confidentiality issues, potentially constraining analytical benefits and dissemination outside central banks ü Long transition period: many breaks in series l Research issues ü Analysing big, complex data ü Educating (a variety of) users ü Making use of the new data for policy work Restricted 25

26 (I.1) IBS cont d Further avenues considered l Bank consolidation ü Rules left to discretion eg national supervisory practices ü CGFS recommendation for best practice definition / BCBS work? ü Parent country of a reporting bank: location of the bank s group-level supervisor («home» supervisor)? ü Link with DGI recommendation #13? l Ultimate risk exposures ü Potential enhancements to IBS ultimate risk data? ü Alternative measures of country risk exposures? l Comparability of IBS derivatives data ü Across countries (eg inclusion of derivatives in financial instruments, netting of reported CDS sold under guarantees )? ü Consistency with OTC derivatives statistics? Restricted 26

27 (I.2) The BIS International Data Hub (IDH) Purpose l Collect data on almost 30 G-SIBs to assess Interlinkages among largest banks Concentration of these institutions to sectors and markets l Data Weekly, monthly and quarterly individual data submissions Accuracy, confidentiality, completeness and timeliness Coordinate on banks compliance with reporting guidelines l Analytics Aggregate reports Development of analytical tools and metrics l BIS Secretariat reports to the Hub Governance Group (HGG) Evolution of previous collection exercises by senior supervisorss Restricted 27

28 (I.2) IDH cont d Data collection in 3 phases l Phase I Ø Ø Ø Ø I-I data: Institution-to-institution data Exposures of G-SIBs to their major counterparties (bilateral data) I-A data: Institution-to-aggregate data Concentration of G-SIBs to sectors and markets Individual bank data underlying the BIS consolidated banking statistics CGFS Stage 2 enhancements to be reported to the Hub l Phase II 2014: I-I Funding template G-SIBs I-I liabilities, largest funding providers (bank & non-banks) Funding structure (eg use of wholesale funding) l Phase III 2015: Expanded I-A templates Consolidated balance sheet by country / sector / instrument / currency / maturity Pilot project with the industry Restricted 28

29 (I.3) Quantitative Impact Studies (QIS): making financial regulation l Major new financial regulation initiatives for banks Context: a new regulatory framework that factors in crisis lessons QIS have become a central element of the Basel Committee work Governor Ingves: Where to next? Priorities and themes for the Basel Committee, 12 March 2013 l QIS support for well-informed policymaking Underpinning BCBS initiatives is a framework for the collection and analysis of data to assess the quantitative impact of a particular policy Lessons-learned, ongoing policy development process so as to adapt to: ü the functioning of regulation; ü new identified areas of weakness; ü unintended consequences; ü business incentives related to the adoption of reforms. Restricted 29

30 (I.3) QIS cont d Policy-driven study cycle l Data analysis Analysis of data Preparation of report Refined regulation l Template process Initiated by work groups Definition of content l Data collection process Technical setup of template Data collection Data quality checks Restricted 30

31 (I.3) QIS cont d applying financial regulation l QIS as a tool for regulation monitoring on an ongoing basis and Evolving nature of the banking industry Helps to clarify local implementation of global rules Basel III monitoring reports QIS to ensure effective implementation l for selecting entities of special interest Indicator-based measurement approach for defining G-SIBs Refinement of the methodology Regular review of the (public) list Confidentiality issues and public disclosure Restricted 3

32 (I.3) QIS cont d assessing regulatory interactions Different regulatory requirements introduced in parallel (eg capital, leverage, liquidity) QIS help to assess the impact of one requirement on the other field of the regulatory reform Ex: how will banks leverage ratio evolve if they raise capital to meet the new capital ratios? Restricted 3

33 (I.3) QIS cont d Organisation l Micro data Submissions of individual banks to national supervisors, confidential Basel III monitoring: 227 banks (consolidated) by broad panels, on a semiannual basis Importance of the distribution of the results No assumptions (forecasts) on future profits nor on behavioural responses (eg potential management responses to mitigate impact of regulation) l Calculations Compares current ratios (eg capital, leverage, liquidity) to the new regulation (eg higher requirements, definition changes) Creates a composite bank at a total sample level Helps assess the direct impact of the new standards and related shortfalls Restricted 33

34 (I.3) QIS cont d (micro) data collection exercises Data templates institution 1 Submission to national supervisory agencies Upload to BIS Database at the BIS Reports institution 2 institution N Data mapping Feedback on regulation, FAQs Restricted 34

35 (I.3) QIS cont d Example of assessments Main findings for largest international banks (Group 1): Ø Under full Basel III, CET1 capital (highest form of loss absorbing capital) would decline from 11.0 to 9.5% compared to the situation as of 30/06/13 Ø Aggregate shortfall (sum across banks for which a shortfall is observed compared to the minimum requirements): 3.3 bn Restricted 35

36 (I.3) QIS cont d a new area for statistical work? l Steady expansion Basic system in place since 2008, gradually extended since then Accumulated experience (QIS Basel III monitoring 4.0; MPG GSIB identification exercise 2.0) Almost all new policy initiatives have data collections or impact studies planned: full slate of QIS exercises planned for coming years Expanded staff both in BCBS and in BIS statistical support Survey process and IT system l Survey-specific enhancements Fully automated workflows (various degrees of replicability) Data checking & analysis l Other Basel-based groups IDH, IAIS, FSB, joint work with IOSCO New way of steering and implementing financial regulation Restricted 36

37 I. Banks II. Look at financial markets globally: across countries and sectors 1. Assessing global liquidity 2. Shadow banks 3. Debt securities 4. Derivatives III. Financial stability orientation Restricted 37

38 (II.1) Global Liquidity Conceptual approach l General definition Global liquidity ~ degree of ease of financing in financial markets Focus on market liquidity (trading activities) and funding liquidity (lending activities) provided by financial institutions The funding of these intermediaries depends on interactions with other market participants and public policies (eg central banks). l Indirect measurement approach Global liquidity influences the build-up of financial vulnerabilities (asset price, leverage, or maturity/funding mismatches) Measure these "footprints" of liquidity rather than global liquidity itself Identify unsustainable lending booms or undue risk-taking in specific markets or globally Restricted 38

39 (II.1) Global Liquidity cont d role of international credit Ø International component of credit is often the marginal source of financing in the run-up to crises Ø Flows are relatively small but can amplify domestic trends Ø They are highly correlated with financial booms and busts Restricted 39

40 (II.1) Global Liquidity cont d Indicators for assessing liquidity l Focus on private credit Key indicator showing how far the ease of financing can lead to the build-up of exposures Primarily provided by banks Comprises both a domestic and an international element International component in IBS statistics: cross-border lending to non-residents or lending in foreign currency l Capturing additional aspects of global liquidity Financing conditions in key markets Incentives for position-taking across market segments Indicators of risk appetite (a major driver of leverage and investors willingness to provide funding) Flexible approach because is the information content of these indicators changes over time Restricted 40

41 (II.1) Global Liquidity cont d Bond market credit and bank lending to non-residents Global credit in US dollars and euro growth in $& bond market credit to non-residents strong compared to domestic credit and to bank lending to nonresidents esp. - based but stocks of exposures are still high Restricted 41

42 (II.1) Global Liquidity cont d domestic and cross-border bank credit to non-banks Domestic bank credit to nonbanks continue to grow except in Europe while growth in cross border credit to non banks has fallen in most regions except Asia (build up of vulnerabilities?) Restricted 42

43 (II.1) Global Liquidity cont d assessment to be completed by a variety of other indicators Restricted 43

44 (II.2) Shadow banks l FSB Global Shadow Banking Monitoring Report 2013 Shadow banking system: credit intermediation involving entities and activities outside the regular banking system Data: 25 jurisdictions, covering 80% of global GDP Offshore centres not captured l Policy importance of the expansion of credit provided by the non-bank sector Monitoring broad financial intermediation Linkages: transmission of stress in one sector to the other Potential systemic risks: maturity/liquidity transformation, imperfect credit risk transfer, leverage Influence of regulatory arbitrage Restricted 44

45 (II.2) Shadow banks cont d Methodology l Macro-mapping Conservative estimate based on national Flow of Funds (FoF, balance sheet data) for all non-bank financial intermediation Primary focus on Other Financial Intermediaries (OFIs) FoF statistics on an entity residence basis l Narrowing down : use of more granular data to filter out: Assets related to self-securitisation (retained securitisation); or with no direct relation to credit intermediation (eg pure equity investment funds); or already prudentially consolidated into banking groups (eg finance company that is a subsidiary of a banking group for which capital buffers are set on a consolidated basis) Restricted 45

46 (II.2) Shadow banks cont d Approach Measuring the shadow banking system Simplified conceptual image 1 Bank- like systemic risks include maturity transformation, liquidity transformation, imperfect risk transfer, and leverage. Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 46

47 (II.2) Shadow banks cont d Main findings l Conservative macro mapping estimates OFIs proxy of the shadow banking system: $71 trillion (+5 trillion from 2012) 24% of total financial assets (about half of banking system assets) 117% of GDP Assets of non- bank financial intermediaries 20 jurisdictions and euro area Per cent USD trillion Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 47

48 (II.2) Shadow banks cont d Main findings l Geographic distribution Largest non-bank financial systems are in advanced economies Size of non- bank financial intermediaries As a percentage of GDP, by jurisdiction AR = Argentina; AU = Australia; BR = Brazil; CA = Canada; CH = Switzerland; CN = China; CL = Chile; DE = Germany; ES = Spain; FR = France; HK = Hong Kong; ID = Indonesia; IN = India; IT = Italy; JP = Japan; KR = Korea; MX = Mexico; NL = Netherlands; RU = Russia; SA = Saudi Arabia; SG = Singapore; TR = Turkey; UK = United Kingdom; US = United States; XM = Euro area; ZA = South Africa. 1 Note that banks refer to the broader category of deposit- taking institutions jurisdictions and euro area. Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 48

49 (II.2) Shadow banks cont d Main findings l Geographic distribution Most rapid increases are in EMEs: 4 with growth rates above 20% Annual growth of non- bank financial intermediaries By jurisdiction, in per cent AR = Argentina; AU = Australia; BR = Brazil; CA = Canada; CH = Switzerland; CN = China; CL = Chile; DE = Germany; ES = Spain; FR = France; HK = Hong Kong; ID = Indonesia; IN = India; IT = Italy; JP = Japan; KR = Korea; MX = Mexico; NL = Netherlands; RU = Russia; SA = Saudi Arabia; SG = Singapore; TR = Turkey; UK = United Kingdom; US = United States; XM = Euro area; ZA = South Africa. 1 Weighted average of 20 jurisdictions and euro area. Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 49

50 (II.2) Shadow banks cont d Main findings l Composition Largest sector (35%): other investment funds (eg equity, fixed income) Main others: broker dealers, structured finance vehicles, finance companies and money market funds Hedge funds underestimated (limited granular FoF data, offshore centres) Sub- sectors of non- bank financial intermediaries 25 jurisdictions, at end Decomposition by sub- sector 1 Other investment funds by type US funding corps, 4% Others (identified) 2% Others (unidentified) 9% Other 7% Real estate investment funds/trusts, 1% Dutch special financing institutions, 5% US financial holding cos, 7% Hedge funds 0.2% Other investment funds, 35% Not equity or bond 15% Equity 44% Other trust cos 2% MMFs 6% Finance cos 8% Str. finance vehicles, 8% Broker- dealers 12% Bond 34% 1 Adding the results published in the 2013 IOSCO Hedge Fund Survey Report and the number reported by participating jurisdiction s in the FSB exercise would increase the share of hedge funds to 3%. Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 50

51 (II.2) Shadow banks cont d Narrowing down exercise l 20 jurisdictions reported granular data For this sample OFIs assets revised down from $55 to 35 trillion 2012/13 growth revised from +6% to +3% Half of the correction due to prudential consolidation impact Narrowing down shadow banking 20 jurisdictions 1 ; at end USD trillion 1 20 jurisdictions reported more granular data for narrowing down. Source: Financial Stability Board, Global shadow banking monitoring report, Restricted 51

52 (II.2) Shadow banks cont d Looking at interconnections l Direct linkages when shadow banking entities : form part of the bank intermediation chain are directly owned by banks benefit directly from bank support (explicit or implicit) or have funding interdependence with banks (eg holding of each other s assets such as debt securities) l Indirect linkages Investment in similar assets Exposure to common counterparties è These connections can create contagion channels, and can be amplified through feedback loops Restricted 52

53 (II.2) Shadow banks cont d Going forward l Data enhancements FoFs; Risk factor data (eg maturity transformation) l Compiling measures of interconnectedness Direct measure of credit exposure and funding dependence Methodology based on aggregate balance sheet exposure between banks and shadow banking entities (eg assets and liabilities of banks to OFIs) A risk analysis framework of interconnectedness between banks and shadow banking entities a (Assets of bank to OFI) BANK OFI b (Liabilities of bank to OFI) Bank assets = BA OFI assets = OA Hig h- level risk measures: a BA b BA a OA b OA Credit risk for Funding risk for bank bank Source: Financial Stability Board, Global shadow banking monitoring report, Funding risk for OFI Credit risk for OFI Restricted 53

54 (II.3) Debt securities BIS data collection l International debt securities (BIS data) Security-by-security database, very flexible Multiple breakdowns: instrument, currency, maturity bands, interest rate, rating, guarantees Gross issues, net issues, repayments, outstanding amounts face value Information by residence and nationality (ie residency of the controlling parent) Information on holders? l Domestic debt securities national and public data Cooperation between BIS and national authorities (eg central banks) Available breakdowns: original maturity, sector, currencies l Total debt securities (national data) DGI Recommendation #7 Restricted 54

55 (II.3) Debt securities cont d new definition of international securities l The BIS has revised its debt securities statistics to enhance their comparability across different markets l Old definition: debt securities targeted at international investors - Securities issued in a foreign market - Securities issued in a local market, if they are either: ü denominated in a foreign currency; or ü underwritten by at least one foreign bank l New definition: debt securities issued in a foreign market (ie outside the market where the borrower resides) Restricted 55

56 (II.3) Debt securities cont d identifying international issues l 4 criteria - Currency of denomination; but growing local currency issuance offshore - Primary market - Secondary market - Governing law l BIS Practice - Bonds issued in local market are typically issued in local currency under the local law - Focus on the primary market - 3 elements for identifying the market of issue: registration domain / listing place / governing law - For 50% of the IDS all these 3 characteristics point to a market different from the market of the residence (and for 35% at least one characteristic does) Restricted 56

57 (II.3) Debt securities cont d Reporting template (all markets) Short term at original maturity All interest rates Long term at original maturity Fixed interest rate Variable interest rate All interest rates All maturities Fixed interest rate Variable interest rate All interest rates Nonfinancial corporatio ns Total Residents Financial corporations Of which Central bank Of which Deposit-taking corporations General Of which Central Total governme nt Nonresidents All issuers Memo item: Long term at original maturity, with a remaining maturity up to and including one year Memo item: Securitisation debt securities Restricted

58 (II.3) Debt securities cont d shift from bank lending to bond markets: the second phase of global liquidity? External financing flows (US$bn) Restricted 58

59 (II.3) Debt securities cont d Currency information Restricted 59

60 (II.3) Debt securities cont d increase in the share of domestic currency IDS l Introduction of the euro: borrowers in the euro area able to switch from foreign currency to domestic currency funding. l Large EMEs (eg Brazil, China, Russia) able to issue abroad in their own currency l Bonds denominated in EME currencies are increasingly being issued by non-residents as well Restricted

61 (II.3) Debt securities cont d by residence and nationality (use of foreign affiliates to raise funds abroad) Restricted 61

62 (II.3) Debt securities cont d EME use of affiliates to raise funds abroad Restricted 62

63 (II.4) Derivatives reporting by the BIS l The BIS compiles 2 major sets of statistics on derivatives: Notional amounts outstanding and gross market values of OTC derivatives (semi-annual & triennial), globally consolidated basis turnover of OTC derivatives (triennial), sales desks basis l Relevant for financial stability analysis at a global level l Focus of regulation (CCPs) l Allows monitoring of particular market segments Restricted 63

64 (II.4) Derivatives cont d The semi-annual OTC derivatives survey l Comprehensive and internationally consistent information on largest markets (13 reporting countries) l Data on notional amounts outstanding & gross market values for: forwards, swaps & FX options, interest rate, equity, commodity derivatives credit default swaps (CDS), by sector and rating, and with granular information on CDS counterparties (eg CCPs, SPVs, Hedge Funds) plus information on market concentration Restricted 64

65 (II.4) Derivatives cont d importance of the interest rates segment Global OTC derivatives market Outstanding positions, by data type and risk category Notional amount 1 Gross market value 1 Gross credit exposure 1 USD trn USD trn Per cent USD trn Foreign exchange Interest rate Equity Commodities CDS Unallocated Share of gross market value (lhs) Amounts (rhs) For definitions, see the explanatory notes in Section 3. Outstanding OTC derivatives positions of dealers that do not participate in the BIS s semiannual survey. Estimated by the BIS based on the Triennial Survey of foreign exchange and derivatives activity. Source: BIS OTC derivatives statistics. Restricted 65

66 (II.4) Derivatives cont d CDS decline in activity and impact of central clearing Credit default swaps Outstanding positions Impact of netting Notional amounts with CCPs Per cent USD trn Per cent USD trn Per cent USD trn Lhs: Gross market value / notional Lhs: Net / gross market values Lhs: CCPs / total Rhs: Single-name notional Rhs: Gross market values Rhs: Single-name notional Multi-name notional Net market values Multi-name notional 0.0 Source: BIS OTC derivatives statistics. Restricted 66

67 (II.4) Derivatives cont d The Triennial Central Bank Survey l Most comprehensive source of information on the size and structure of: global foreign exchange OTC derivatives markets. l Increase market transparency and helps policy makers and to better monitor: patterns of activity exposures in the global financial system l Breakdowns by instrument / counterparty / currency / trading relationships execution method for FX Restricted 67

68 (II.4) Derivatives cont d The Triennial Central Bank Survey Daily global FX turnover... by counterparty USD trln Daily Global FX turnover moved up $5.3 trillion in 2013 (pick-up of +35% since 2010) Financial institutions (other than dealers) are the main drivers of turnover growth; interdealer share remained constant and trading with non-financial customers contracted Restricted 68

69 (II.4) Derivatives cont d The Triennial Central Bank Survey. and by other financial institutions USD trln Shifts in the currency composition of FX trading CLS bank settlement volumes for USD/JPY, USD bn New breakdowns allow to zoom in who is behind on the trading activity of OFIs Surge in Yen turnover by more than 60%, while the share of the Euro in global FX trading fell to 33% Rising importance of EM currencies (eg renminbi and Pesos) Restricted 69

70 (II.4) Derivatives cont d FX market turnover shares for currencies and pairs Restricted 70

71 I. Banks II. Global financial markets III. Have a financial stability, long-term perspective 1. Long-term series: eg property prices 2. Credit aggregates and the financial cycle 3. From residency to nationality Restricted 71

72 (III.1) Residential property price statistics l BIS database 54 countries, 300 series First comprehensive dataset Only nominal series reported by central banks l History 1989: BIS starts collecting data 2009: DGI Recommendation : First publication on the BIS website l Factors limiting user-friendliness No binding methodological standards Lack of homogeneity across countries Restricted 72

73 III.1. Property prices cont d Evolutions in real terms Restricted 73

74 III.1. Property prices cont d Country coverage Reporting countries (blue + purple) Long series (purple) Restricted 74

75 (III.1) Property prices cont d Long series l Key financial stability indicator l Dataset Analyse cycles in residential property markets Behaviour of property prices around banking crises 18 countries, Start date: 1970 or 1971 Sources: central banks, national statistical offices, commercial and academic research institutes, academic studies Temporal disaggregation for earlier years if quarterly data is not available (Chow-Lin with series on construction cost or rental component of CPI) Restricted 75

76 (III.2) Credit series Background l Financial stability perspective Importance of booms/busts credit episodes in financial crises Credit-to-GDP gap used by Basel III as a guide for setting countercyclical capital buffers l Data usually available Debt funding provided by domestic financial intermediaries To (all) domestic sectors Mainly in the form of loans and securities l BIS interest for Credit from all sources ie not only domestic banks Focus on non-financial private sector (disaggregated) Construction of comparable(56 countries), long-term series of credit-to-gdp (as far as the 1940s) Restricted 76

77 (III.2) Credit cont d Construction l Reference series Sectoral financial accounts (SNA FoF) Balance sheet data aggregated for non-financial corporates and households No netting out of credits between institutional units of a same sector Total credit to private non-financial sector defined as: = all the loan series foreign&domestic extended to NF corporates&households + NF corporate debt securities l Proxies when SNA data are missing Estimation by the sum of: = Domestic bank credit from monetary aggregates (+ credit provided by other institutions if available; but securitised loans are not captured) + Cross-border bank credit (LBS statistics; but they don t include foreign non-bank lenders and the sectoral breakdown is derived from the CBS) Helps to extend total credit series back in time and/or to convert to a quarterly basis Restricted 77

78 (III.2) Credit cont d 3 new types of long series l Benchmark 1 Credit from banks ( ODCs - depository corporations other than central banks) to the non-financial sector ie Bank credit to non-banks l Benchmark 2 Credit from ODCs to the non-financial non-government sector ie Bank credit to private sector l Benchmark 3 Credit from all sectors to the non-financial non-government sector ie All credits extended to private sector Restricted 78

79 (III.2) Credit cont d Sector-to-Sector matrix Creditors / Lenders CB ODCs OFCs GOVT PNFCs ONFCs HH & NPISH ROW Borrowers Central bank (CB) Other depository corporations (ODCs) Other financial corporations (OFCs) Government Public nonfinancial corporations (PNFCs) Other nonfinancial corporations (ONFCs) Households and Non-profit institutions serving households (NPISH) Rest of the world (ROW) Benchmark 1 series Benchmark 2 series Benchmark 3 series Restricted 79

80 IFS Domestic claims: Depository corporations (including central bank) claims on nondepository sector (including other financial corporations) (III.2) Credit cont d comparison of the 3 benchmarks Benchmark 3 Benchmark 1 Benchmark 2 B3: Credit from all sources to private non-financial sector B1: Credit by banks to non-financial sector B2: Credit by banks to private non-financial sector Year Restricted 80

81 (III.2) Credit cont d Comparison with IMF data l Main reference is IMF International Financial Statistics (IFS) Depository Corporations Survey: IFS Line 32 Domestic Claims Comparable to some extent to Benchmark 1 series But differs in the coverage of both sectors and instruments Coverage of Instruments Credit-extending sector Credit-receiving sector IFS Line 32 Domestic claim All financial claims Depository corps., incl. central bank Non-depository, incl. other financial corp. (OFCs) BIS credit series Benchmark 1 Credit (loans and debt securities) Depository corps, excl. central bank Non-financial Restricted 81

82 (III.2) Credit cont d Data collection l Sources Data reported by member central banks Details on coverage and methodology for each country l Long series Overlaying technique to join indicators to form long series Most current series supplemented backwards with historical values from older series Implementation of breaks l Warnings Check that proxies used are not abnormally misaligned compared to available data Information to be clearly documented (metadata) Restricted 82

83 (III.2) Credit cont d Example of discontinuity Millions of euro S2 Current series S1 Historical series, discontinued Year Restricted 83

84 (III.2) Credit cont d Example of breaks Millions of euro Benchmark 1 Long series S2 Current series S1 Historical series, discontinued Year Restricted 84

85 (III.2) Credit cont d Examples of analysis Financial cycles The financial and business cycles in the United States Financial cycle 1 Business cycle 2 NBER recessions The line traces the financial cycle measured as the average of the medium- term cycle in the component series using frequency- based 2 filters. The line traces the GDP cycle identified by the traditional shorter- term frequency filter used to measure the business cycle. Source: Drehmann et al (2012). Financial variables display pronounced financial cycles These have greater amplitude and duration than business cycles Analyses on credit can be complemented by looking at asset price gap (eg property prices) and debt service ratios Restricted 85

86 (III.2) Credit cont d Examples of analysis credit-to- GDP ratios Credit to the private sector stabilising in advanced economies, but still rising in many emerging markets Restricted 86

87 (III.3) Consolidation residence and nationality l Different concepts National income accounts Global groups Domestic decisions taken by foreign entities / Foreign decisions by domestic entities l BIS financial statistics Mixed concepts (IBS, IDS) The move towards consolidated supervision l Consolidation Variety of concepts Diverging practices Across borders and/or sectors (the perimeter of regulation) Restricted 87

88 Restricted 88

89 Concluding remarks l Ongoing initiatives will result in more and better data, micro and macro More breakdowns More consistent data across datasets and countries Higher frequency, better timeliness l Challenges related to the massive increase in amount of data Complexity Resources Confidentiality Policy use Communication Restricted 89

Global Shadow Banking Monitoring Report 2013

Global Shadow Banking Monitoring Report 2013 Global Shadow Banking Monitoring Report 2013 14 November 2013 Table of contents Executive Summary... 1 Introduction... 5 1. Methodology... 5 2. Overview of macro-mapping results... 8 3. Cross-jurisdiction

More information

Enhancing global financial statistics after the crisis what is the focus?

Enhancing 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 information

EMBARGO Not to be released before Wednesday 10 May 2017 at midday Central European Summer Time. Global Shadow Banking Monitoring Report 2016

EMBARGO Not to be released before Wednesday 10 May 2017 at midday Central European Summer Time. Global Shadow Banking Monitoring Report 2016 EMBARGO Not to be released before Wednesday 10 May 2017 at midday Central European Summer Time Global Shadow Banking Monitoring Report 2016 10 May 2017 Contacting the Financial Stability Board Sign up

More information

Global Shadow Banking Monitoring Report 2012

Global Shadow Banking Monitoring Report 2012 Global Shadow Banking Monitoring Report 2012 18 November 2012 Table of contents Executive Summary... 3 Introduction... 6 1. Methodology... 6 2. Overview of macro-mapping results... 8 3. Cross-jurisdiction

More information

The construction of long time series on credit to the private and public sector

The construction of long time series on credit to the private and public sector 29 August 2014 The construction of long time series on credit to the private and public sector Christian Dembiermont 1 Data on credit aggregates have been at the centre of BIS financial stability analysis

More information

Monitoring systemic institutions for the analysis of micro-macro linkages and network effects

Monitoring systemic institutions for the analysis of micro-macro linkages and network effects Monitoring systemic institutions for the analysis of micro-macro linkages and network effects TISSOT Bruno* 1, BESE GOKSU Evrim 1 BIS, Basel, Switzerland Bruno.Tissot@bis.org IMF, Washington D.C. EBeseGoksu@imf.org

More information

Comparison of BIS derivatives statistics 1

Comparison of BIS derivatives statistics 1 Eighth IFC Conference on Statistical implications of the new financial landscape Basel, 8 9 September 2016 Comparison of BIS derivatives statistics 1 Philip Wooldridge, BIS 1 This paper was prepared for

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Implementation of Basel standards A report to G20 Leaders on implementation of the Basel III regulatory reforms August 2016 This publication is available on the BIS

More information

The Belgian shadow banking sector with a focus on other financial intermediaries (OFIs) 1

The Belgian shadow banking sector with a focus on other financial intermediaries (OFIs) 1 IFC-National Bank of Belgium Workshop on "Data needs and Statistics compilation for macroprudential analysis" Brussels, Belgium, 18-19 May 2017 The Belgian shadow banking sector with a focus on other financial

More information

Statistical release BIS international banking statistics at end-september Monetary and Economic Department

Statistical release BIS international banking statistics at end-september Monetary and Economic Department Statistical release BIS international banking statistics at end-september 2 Monetary and Economic Department January 217 Tools to access and download the BIS international banking statistics: BIS website

More information

Financial Stability Board (FSB) and its work on Shadow Banking

Financial Stability Board (FSB) and its work on Shadow Banking Shadow Banking Financial Stability Board (FSB) and its work on Shadow Banking Yasushi Shiina, Member of Secretariat 9 November 2011 Note: The views expressed in this slides are those of the author and

More information

Progress of Financial Regulatory Reforms

Progress of Financial Regulatory Reforms THE CHAIRMAN 12 February 2013 To G20 Ministers and Central Bank Governors Progress of Financial Regulatory Reforms Financial market conditions have improved over recent months. Nonetheless, medium-term

More information

Shadow Banking and Financial Stability

Shadow Banking and Financial Stability Shadow Banking and Financial Stability Professor Dr. Claudia M. Buch Magdeburg University Institute for Economic Research Halle (IWH) German Council of Economic Experts Symposium Financial Stability and

More information

Highlights of global financial flows 1

Highlights of global financial flows 1 Highlights of global financial flows The BIS, in cooperation with central banks and monetary authorities worldwide, compiles and disseminates data on activity in international financial markets. It uses

More information

Statistical release: BIS international banking statistics at end-september 2018

Statistical release: BIS international banking statistics at end-september 2018 January 9 Statistical release: BIS international banking statistics at end-september Global cross-border credit grew at an annual rate of % for the fourth consecutive quarter. Cross-border claims denominated

More information

Shadow Banking May 16, 2017

Shadow Banking May 16, 2017 Global Risk Institute Shadow Banking May 16, 2017 Sheila Judd Executive in Residence Presentation Purpose Share information/research findings on the topic, including GRI recommendations for industry oversight:

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Implementation of Basel standards A report to G20 Leaders on implementation of the Basel III regulatory reforms November 2018 This publication is available on the

More information

Statistical release BIS international banking statistics at end-june Monetary and Economic Department

Statistical release BIS international banking statistics at end-june Monetary and Economic Department Statistical release BIS international banking statistics at end-june 215 Monetary and Economic Department October 215 Tools to access and download the BIS international banking statistics: BIS website

More information

Basel Committee on Banking Supervision. Fourteenth progress report on adoption of the Basel regulatory framework

Basel Committee on Banking Supervision. Fourteenth progress report on adoption of the Basel regulatory framework Basel Committee on Banking Supervision Fourteenth progress report on adoption of the Basel regulatory framework April 2018 This publication is available on the BIS website (www.bis.org). Bank for International

More information

Basel Committee on Banking Supervision. Ninth progress report on adoption of the Basel regulatory framework

Basel Committee on Banking Supervision. Ninth progress report on adoption of the Basel regulatory framework Basel Committee on Banking Supervision Ninth progress report on adoption of the Basel regulatory framework October 2015 This publication is available on the BIS website (www.bis.org). Bank for International

More information

The bank safety net: institutions and rules for preserving the stability of the banking system

The bank safety net: institutions and rules for preserving the stability of the banking system The bank safety net: institutions and rules for preserving the stability of the banking system Professor Dr. Christos V. Gortsos Professor of Public Economic Law, Law School, National and Kapodistrian

More information

Strengthening the Oversight and Regulation of Shadow Banking

Strengthening the Oversight and Regulation of Shadow Banking 16 April 2012 Strengthening the Oversight and Regulation of Shadow Banking Progress Report to G20 Ministers and Governors I. Introduction At the Cannes Summit in November 2011, the G20 Leaders agreed to

More information

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2010 and Amounts

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2010 and Amounts Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2010 and Amounts Outstanding as at June 30, 2010 December 20, 2010 Table

More information

Global liquidity: selected indicators 1

Global liquidity: selected indicators 1 8 October 14 Global liquidity: selected indicators 1 Highlights Indicators of global liquidity point to a continued strengthening of risk appetite and loosening of credit conditions in the spring and summer

More information

Basel Committee on Banking Supervision. Twelfth progress report on adoption of the Basel regulatory framework

Basel Committee on Banking Supervision. Twelfth progress report on adoption of the Basel regulatory framework Basel Committee on Banking Supervision Twelfth progress report on adoption of the Basel regulatory framework April 2017 This publication is available on the BIS website (www.bis.org). Bank for International

More information

Macro-Prudential Policy: Design and Implementation

Macro-Prudential Policy: Design and Implementation Macro-Prudential Policy: Design and Implementation Sunil Sharma ADFIMI Development Forum Istanbul, Turkey, November 7, 2013 The views expressed herein are those of the author and should not be attributed

More information

Enhancements to the BIS International Banking Statistics

Enhancements to the BIS International Banking Statistics Twenty-Seventh Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 27 29, 2014 BOPCOM 14/25 Enhancements to the BIS International Banking Statistics Prepared by the

More information

BASEL III Basel Committee on Banking Supervision (BCBS)

BASEL III Basel Committee on Banking Supervision (BCBS) BASEL III 1.0. Basel Committee on Banking Supervision (BCBS) Following the failure of German Herstatt Bank in the early 1970 s, the Basel Committee on Banking Supervision (BCBS) was created as a Committee

More information

Financial Stability Board holds inaugural meeting in Basel

Financial Stability Board holds inaugural meeting in Basel Press release Press enquiries: Basel +41 76 350 8430 Press.service@bis.org Ref no: 28/2009 27 June 2009 Financial Stability Board holds inaugural meeting in Basel The Financial Stability Board (FSB) held

More information

The use of reserve requirements as a policy instrument in Latin America Carlos Montoro VII Meeting of Central Bank Monetary Policy Managers CEMLA

The use of reserve requirements as a policy instrument in Latin America Carlos Montoro VII Meeting of Central Bank Monetary Policy Managers CEMLA The use of reserve requirements as a policy instrument in Latin America Carlos Montoro VII Meeting of Central Bank Monetary Policy Managers CEMLA Rio de Janeiro Brazil, 7-8 April, 2011. 1 The use of reserve

More information

International data sharing: the example of the G-20 Data Gaps Initiative

International data sharing: the example of the G-20 Data Gaps Initiative Federal Statistical Office of Germany Irmtraud Beuerlein September 2015 International data sharing: the example of the G-20 Data Gaps Initiative Globalisation calls for a global statistical framework In

More information

Monetary Policy Divergence and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets

Monetary Policy Divergence and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets Monetary Policy Divergence and Global Financial Stability: From the Perspective of Demand and Supply of Safe Assets January, 7 Speech at a Meeting Hosted by the International Bankers Association of Japan

More information

Emerging from the Crisis Building a Stronger International Financial System

Emerging 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 information

Measuring and Reporting Capital Flows: The Role of the New Statistical Standards and Data Initiatives 1

Measuring and Reporting Capital Flows: The Role of the New Statistical Standards and Data Initiatives 1 IFC Satellite meeting at the ISI World Statistics Congress on Assessing international capital flows after the crisis Rio de Janeiro, Brazil, 24 July 2015 Measuring and Reporting Capital Flows: The Role

More information

Defining and measuring the Shadow Banking System

Defining and measuring the Shadow Banking System Defining and measuring the Shadow Banking System Yasushi Shiina, Member of Secretariat 28 August 2012 Note: The views expressed in this slides are those of the author and do not necessarily reflect those

More information

Enhanced data to analyse international banking 1

Enhanced data to analyse international banking 1 Stefan Avdjiev stefan.avdjiev@bis.org Patrick McGuire patrick.mcguire@bis.org Philip Wooldridge philip.wooldridge@bis.org Enhanced data to analyse international banking 1 The BIS international banking

More information

Session 4: detailed proposals for I-A templates

Session 4: detailed proposals for I-A templates Session 4: detailed proposals for I-A templates Vichett OUNG Financial Stability Board FSB Data Gaps Workshop 2 May 2012 1 Why collect consolidated I-A with I-I? I-I data: Bilateral credit exposures &

More information

Principles for Financial Market Infrastructures (PFMIs), retail payments, and financial inclusion *

Principles for Financial Market Infrastructures (PFMIs), retail payments, and financial inclusion * Principles for Financial Market Infrastructures (PFMIs), retail payments, and financial inclusion * FIRST Consultative Group Meeting, Rabat, Morocco, 9 and 10 June 2015 Klaus Löber Head of CPMI Secretariat

More information

THE G-20 DATA INITIATIVE: Indonesia s Progresses and Challenges

THE G-20 DATA INITIATIVE: Indonesia s Progresses and Challenges THE G-20 DATA INITIATIVE: Indonesia s Progresses and Challenges Yati Kurniati Bank Indonesia Global Conference on the Data Gaps Initiatives (DGI) Washington DC, June 25-26, 2012 Outline : 1. THE G-20 DGI

More information

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days

Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9

More information

Importance of the oversight function for financial market infrastructures: General framework and objectives

Importance of the oversight function for financial market infrastructures: General framework and objectives Importance of the oversight function for financial market infrastructures: General framework and objectives Workshop on payments systems oversight Kingston, Jamaica 5 December 2012 Klaus Löber CPSS Secretariat

More information

Monetary and Economic Department. Consolidated banking statistics for the first quarter of 2005

Monetary and Economic Department. Consolidated banking statistics for the first quarter of 2005 Monetary and Economic Department Consolidated banking statistics for the first quarter of 2005 July 2005 Queries concerning this release should be addressed to the authors listed below: Sections I, IIa

More information

Financial Stability Board meets on the financial reform agenda

Financial Stability Board meets on the financial reform agenda Press release Press enquiries: Basel +41 76 350 8430 Press.service@bis.org Ref no: 03/2010 9 January, 2010 Financial Stability Board meets on the financial reform agenda The Financial Stability Board (FSB)

More information

FSB FINANCIAL STABIUTY BOARD. To the G20 Finance Ministers and Central Bank Governors:

FSB FINANCIAL STABIUTY BOARD. To the G20 Finance Ministers and Central Bank Governors: FSB - - - FINANCIAL STABIUTY BOARD BANK FOR INTERNATIONAL SETTLEMENTS September 11, 2014 To the G20 Finance Ministers and Central Bank Governors: We are pleased to respond to your request of April 2014

More information

Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts

Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts Outstanding as at June 30, 2007 January 4, 2008 Table

More information

New in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments

New in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments As in 212: Stock-take: multilaterally consistent assessment of external sector policies of the largest economies Feeds into Article IVs Draws on External Balance Assessment (EBA) methodology/other Identifies

More information

Spillovers from Dollar Appreciation

Spillovers from Dollar Appreciation June 6-7, 216 International Monetary Fund Spillovers from Dollar Appreciation Florence Jaumotte (with J. Chow, S.G. Park, and S. Zhang) Motivation Context: appreciation of US Dollar changing growth differentials,

More information

2016 Seminar for Senior Bank Supervisors from Emerging Economies. Implementation of Basel III Liquidity Requirements in Emerging Markets

2016 Seminar for Senior Bank Supervisors from Emerging Economies. Implementation of Basel III Liquidity Requirements in Emerging Markets 2016 Seminar for Senior Bank Supervisors from Emerging Economies Implementation of Basel III Liquidity Requirements in Emerging Markets Christopher Wilson Monetary and Capital Markets Department International

More information

The Financial Crisis and Information Gaps

The Financial Crisis and Information Gaps The Financial Crisis and Information Gaps Second Phase of the G-20 Data Gaps Initiative (DGI-2) Second Progress Report Prepared by the Staff of the IMF and the FSB Secretariat September 2017 2 In drafting

More information

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets

Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for, and Amounts Outstanding as at June 30, March, 2005 Turnover data for, Table

More information

Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z. adjusted change

Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z. adjusted change Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A adjusted change algo algorithmic trading amount outstanding B bank banking office banks and securities firms bilateral netting agreement BIS

More information

Financial Market Infrastructures oversight: The developments regarding the new financial dispensation in South Africa

Financial Market Infrastructures oversight: The developments regarding the new financial dispensation in South Africa Financial Market Infrastructures oversight: The developments regarding the new financial dispensation in South Africa Tim Masela South African Reserve Bank, National ayment System Department Agenda 1.

More information

Twenty-Third Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 25-27, 2010

Twenty-Third Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 25-27, 2010 BOPCOM-10/15 Twenty-Third Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. October 25-27, 2010 Bilateral Cross-Border Holdings and Global Imbalances A View on the Eve of

More information

BIS International Locational Banking Statistics and International Consolidated Banking Statistics in Japan (end-june 2018)

BIS International Locational Banking Statistics and International Consolidated Banking Statistics in Japan (end-june 2018) FOR RELEASE 8:5 A.M. September 14, 218 BIS International Locational Banking Statistics and International Consolidated Banking Statistics in Japan (end-june 218) I. BIS International Locational Banking

More information

Stress Testing: Financial Sector Assessment Program (FSAP) Experience

Stress Testing: Financial Sector Assessment Program (FSAP) Experience Stress Testing: Financial Sector Assessment Program (FSAP) Experience Tomás Baliño Deputy Director Monetary and Financial Systems Department Paper presented at the Expert Forum on Advanced Techniques on

More information

To G20 Finance Ministers and Central Bank Governors

To G20 Finance Ministers and Central Bank Governors THE CHAIR 13 March 2018 To G20 Finance Ministers and Central Bank Governors G20 Finance Ministers and Central Bank Governors are meeting against a backdrop of strong and balanced global growth. This momentum

More information

Guidelines to the international consolidated banking statistics

Guidelines to the international consolidated banking statistics Guidelines to the international consolidated banking statistics Monetary and Economic Department Public version Update February 2012 Bank for International Settlements Press & Communications CH 4002 Basel,

More information

Developing and Improving Sectoral Financial Accounts an introduction

Developing and Improving Sectoral Financial Accounts an introduction Developing and Improving Sectoral Financial Accounts an introduction Bruno Tissot Head of Statistics and Research Support, BIS Workshop on Developing and Improving Sectoral Financial Accounts Introduction

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Basel III Monitoring Report December 2017 Results of the cumulative quantitative impact study Queries regarding this document should be addressed to the Secretariat

More information

Overview: Financial Stability and Systemic Risk

Overview: Financial Stability and Systemic Risk Overview: Financial Stability and Systemic Risk Bank Indonesia International Workshop and Seminar Central Bank Policy Mix: Issues, Challenges, and Policies Jakarta, 9-13 April 2018 Rajan Govil The views

More information

Prudential supervisors and external auditors. Marc Pickeur, CBFA Brussels, 27 October

Prudential supervisors and external auditors. Marc Pickeur, CBFA Brussels, 27 October Prudential supervisors and external auditors Marc Pickeur, CBFA Brussels, 27 October 2010 1 Disclaimer The views expressed by the speaker are entirely his own, and are not to be taken to represent those

More information

OVERVIEW OF CONCEPTS AND DEFINITIONS

OVERVIEW OF CONCEPTS AND DEFINITIONS OVERVIEW OF CONCEPTS AND DEFINITIONS Venkat Josyula Developing and Improving Sectoral Financial Accounts Algiers, January 20-21, 2016 The views expressed herein are those of the author and should not necessarily

More information

The IMF s Experience with Macro Stress-Testing

The IMF s Experience with Macro Stress-Testing The IMF s Experience with Macro Stress-Testing ECB High Level Conference on Simulating Financial Instability Frankfurt July 12 13, 2007 Mark Swinburne Assistant Director Monetary and Capital Markets Department

More information

Press release Press enquiries:

Press release Press enquiries: Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org Ref no: 35/2010 12 September 2010 Group of Governors and Heads of Supervision announces higher global minimum capital standards

More information

Providing comparable information to assess global financial stability risks

Providing comparable information to assess global financial stability risks Providing comparable information to assess global financial stability risks BRUNO TISSOT 2018 edition 2016 BUDAPEST STATISTICAL REPORTS Providing comparable information to assess global financial stability

More information

Financial Stability Board. Promoting financial stability to support sustainable growth. Rupert Thorne, Deputy to the Secretary General 1 July 2013

Financial Stability Board. Promoting financial stability to support sustainable growth. Rupert Thorne, Deputy to the Secretary General 1 July 2013 Financial Stability Board Promoting financial stability to support sustainable growth Rupert Thorne, Deputy to the Secretary General 1 July 2013 What is the FSB? International body established to address

More information

Guidelines to the international locational banking statistics

Guidelines to the international locational banking statistics Guidelines to the international locational banking statistics Monetary and Economic Department November 2006 (update December 2008) Bank for International Settlements Press & Communications CH 4002 Basel,

More information

The Financial Crisis and Information Gaps. Report to the G-20 Finance Ministers and Central Bank Governors

The Financial Crisis and Information Gaps. Report to the G-20 Finance Ministers and Central Bank Governors The Financial Crisis and Information Gaps Report to the G-20 Finance Ministers and Central Bank Governors Prepared by the IMF Staff and the FSB Secretariat October 29, 2009 2 Contents Page List of Abbreviations

More information

Highlights of international banking and financial market activity 1

Highlights of international banking and financial market activity 1 Naohiko Baba Blaise Gadanecz Patrick McGuire naohiko.baba@bis.org blaise.gadanecz@bis.org patrick.mcguire@bis.org Highlights of international banking and financial market activity The BIS, in cooperation

More information

Financial stability risks: old and new

Financial stability risks: old and new Financial stability risks: old and new Hyun Song Shin* Bank for International Settlements 4 December 2014 Brookings Institution Washington DC *Views expressed here are mine, not necessarily those of the

More information

Intraday Liquidity Monitoring Solution

Intraday Liquidity Monitoring Solution Treasury and Trade Solutions Global Clearing & FI Payments Citi Academy for Financial Institutions July 2015 Intraday Liquidity Monitoring Solution Carolina Caballero Intraday Liquidity Product Manager

More information

Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward,

Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward, Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward, December 14, 2011 Ashima Goyal 1 Structure of the Presentation Bank risks; GFC and relative ranking

More information

G-20 Data Gaps Initiative

G-20 Data Gaps Initiative G-20 Data Gaps Initiative High Level Meeting and Regional Seminar on the Implementation of 2008 SNA and Supporting Statistics in the Arab Region Amman June 24, 2013 Reproductions of this material or any

More information

Understanding Financial Interconnectedness

Understanding Financial Interconnectedness Understanding Financial Interconnectedness Key Messages Utility Bilateral surveillance Multilateral surveillance Macro-prudential policies Swap Lines England ECB Switzerland United States JAPAN Swap Lines

More information

Key Aspects of Macroprudential Policy

Key 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 information

China: Beyond the headlines. Bill Maldonado HSBC Global Asset Management

China: Beyond the headlines. Bill Maldonado HSBC Global Asset Management China: Beyond the headlines Bill Maldonado HSBC Global Asset Management Are you a China Bull or a Bear? Source: Various news publications 2 Bear myth #1: Hard landing? GDP: Growth is slowing, but it s

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Seventh progress report on adoption of the Basel regulatory framework October 2014 This publication is available on the BIS website (www.bis.org). Bank for International

More information

Basel Committee on Banking Supervision. Proportionality in bank regulation and supervision a survey on current practices

Basel Committee on Banking Supervision. Proportionality in bank regulation and supervision a survey on current practices Basel Committee on Banking Supervision Proportionality in bank regulation and supervision a survey on current practices March 2019 This publication is available on the BIS website (www.bis.org). Bank for

More information

Financial Stability Review November Press Briefing Luis de Guindos 29 November 2018

Financial Stability Review November Press Briefing Luis de Guindos 29 November 2018 Financial Stability Review November 218 Press Briefing Luis de Guindos 29 November 218 Risk assessment The financial stability environment has become more challenging Four key risks over a two-year horizon

More information

Data on bilateral external positions, an insight into globalisation 1

Data on bilateral external positions, an insight into globalisation 1 Data on bilateral external positions, an insight into globalisation 1 Lucie Laliberté 2 and John Motala 3 During the past decade, cross-border financial transactions tripled to more than $7 trillion, reaching

More information

Measuring Global Flow of Funds: A Case Study on China, Japan and the United States

Measuring Global Flow of Funds: A Case Study on China, Japan and the United States Measuring Global Flow of Funds: A Case Study on China, Japan and the United States Nan Zhang (Hiroshima Shudo University, Japan) Xiuzhen Zhao (Statistics Department, IMF) Paper prepared for the 35th IARIW

More information

Stress Testing zwischen Granularität und Geschwindigkeit

Stress Testing zwischen Granularität und Geschwindigkeit Firm-Wide Stress Testing Restricted Stress Testing zwischen Granularität und Geschwindigkeit SAS forum Switzerland 2012 Alexandra Hansis May 2012 Why Stress Testing? Experience of the Crisis Severe losses

More information

GUIDE TO THE INTERNATIONAL BANKING STATISTICS

GUIDE TO THE INTERNATIONAL BANKING STATISTICS July 2000 GUIDE TO THE INTERNATIONAL BANKING STATISTICS BANK FOR INTERNATIONAL SETTLEMENTS Monetary and Economic Department Basel, Switzerland Bank for International Settlements 2000. All rights reserved.

More information

The Past Five Years of G20 DGI Implementation in Indonesia

The Past Five Years of G20 DGI Implementation in Indonesia The Past Five Years of G20 DGI Implementation in Indonesia The Joint FSB/IMNF Global Conference Basel, Switzerland 25-26 June 2014 KEMENTERIAN KEUANGAN REPUBLIK INDONESIA Outline National data cooperation

More information

OTC Derivatives Market Reforms. Third Progress Report on Implementation

OTC Derivatives Market Reforms. Third Progress Report on Implementation OTC Derivatives Market Reforms Third Progress Report on Implementation 15 June 2012 Foreword This is the third progress report by the FSB on OTC derivatives markets reform implementation. In September

More information

Statistical release: OTC derivatives statistics at end-june Monetary and Economic Department

Statistical release: OTC derivatives statistics at end-june Monetary and Economic Department Statistical release: OTC derivatives statistics at end-june 202 Monetary and Economic Department November 202 Queries concerning this release should be addressed to ibfs.derivatives@bis.org. Bank for International

More information

Basel Committee on Banking Supervision. Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation

Basel Committee on Banking Supervision. Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation Basel Committee on Banking Supervision Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation October 2012 This publication is available on the BIS website (www.bis.org).

More information

11 th July 2011

11 th July 2011 Pinners Hall 105-108 Old Broad Street London EC2N 1EX tel: + 44 (0)20 7216 8947 fax: + 44 (2)20 7216 8928 web: www.ibfed.org Mr Svein Andresen Secretary General Financial Stability Board c/o Bank for International

More information

Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision. R. Barry Johnston

Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision. R. Barry Johnston Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision R. Barry Johnston Financial crisis highlighted the need to focus on systemic risk Unprecedented reach of the financial

More information

International financial flows and the Eurosystem s asset purchase programme: evidence from b.o.p and security by security data 1

International financial flows and the Eurosystem s asset purchase programme: evidence from b.o.p and security by security data 1 Ninth IFC Conference on Are post-crisis statistical initiatives completed? Basel, 3-31 August 218 International financial flows and the Eurosystem s asset purchase programme: evidence from b.o.p and security

More information

TOO MUCH DEBT, FINANCIAL SYSTEM STABILITY AND WIDER ECONOMIC IMPACTS

TOO MUCH DEBT, FINANCIAL SYSTEM STABILITY AND WIDER ECONOMIC IMPACTS TOO MUCH DEBT, FINANCIAL SYSTEM STABILITY AND WIDER ECONOMIC IMPACTS 16 th Annual Chicago Federal Reserve Bank International Banking Conference: Shadow Banking Within and Across National Borders 7 November

More information

US Banks International Balance Sheet Linkages: A Data Survey

US Banks International Balance Sheet Linkages: A Data Survey MPRA Munich Personal RePEc Archive US Banks International Balance Sheet Linkages: A Data Survey Carmela D Avino University of East London 2014 Online at https://mpra.ub.uni-muenchen.de/69422/ MPRA Paper

More information

Future of Central Bank Cooperation in Asia, Latin America, and Caribbean States

Future of Central Bank Cooperation in Asia, Latin America, and Caribbean States October 11, 2012 Bank of Japan Future of Central Bank Cooperation in Asia, Latin America, and Caribbean States Remarks at the BOJ-CEMLA Seminar on Regional Financial Cooperation Kiyohiko G. Nishimura Deputy

More information

Certified Basel iii Professional (CBiiiPro) Official Prep Course Part A. Basel iii Compliance Professionals Association (BiiiCPA)

Certified Basel iii Professional (CBiiiPro) Official Prep Course Part A. Basel iii Compliance Professionals Association (BiiiCPA) Certified Basel iii Professional (CBiiiPro) Official Prep Course Part A Basel iii Compliance Professionals Association (BiiiCPA) The largest association of Basel iii Professionals in the world Introduction

More information

Understanding Global Liquidity

Understanding Global Liquidity Understanding Global Liquidity Boris Hofmann Bank for International Settlements Seminar presentation at the National Bank of Poland 13 May 214 The opinions are those of the author only and do not necessarily

More information

International Coordination in Addressing Spillovers: Problems and Solution Strategies

International Coordination in Addressing Spillovers: Problems and Solution Strategies International Coordination in Addressing Spillovers: Problems and Solution Strategies Ila Patnaik National Institute of Public Finance and Policy, New Delhi CAFIN Workshop, April 25-26, 2014, UC Santa

More information

Consequences of ageing for international finance

Consequences of ageing for international finance Consequences of ageing for international finance Hyun Song Shin* Bank for International Settlements G20 Symposium: For the Better Future: Demographic Changes and Macroeconomic Challenges Tokyo, 17 January

More information

The Financial Crisis and Information Gaps. Progress Report Action Plans and Timetables

The Financial Crisis and Information Gaps. Progress Report Action Plans and Timetables The Financial Crisis and Information Gaps Progress Report Action Plans and Timetables Prepared by the IMF Staff and the FSB Secretariat May 2010 2 CONTENTS PAGE Contents...2 List of Abbreviations and Acronyms...3

More information

Emerging markets in the global crisis and beyond

Emerging markets in the global crisis and beyond Emerging markets in the global crisis and beyond May 5, 29 Maria Laura Lanzeni Head of Emerging Markets Think Tank of Deutsche Bank Group Agenda Emerging markets & BRICs as global players Impact of the

More information

Euro area financial regulation: where do we stand?

Euro area financial regulation: where do we stand? Euro area financial regulation: where do we stand? Benoît Cœuré Member of the Executive Board European Central Bank Paris, 18 January 2013 1 Euro area banking sector - What has been done? 2 Large amounts

More information