VII Meeting of the Financial Information Forum

The Financial Information Forum of Latin American and Caribbean Central Banks (FIF) was established in October 2014 by the Center for Latin American Monetary Studies (CEMLA), as a regional response for central banks' needs in identifying, monitoring and discussing common issues related to the improvement of financial information models in line with international efforts made in this field.

Since its implementation, seven meetings have been held. The FIF is led by an Executive Committee, currently with representatives of central banks of Mexico, Chile, Peru, and Brazil. CEMLA acts as the FIF Secretariat.

The VII edition of the Forum, was held in Virtual Format, on 25 - 27 May 2021.  The meeting was attended by 137 officials from 29 countries participated and represented by 33 institutions from Latin America, the Caribbean and Europe (Argentina, Barbados, Bolivia, Brazil, Cayman Islands, Chile, Colombia, Costa Rica, Curaçao en Sint Maarten, Dominican Republic, Ecuador, El Salvador, Germany, Guatemala, Honduras, Italy, Mexico, Nicaragua, Norway, Panama, Peru, Portugal, Saint Kitts and Nevis, Spain, Suriname, Switzerland, Trinidad & Tobago, Uruguay, and United States of America), including associates and collaborating members.

The VII Meeting aimed at sharing regional and international experiences about data governance, advances in data governance, security challenges for the use of micro-data and COVID-related data challenges in Latin America and the Caribbean.

 

Keynote Session: Data governance in central banks: the experience of the European Central Bank
Silke Stapel-Weber, Director General of Statistics, European Central Bank (ECB)

Mrs. Stapel-Weber explained the changing role of data governance at central banks. She also described the ECB approach in this field by pointing out the evolving data governance structure of the ECB and how it is embedded in the ECB operation. She defined data as a strategic asset and as an essential resource for economic growth, competitiveness, innovation, job creation and societal progress. Her discussion remarked that one of the most important objectives of data governance is the maximization of the value of data for partner institutions, academia and the general public, bearing in mind the importance of confidentiality and data protection issues. She highlighted components of the European Commission 2020 Data Strategy, including data standardization initiatives via European regulation (such as Legal Entity Identifier, LEI), an improved legal framework on business data sharing, and new cross-sector interoperability standards. Common master data are centrally available and can be jointly managed by multiple institutions, including feedback from users. Mrs. Stapel-Weber further highlighted that one of the success factors of the ECB Data Office has been to enable more scalable and replicable advanced analytics based on integrated multi-purpose datasets.

 

Session 1. Advances in Data Governance at Central Banks

This session was devoted to share international experiences on the advances in central bank data governance. The presentations discussed the growing demand of microdata as a way to increase central banks' analytic capabilities. The two presentations were the following:  

Fernando Ávila – Director, Financial System Information, Banco de México
Mr. Ávila highlighted the importance of a safe management of personal data as well as the increasing need for granular information for analysis. Banco de Mexico has been implementing several improvements in personal data governance. These initiatives include the study of different solutions for safeguarding document exchanges and implementing better practices for safeguarding information in secondary devices.

Luis Teles Dias – Deputy Director, Statistics Department, Banco de Portugal
Mr. Teles explained the importance of coordinating the statistics and IT departments at central banks. He also highlighted initiatives at Banco de Portugal related to the rationalization of data collection processes and the maximization of the usefulness of the available data. Additionally, he described key principles guiding the bank's data governance framework, such as a multi-layered governance model and the reference model for data management. The data governance model consists of centralized data management with decentralized responsibilities. Banco de Portugal adopted an integrated data collection model where they give preference for the collection of microdata to address multiple purposes. Finally, he explained the implementation of a data catalogue and a new reference data management system which use common identifiers across multiple datasets.

 

Session 2. Governance and Security Challenges for the Use of Micro-Data

This session discussed experiences in addressing key governance challenges related to the collection and management of micro-data at central banks. The speakers identified important micro-data challenges and the way the central banks face the need for new information governance schemes. Also, they explained their governance models, and the different stakeholders and players involved in data management processes. They discussed the way central banks manage the access of data by researchers, the need for granular information, and the use of micro-data for stress test scenarios, among other topics.

Gabriela Ruberg – Senior Analyst at the Information Governance Office, Banco Central do Brasil
Mrs. Ruberg presented a list of large datasets that Banco Central do Brasil processes. She highlighted several data security challenges related to IT issues, anonymization processes, and data access. The presentation remarked further challenges including data quality issues, information-related risks and regulatory reporting costs. She explained two important data platforms, Olinda and PIER. The former allows data sharing based on a plug & play approach, while latter is a blockchain-based platform to provide a decentralized catalogue and to ensure a secure exchange of information. Mrs. Ruberg also discussed how data governance has to foster a sustainable data security environment. In the near future, some further challenges include a continuous data-sharing approach and a real-time monitoring of data collection.

Henrik Borchgrevink – Director, Macroprudential Unit, Norges Bank
Mr. Borchgrevink introduced key features of data governance at Norges Bank, including the existence of an IT data management unit. He identified some challenges regarding the definition of roles and responsibilities for different units involved in data management. He also discussed the trade-off between security and usability involved in any data governance scheme. Finally, he discussed questions related to the sufficiency of pseudonymization of personal identifiers, as well as the appropriate timing to delete stored data.
 
Remigio Echeverría – Head of the Securities and Financial Markets Data Division, European Central Bank
Mr. Echeverría explained how recent financial crises exposed the need to collect micro-data, in particular financial micro-data. He gave some valuable examples regarding the need to collect micro-data on securities and other financial assets. Some of the most interesting examples included data capturing the contagion chains among banks, as well as relevant data on banking resolution and on financial losses by central banks. Mr. Echeverría presented an overview of available micro-data in the Eurosystem, including AnaCredit and iBSI (individual monetary financial institutions [MFI] balance sheet items). Finally, he highlighted the importance of ensuring consistency and efficiency in providing a wider access to confidential statistical information.

Introduction: Central banks' information disclosure during the COVID-19 pandemic in the LAC region
Paula Seixas de Oliveira, Deputy Director General, CEMLA
Mrs. Seixas presented an analysis of central banks' information disclosure during the COVID-19 pandemic in the LAC region. She analyzed four important characteristics of data disclosure: accessibility, content, disclosure framework and accountability. Mrs. Seixas found that 19 Central Banks have links in their home websites to the measures taken during the pandemic. Regarding the content, the websites contain macro-prudential measures, quantitative, qualitative and regulatory information. The way this information is reported varies considerable across central banks in the region.  

 

Sessions 3 and 4. Tour de Table on COVID-related Data Challenges

In these sessions the FIF Members discussed in an open round the countries' experiences in dealing with challenges related to data collection and management at central banks during the COVID-19 Pandemic. Representatives from the FIF member jurisdictions shared the most relevant statistical challenges faced by central banks in the pandemic.

Meeting conclusions and FIF next steps (only for FIF members)

In this session FIF members discussed the main conclusions of the VII Meeting, as well as the proposal of new ideas for the continuity of the FIF. The session was chaired by the FIF Executive Committee.

 

Tuesday, May 25

Welcome remarks
Dr. Manuel Ramos-Francia, Director General, CEMLA

Keynote Session: Data governance in central banks: the experience of the European Central Bank
Silke Stapel-Weber, Director General of Statistics, European Central Bank
Chair: Matias Ossandon Busch, Senior Economist, CEMLA

 

Session 1. Advances in Data Governance at Central Banks

Fernando Ávila – Director, Financial System Information, Banco de México
Luís Teles Dias – Deputy Director, Statistics Department, Banco de Portugal

Chair: Gloria Peña, Head of the Statistics Division, Banco Central de Chile
This session discusses international experiences in setting up data governance schemes at central banks. While central banks' monetary and supervisory functions have been increasingly driven by the use of data technologies, these changes have not come always together with reforms that ensure efficient structures to collect, manage, and disseminate data. This session will discuss these topics addressing the following questions:

- How can central banks move from document-oriented to digital data management?
- How can central banks incorporate (micro-level) supervisory data into policy decisions?
- Which organizational structures can help to reduce frictions in disseminating data within central banks?

 

Wednesday, May 26

Session 2. Governance and Security Challenges for the Use of Micro-Data

Gabriela Ruberg – Senior Analyst at the Information Governance Office, Banco Central do Brasil
Henrik Borchgrevink – Director, Macroprudential Unit, Norges Bank
Remigio Echeverría – Head of the Securities and Financial Markets Data Division, European Central Bank

Chair: Matias Ossandon Busch, Senior Economist, CEMLA
This session discusses experiences in addressing key governance challenges related to the collection and management of micro-data at central banks. Recent years saw an increase in the use of big-data and other data innovations by central banks. This approach has taken on greater significance given the expansion on central banks' role in financial stability. The broader need for micro-data highlights the challenge to define institutional arrangements that are new to most central banks. This session will discuss key challenges around the following questions:      

- Which governance arrangements can facilitate the collection and management of micro-data at central banks?
- How do central banks address security and confidentiality issues?
- How can central banks coordinate with external institutions to collect and manage micro-data?

 

Thursday, May 27

Introduction: Central banks' information disclosure during the COVID-19 pandemic in the LAC region
Paula Seixas de Oliveira, Deputy Director General, CEMLA

 

Session 3. Tour de Table on COVID-related Data Challenges
Chair: Serafín Martínez Jaramillo, Adviser to CEMLA's Director General, CEMLA
This session invites the FIF Members to discuss in an open round countries' experiences in dealing with challenges to data collection and management at central banks during the COVID-19 Pandemic. Representatives from the FIF member jurisdictions will be invited to address in short interventions the following questions.

- Which have been the most relevant statistical challenges faced by central banks in the pandemic?
- Has the pandemic highlighted relevant data gaps?
- How have central banks response to the statistical challenges posed by the pandemic?

 

Session 4. Tour de Table on COVID-related Data Challenges (continued)

Chair: Carlos Montoro, Head of Monetary Policy, Banco Central de la Reserva del Perú

This session invites the FIF Members to discuss in an open round countries' experiences in dealing with challenges to data collection and management at central banks during the COVID-19 Pandemic. Representatives from the FIF member jurisdictions will be invited to address in short interventions the following questions.

- Which have been some of the most relevant statistical challenges faced by central banks in the pandemic?
- Has the pandemic highlighted relevant data gaps?
- How have central banks response to the statistical challenges posed by the pandemic?

 

Closing Remarks
Matias Ossandon Busch, Senior Economist, CEMLA

End of the Meeting

 

Serafín Martínez-Jaramillo
Advisor, CEMLA

Serafin Martinez-Jaramillo is a senior financial researcher at the Financial Stability General Directorate at Banco de México and currently adviser at CEMLA. His research interests include financial stability, systemic risk, financial networks, bankruptcy prediction, genetic programming, multiplex networks and machine learning. Serafin has published book chapters, encyclopedia entries and papers in several journals like IEEE Transactions on Evolutionary Computation, Journal of Financial Stability, Neurocomputing, Journal of Economic Dynamics and Control, Computational Management Science, Journal of Network Theory in Finance and some more. Additionally, he has co-edited two books and two special issues at the Journal of Financial Stability. Serafin holds a PhD in Computational Finance from the University of Essex, UK. He is a member of the editorial board of the Journal of Financial Stability, the Journal of Network Theory in Finance, and the Latin American Journal of Central Banking.

Dr. Silke Stapel-Weber
Director General of Statistics European Central Bank

Silke Stapel-Weber is the Director General for Statistics and the Chief Data Officer of the European Central Bank. The Directorate General Statistics provides statistical products and services to the ECB, the European Systemic Risk Board, other European and International organizations and the public at large. Ms Stapel-Weber represents the ECB in various professional bodies, including the Inter-Agency Group (which involves the UN, IMF, ECB, BIS, World Bank, OECD and the European Commission), the Irving Fisher Committee (member of the IFC Executive) and in the G-20 context. Ms Stapel-Weber chairs the Statistics Committee of the ECB and is an elected member of the International Statistical Institute. Ms Stapel-Weber holds a Ph.D. from the University of Economics Berlin.

Luís Teles Dias
Deputy Director of the Statistics Department of Banco de Portugal

Luis Teles holds an MBA with a major in Information Management. He joined Banco de Portugal in 1983. He worked in the Statistics and Economic Research Department between 1983 and 1997 and the Statistics Department since 1997. He was Head of Division in the Statistics Department between 2001 and 2008, responsible for Monetary and Financial Statistics and the Central Credit Register. Appointed Deputy Director of the Statistics Department in 2009.

He has extensive experience as a representative of Banco de Portugal in several national and international statistical fora:

- Statistics Committee of the ESCB (European System of Central Banks).
- Chairperson of the STAP (Statistical Accessibility and Presentation Group) of the ESCB.
- INEXDA (International Network of Exchanging Experiences on Statistical Handling of Granular Data).
- BIS Data Bank Expert Group.
- Financial Information Forum of the CEMLA.

He participated in numerous statistical cooperation and technical assistance initiatives with more than 25 national central banks. He is a member of the Portuguese Statistical Council (the Government body which oversees and coordinates the National Statistical System). He is the President of the Council of NOVA – Information Management School. He was an invited Lecturer at Universidad NOVA de Lisboa - Information Management School, in the Postgraduate Programme in Statistical Systems.

Remigio Echeverría
Head of the Securities and Financial Markets Data Division, European Central Bank

Remigio Echeverría. Masters degree in Economic Sciences and Business Studies (University of Pais Vasco – Bilbao, Spain) and Masters degree in Law (University of Deusto – Bilbao, Spain). Masters degree in Accounting and Auditing (University Autonoma – Madrid, Spain. In the early 90s, he joined the International Department of Banco de España as Economist and collaborated as an associate professor of international economics at the University Carlos III (Madrid, Spain). In 1997 he moved to Frankfurt (Germany) to work as an Economist in the Monetary, Economic, and Statistics Department of the European Monetary Institute (EMI). Between 1998 and 2011, he worked as Principal Economist and Head of Section in the Balance of Payments and Macroeconomic Statistics Division at the European Central Bank (ECB), leading the teams responsible for balance of payments, financial accounts, and government finance statistics. Between 2011 and 2015, he worked as Senior Adviser in the Directorate General Statistics of the ECB and was also a member of the Advisory Expert Group on National Accounts (AEG). In 2015 he was appointed Head of the External Statistics Division at the ECB. Since 2017, he is Head of the Securities and Financial Markets Data Division at the ECB. He has written several articles and prepared presentations for international seminars and workshops on statistics.

 

- Financial Information Forum (FIF) CEMLA

- International Statistics Institute

- Irving Fisher Committee (BIS)

- IFC Report

- Data Gaps Initiative

- BIS: Implications of Covid-19 for official statistics: a central banking perspective

- BIS: Central banks and external statistics: evolution or revolution?

- Eurpean Central Bank

- VoxEU.org  – CEPR's policy portal