CENTRAL BANKING ANNUAL TRAINING COURSE/SEMINAR SERIES
SPRING 2005
CURRENT CHALLENGES AND THE FUTURE OF CENTRAL BANK STATISTICS
Course director:
The independent world forum for central bankers and financial supervisors
Philip Turnbull
Consultant in Official Statistics Series adviser:
4-day intensive residential programme
17-21 April 2005
Charles Goodhart, CBE
Professor Emeritus, London School of Economics, Financial Markets Group
The venue:
Cumberland Lodge
The Great Park Windsor
Central Banking Publications Ltd Tavistock House Tavistock Square London WC1H 9JZ, UK Tel: +44 20 7388 0006 Fax: +44 20 7388 9040 Email: conference@centralbanking.co.uk Website: www.centralbanking.co.uk
CENTRAL BANKING PUBLICATIONS LTD
Tavistock House, Tavistock Square, London WC1H 9JZ, UK Tel +44 20 7388 0006 • Fax +44 20 7388 9040 Email info@centralbanking.co.uk • Website www.centralbanking.co.uk
CURRENT CHALLENGES AND THE FUTURE OF CENTRAL BANK STATISTICS
Dear Delegate,
High quality statistics are essential for a central bank to carry out its core functions effectively. This is no easy task, as statistics departments in central banks face expanding requirements from users and new reporting obligations, and the increasing technical challenge posed by evolving financial markets. Statistical departments need to be able to deliver high quality, relevant data, and they need to do this efficiently and reliably using limited resources. Many central bankers now feel that they operate within a more stable economic and political framework. However, they are increasingly aware that their ability to conduct good policy is dependent on the quality of their statistics. The performance of complex economic models and the ability of policymakers to meet their targets depends more than ever on the reliability of the information they are given about the state of the economy. Statistics departments realise that to meet these challenges they must continually improve their skills and techniques, and ensure that their operating methods keep up with international best practice. This new training course/seminar will equip heads and senior managers of statistical functions to identify and tackle these challenges, and will assist them in keeping up with the very latest developments and upcoming trends in statistics provision in central banks. The idea of the course is to provide a rounded view of the state of the art in central bank statistics provision. It aims to complement the range of more narrowly focused courses provided by other organisations. Expert presenters from central banks and the private sector will lead discussions which will enable delegates to compare their central bank’s statistical work and range of responsibilities against those of comparator and leading institutions, and identify opportunities for improving the collection, management and delivery of statistical information. The course will include workshop groups on key issues in statistics provision, and the roundtable format allows delegates to exchange views with their peers in an informal setting. Reference material will be provided for subsequent study as well as summaries of the presentations. We look forward to welcoming you to Windsor. Yours sincerely,
William Clarke, PhD, CBE Chairman, Central Banking Publications
SUNDAY 17th APRIL
REGISTRATION
Welcoming Dinner
MONDAY 18th APRIL THE EVOLVING ROLE OF THE STATISTICS DEPARTMENT
Chairman: Philip Turnbull
Consultant in Official Statistics and former Head of Statistics at the Bank of England and multi-sector statistics advisor at the IMF
Central bank policy needs for statistics
Introduction and welcome
Statistics departments must deliver relevant and reliable data to meet their users’ needs, but what are those needs? This session looks at the monetary policy and financial stability functions of central banks, and how statistics are used in decision-making. It will consider how demands are changing through the use of new models or approaches, not just for the content but also for the presentation of statistics.
The IMF perspective
Alfredo M. Leone
Senior Advisor, International Monetary Fund
The International Monetary Fund is an important influence on central bank statistics, through its data standards and reporting requirements. This session will cover the General Data Dissemination System (GDDS), the Special Data Dissemmination Standards (SDDS), data quality, IMF manuals including financial soundness indicators, and International Financial Statistics. It will also examine the input of statistics departments into Article IV consultations, as well as the Fund’s training and technical assistance role in statistics.
Organisation and management of central bank statistics
Peter Bull
Former Head of Statistics Directorate at the European Central Bank
Where should the statistics function be located in a central bank? How should it be structured? How should its relationships with users be organised? How should the reporting burden on respondents be assessed? This session will consider these questions and issues relating to reporting lines, codes of practice, and the separation of statistics and policy roles. It will also address relationships with external suppliers of statistics, and any necessary supporting legislation. The speaker is in a unique position to speak on these issues since he was responsible for setting up a statistics division from scratch for the European Central Bank (and its predecessor, the European Monetary Institute).
Integrated macroeconomic accounts and the central bank’s role
Stuart Brown
Division Head, UK Office for National Statistics
The central bank is responsible for collecting only a subset of national economic statistics. As such, it must act both as a supplier of this specialised information and as a client of wider statistical information. This session considers how to view the system of macroeconomic national accounts as an integrated framework, and considers the central bank’s role as supplier of money, banking and balance of payments statistics. The speaker will also examine the formal and informal working relationships between a central bank and a national statistical office, including common definitions and procedures, and codes of practice.
TUESDAY 19th APRIL
MONEY, BANKING AND FISCAL STATISTICS
Philip Turnbull will introduce the topic and present the international standards of banking statistics, while David Willoughby will look at national and practical considerations, including how to reconcile the often conflicting objectives of providing banking statistics for supervisory and macroeconomic purposes.
Banking statistics for economic policy
David Willoughby
formerly responsible for monetary statistics and briefing of the Monetary Policy Committee at the Bank of England, and Philip Turnbull
The collection and compilation of banking statistics is perhaps the one common core responsibility of all central bank statisticians, with accuracy, speed, and efficiency being essential.
Monetary statistics
David Willoughby and Philip Turnbull
The compilation of monetary statistics from banking data is another core function of central banks, and remains an important consideration in monetary policy. Philip Turnbull will discuss the IMF standards for monetary statistics and give some examples of definitions used around the world. David Willoughby will look at the specific UK and historical examples of definitions, and consider the practical issues of measurement including stocks versus flows, and how the data relate to other key statistical areas.
banking sector via their financial stability mandate. This session will consider the needs of supervisors for banking statistics, and their relationship with central bank statistics departments. It will also address the implications of the new Basel capital accord for the demand for banking statistics, and the issue of whether to aim for a single integrated data collection system or accept different systems for supervision and for economic policy.
Fiscal statistics
Speaker to be confirmed
Central banks do not always have a direct responsibility or role in the production of government fiscal and debt statistics. Nevertheless, they do retain an interest due to the impact on monetary policy and financial markets. This session will discuss why the central bank should be involved, and how its involvement in the production of fiscal statistics should be managed. It will also cover relevant international standards and the importance of consistency of fiscal statistics with monetary and balance of payments data.
Banking data for supervision and financial stability
Speaker to be confirmed
Although many central banks no longer hold direct responsibility for bank supervision, they remain a source of banking data and retain an interest in the state of the
WEDNESDAY 20th APRIL
INTERNATIONAL LINKAGES
Lessons and issues from participants experience
Syndicate groups
Delegates will be split into smaller working groups to consider key questions on statistics arising from their own experiences as well as wider issues and challenges to the statisticians’ role in the central bank. Participants will be given a chance to choose their topic group in advance and will be expected to give a short presentation to other working-group members. Depending on attendance and preferences, topics may include money and banking statistics, balance of payments statistics, the scope of central bank statistical work and management and links to national statistical offices.
Issues and challenges for balance of payments statistics
Jorma Hilpinen
Bank of Finland
and Philip Turnbull Central banks are commonly responsible for the compilation of balance of payments statistics, but there are two competing approaches to this task. Countries with a history of regulatory capital controls often retain a transactions approach, collecting data on customer transactions via the banking system. Other countries use a survey approach to collect aggregate data from end-users. Increasingly a mixture of the two approaches is being adopted. This session will discuss the relative advantages and disadvantages of each tradition, as well as looking at mixed models, different data sources, international standards and the measurement of stocks as well as flows.
Comments from past delegates: "The conference has proven most useful… sharing of views and experiences was embraced and will prove invaluable"
Group discussion of issues on balance of payments statistics
Group workshop
As policymakers re-evaluate their approach to balance-ofpayments statistics it is particularly useful to examine the experiences and approaches adopted by peer-group institutions. In this session, delegates will be called on to discuss their own experiences with balance of payments issues, including their priorities and a consideration of the way forward.
"Good selection of participants -- all high level of professionals -- very important for dialogue and exchange of experiences" "I have attended many workshops for central bankers. Those organised by Central Banking Publications are by far the best" " the conference was valuable in bringing us together and allowing networking, in highlighting issues of common concern" "Thank you for this marvellous and fruitful conference!" "Standing ovation for the idea of the conference, its venue and organisation"
THURSDAY 21st APRIL
FUTURE CHALLENGES
Lessons and key issues for the future of central bank statistics
Philip Turnbull
This session will bring together the different themes of the course and focus on key ideas and conclusions. Delegates will reflect on lessons learnt throughout the course and identify opportunities for moving forward, both in their own organisations and at the international level.
Plenary session from workshops
The working groups from Wednesday’s sessions will report back, summarising their discussions, experiences and conclusions for the benefit of other delegates. This will be followed by an open discussion
Other training courses available in our Spring Series 2005:
- How to Combat Money Laundering, Financial Crime and the Abuse of Electronic Payments
(10-14 April 2005)
- Leadership and Strategic Management of Organisational Change in Central Banks and Regulatory Agencies (10-14 April 2005) - Information Technology Management for Central Bankers and Supervisors (10-14 April 2005) - The Pursuit of Financial Stability: What Works and What Doesn’t (17-21 April 2005) - Maximising the Value of Economic Analysis for Central Banks (17-21 April 2005)
For detailed programmes and a fax-back registration form for each of these key courses, please visit:
www.centralbanking.co.uk/conferences
Previous attendees:
Central Bank of Algeria; National Bank of Angola; Central Bank of the Rep of Armenia; Central Bank of Aruba; Oesterreichische Nationalbank (Austria); Central Bank of the Bahamas; Central Bank of Barbados; National Bank of Belgium; Commission Bancaire et Financière (Belgium); Bermuda Monetary Authority; Central Bank of Bosnia and Herzegovina; Brazilian Court of Audit; Banque de la Republique du Burundi; Bank of Canada; Bank of Cape Verde; Eastern Caribbean Central Bank; Cayman Islands Monetary Authority; Central Bank of Chile; Banco de la República, Colombia; Superintendencia General De Valores (Costa Rica), Consejo Nacional de Supervision del Sistema Financia (Costa Rica); Croatian National Bank; Central Bank of Cyprus; Czech National Bank; National Bank of Denmark; Bank of the Dominican Republic; Bank of England; Bank of Estonia; Reserve Bank of Fiji; Bank of Finland; Financial Supervision Authority (Finland); Bank of France; Central Bank of The Gambia; Deutsche At Cumberland Lodge: Bundesbank; German Federal Financial Supervisory Authority; Ministry of Finance (Germany); European Central Bank; Securities and Regulatory Commission (Ghana); Bank of Ghana; Bank of Greece; Bank of Guatemala; Central Bank of Guyana; Bank of Haiti; Securities and Futures Commission (Hong Kong); Hong Kong Monetary Authority; National Bank of Hungary; Central Bank of Iceland; Reserve Bank of India; Bank Indonesia; Central Bank of Iran; Central Bank of Ireland; Bank of Israel; Commissione Nazionale per le Societá e la Borsa (Italy); Bank of Italy; Bank of Jamaica; Financial Services Commission (Jamaica); The Bank of Japan; Central Bank of Kenya; The Bank of Korea; Financial Supervisory Services (Korea); National Bank of Kyrgyz Republic; Central Bank of Kuwait; Bank of Latvia; Central Bank of Lesotho; Central Bank of Libya; Bank of Lithuania; Reserve Bank of Malawi; Securities Commission (Malaysia); Central Bank of Malaysia; Labuan Offshore Financial Services Authority (Malaysia); Bank of Mexico; National Bank of Moldova; Bank of Mongolia; Central Bank of Montenegro; Central Bank of Drawing Room Mozambique; Bank of Namibia; The Netherlands Bank; Pensioen & Verzekeringskamer (The Netherlands); Reserve Bank of New Zealand; Central Bank of Nigeria; Central Bank of Norway; Central Bank of Oman; State Bank of Pakistan; National Securities Commission (Panama); Central Bank of Peru; Central Bank of the Philippines; Poland’s State Office for Insurance Supervision; National Bank of Poland; Bank of Portugal; Saudi Arabian Monetary Agency; National Bank of Serbia; Bank of Sierra Leone; The Monetary Authority of Singapore; National Bank of Slovakia; South African Reserve Bank; Comision National del Melcado de Valores (Spain); Central Bank of Sri Lanka; Central Bank of Swaziland, Sveriges Riksbank (Sweden); Swedish Financial Supervision Authority, Swiss National Bank; BIS; Central Bank of China (Taiwan); Bank of Tanzania; Bank of Thailand; Central Bank of Trinidad and Tobago; Capital Market Board (Turkey); Central Bank of the Rep of Turkey; Banking Regulation & Supervision Agency of Turkey; Bank of Uganda; Central Bank of the United Arab Emirates; Bank Indonesia (USA); Federal Reserve System (USA); Central Bank of Venezuela; Bank of Zambia; Reserve Bank of Bedrooms Zimbabwe
REGISTRATION FORM
ANNUAL TRAINING COURSE/SEMINAR SERIES
– SPRING 2005 –
CURRENT CHALLENGES AND THE FUTURE OF CENTRAL BANKS STATISTICS
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Course Fee:
£2,400/$4,500 (VAT at 0% for delegates employed by government in furtherance of its sovereign activities.)
4 day (4 nights) residential course (3pm 17 April – 2pm 21 April 2005)*
* Accommodation outside these dates at Cumberland Lodge is not available
Course fee includes en-suite accommodation, meals, refreshments, all course documentation and a complimentary copy of the most recent issue of the Central Banking journal. Substitute delegates can be accepted should the above registered delegate be unable to attend; please let us know prior to the event. Accommodation is based on en-suite single rooms. Please tick here if you are happy to share a twin room with one other possible delegate of the same gender. In cases of shared room, we shall refund £120 to you during the course.
We accept delegates on a "first-come, first-served" basis. A full refund will be given for cancellations received (in writing) up to 30 days before the event, but a handling fee of £100 will be deducted from the refund. Cancellations received 30 days or less, a 50% refund will apply. Cancellations received less than one week prior to the event are liable to pay the full registration fee. Disclaimer: Central Banking Publications Ltd reserves the right to change or cancel any part of this programme due to unforeseen circumstances. Please note: in completing this registration form, you undertake to abide by our cancellation and payment terms. We recommend that you take out adequate insurance to cover the event of cancellation.
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Tel: +44 20 7388 0006 Fax: +44 20 7388 9040 Email: conference@centralbanking.co.uk Website: http://www.centralbanking.co.uk www pdf