Dear Delegate,

New technical challenges for central bank statisticians emerge every year due to the rapid evolution of financial markets. Recent examples include the need for data on credit market exposures and migrant remittances.  

This four-day residential seminar is aimed at helping central bank statisticians meet ever-expanding requirements from users and reporting obligations.

The event includes sessions on key issues in statistics provision, and the roundtable format allows delegates to exchange views with their peers in an informal setting. In addition to session that address the “core” of central bank statistics offices’ work, the 2008 seminar will include new sessions on emerging issues from the 2007 credit crisis and the increasing focus on the need for timely and accurate data on migrant remittances.
Statistical departments are under strong pressure to deliver high-quality, relevant data. Moreover, they need to do this efficiently and reliably using limited resources.

As the economic and financial analysis conducted in central banks becomes ever more dependent on complex economic models, the reliability of the information they are given about the state of the economy is paramount.

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.

Assisted by expert presenters from central banks and the private sector, discussions will enable delegates to compare their central bank’s statistical work and range of responsibilities with those of comparator and leading institutions, and identify opportunities for improving the collection, management and delivery of statistical information.

Since 1999, over 1,400 supervisors and central bankers have attended roundtable seminars hosted by Central Banking Publications. We look forward to welcoming you to this seminar in Windsor.

Yours sincerely,

Robert Pringle
Managing Director

Sunday, 6th April

Registration

Welcoming Dinner

Monday, 7th April

Management Challenges to Statistics Departments in Central Banks

Managing central bank statistics
Roundtable session, led by Philip Turnbull

What are the most important functions of central bank statisticians and what are the most significant current challenges to meeting the expectations placed on the statistics office? Delegates will be expected to give a brief account of their own system and processes for gathering, managing and applying statistics. The focus will be on explaining the most pressing issues currently facing their home institution with regard to the management of the statistics division/department. The session also allows delegates the opportunity to coordinate their thinking about which themes they would like to see discussed in detail over the course of the seminar.

Statistical needs for central bank policymaking
Roger Clews
Special Adviser, Bank of England

Statistics departments must deliver relevant and reliable data to meet their users’ needs. But what are those needs? This session looks at two of the most important functions of modern central banks – monetary policy and financial stability – and how statistics are used in decision-making. The speaker will consider, from the perspective of a user of central bank statistics, how demands are changing through the use of new models, not just for the content but also for the presentation of statistics. The speaker will also consider what new sources of data on credit and structured finance markets are most pressing in light of the credit crisis.

The organisation and management of central bank statistics
Peter Bull
Former Head and Current Advisor to the Statistics Directorate, European Central Bank

This session will consider questions 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 the key issues related to the legislation required for this. 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).

Group discussion: Organisation and management of central bank statistics
Led by Peter Bull and Philip Turnbull

Where should the statistics function be located in a central bank? How should it be structured? How should its relationships with users be organised? This discussion session offers delegates an opportunity to benefit from each other’s expertise and experience in confronting common problems.

Tuesday, 8th April

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. It acts both as a supplier of this specialised information and as a consumer 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 typical 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.

New approaches to compiling balance-of-payments statistics
Stuart Brown

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 method, as well as looking at mixed models, different data sources, international standards and the measurement of stocks as well as flows.

Compiling and presenting remittance statistics
Valsa Shah
Former Economic Adviser, Department for International Development

The increasing importance of migrant remittances has now been recognised by developed countries – recently emerging as a key area of discussion on the G8 agenda – and developing countries alike. In most cases, remittance flows are now a greater than official aid and second only to foreign direct investment as a source of foreign capital. Yet, because of the significant role informal banking plays in this industry, a lack of timely and accurate data is often identified as a major obstacle to improving service delivery and establishing robust regulatory frameworks. This session will survey the work being done on a multilateral basis to improve the collection and organisation of remittance statistics and provides examples of how remittance data is collected on a national level.

Collecting and organising monetary and banking statistics
Karsten von Kleist
Deputy Head, International Financial Statistics, Bank for International Settlements (invited)

The compilation of monetary statistics from banking data is another core function of central banks, and remains an important consideration in monetary policy. The speaker will discuss the IMF standards for monetary statistics and give some examples of definitions used around the world. Discussion will focus on a number of practical issues of measurement including stocks versus flows, and how the data relate to other key statistical areas.

Banking statistics for monetary and economic policy
Jean-Marc Israël
Head of the Monetary, Financial Institutions and Markets Statistics Division, European Central Bank

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. The speaker will draw on practical considerations, including how to reconcile the often conflicting objectives of providing banking statistics for supervisory and macroeconomic purposes, and links to wider macroeconomic statistics.

Wednesday, 9th April

Decentralised Delivery and the Role of the IMF

Managing decentralised service delivery
Jean-Marc Israël

Statistics collections, management and delivery is often organised in a decentralised manner. A prime example of this is the work done by the national central banks (NCBs) within the context of the eurosystem. In this session the speaker will explain the lines of reporting that exist between the NCBs and the European Central Bank. The aim will be to draw universally-applicable conclusions about managing decentralised service delivery.

The IMF perspective
William Alexander
Deputy Director, Statistics Department, International Monetary Fund

The IMF has an important influence on central bank statistics, through its data standards and reporting requirements. This session will examine the central role of statistics in IMF Article IV consultations. It will also cover the General Data Dissemination System (GDDS), the Special Data Dissemination Standards (SDDS), data quality, IMF manuals including financial soundness indicators, International Financial Statistics, and the Fund’s technical assistance role in statistics.

Lessons and issues from participants’ experience
Syndicate groups

Delegates will be split into smaller working groups to consider questions arising from their own experiences as well as wider issues and challenges. 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 preferences, topics may include:

• Money and banking statistics
• Balance-of-payments statistics
• The scope of central bank statistical work
• Management and links to national statistical offices

Thursday, 10th April

Future Challenges
Chairman: Philip Turnbull

Lessons for the credit crunch
Speaker to be confirmed

The credit crunch that started in mid-2007 has underlined the increasing importance of financial activity that takes place off the balance sheets of the traditional banking sector. But exactly because much of the financial innovation in recent years has taken place outside the banking sector, and because structured finance products are largely held by non-banks (or by banks in off-balance sheet special investment vehicles), central banks and regulators have found it very difficult to collect data on credit markets exposures. This session will consider where the greatest needs for data on credit market transfers are and how central banks are addressing these needs.

Plenary session from workshops
Led by Philip Turnbull

The working groups from the previous session will report back, summarising their discussions, experiences and conclusions for the benefit of other delegates. This will be followed by an open discussion.

Lessons and key issues for the future of central bank statistics
Discussion led by 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.