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II Meeting of the Financial Information Forum of Latin American and Caribbean Central Banks

 

The Center for Latin American Monetary Studies (CEMLA) and the Banco de Portugal (BoP) organized the second meeting of the Financial Information Forum of Central Banks of Latin America and the Caribbean (FIF) in Lisbon, Portugal, from May 4 to 7, 2016.

The meeting was attended by over 50 representatives from 25 institutions, including Latin America and Caribbean and European national central banks, and various international organizations, such as the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) and the European Central Bank (ECB).

During the opening of the second meeting of the FIF, Messrs. Pedro Duarte Neves, Deputy Governor of the Bank of Portugal, and Fernando Tenjo Galarza, Director General of CEMLA, highlighted the role of information in the task of central banks to design and implement policies aimed at preserving monetary and financial stability.

The aim of this second meeting of the Forum was the discussion of the most relevant aspects regarding the collection, compilation, management, production and use of financial information in the central banks and international organizations, in a context dominated by new needs and concepts of economic policy and the abundance of information and technological tools for its management.

It is worth noting the organization of two special panel sessions focused on key issues on the international agenda promoted by the Data Gaps Initiative 2 (DGI-2), the use and importance of financial accounts in the central bank, and the role of international organizations in the development of standards and best practices for financial reporting. Panel session on financial accounts was attended by representatives of the central banks of Chile, Portugal, Spain, Turkey and United States., The main entities that make up the Inter-Agency Group on Economic and Financial Statistics (IAG), i.e., BIS, IMF, OECD and ECB, participated in a panel discussion on the role of international organizations in financial information.

The Banco ode Portugal, as host of the meeting, also presented the multiple dimensions and progress of its financial information model, noting that to effectively address the needs of different users, it is important to develop a strategy focused on improving the quality and integrity strategy information, all through an integrated system to manage the different existing micro-databases at the central bank, and also have a body that continuously monitor existing and new needs against information reporting and production processes within the central bank.

As part of the program of the meeting, there were also addressed various issues about the life cycle of financial information at the central bank. On the one hand, a session on the various sources of financial information was organized, with focus in central balance sheet offices (CBSO) trade repositories (TR), the creation of indexes and databases of housing prices; as well as, some aspects related to the use of this information, for example to enhance risk assessment framework, indebtedness monitoring and policymaking at the central bank. In a separate session, there was a discussion about aspects related to the information management and the role that standards and international initiatives play in this regard, emphasizing the development of Legal Entity Identifier (LEI) by the Financial Stability Board (FSB) and the new edition of the Manual of Monetary and Financial Statistics by the IMF; integration, granularity and quality control of databases, and the development of Big Data, were the main issues related to information management. Finally, in another session of the meeting, it was discussed in-depth the dissemination, sharing and communication of financial information, highlighting the role of meeting the needs of users and the responsiveness of the data managers for an appropriate and extensive use of the information.

The meeting also provided room for presenting the progress made and results of the FIF’s workplan, composed of five streams focused on 1) establishing a minimum set of statistics and financial information for the proper fulfillment of the responsibilities of central banks; 2) having a model (map) financial information that integrates the different dimensions of the generation, management and use of information; 3) identify the different technological solutions and tools for timely, reliable and detailed management of a financial information; 4) identify the different sources of information making up the financial information model; and 5) benchmark of communication and dissemination mechanisms of financial information at the central bank.

To conclude the second meeting of the FIF, Mr. Fernando Tenjo Galarza, Director General of CEMLA, and Messrs. Marta Abreu and Joao Cadete de Matos, directors of the Office of the Governor and of the Department of Statistics, from Banco de Portugal, underlined the importance of having vehicles like the FIF to cooperate, exchange and debate for the enrichment and strengthening of financial information models in the central banking community

 

Documents Presented

Session 1. The information model of the Banco de Portugal

Session 2. Sources and uses of information

Session 3. Financial information management: standards, initiatives and best practices

Session 4. Dissemination of information

Session 5. Report and discussion of the FIF working streams

 

 

  • COORDINATOR:
    Raúl Morales.
    Financial Markets and Infrastructure Manager
    Phone: +52 (55) 5061-6676
    Email: mmorales@cemla.org
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