As the European Reporting Framework (ERF): Key facts and information1 report has recognised, some countries have already implemented integrated “statistical” and supervisory reporting requirements at a granular level. Croatia is one of these countries.
Moreover, Croatia has been able to produce a local “AnaCredit” system on a loan-by-loan basis for legal entities and non-residents (see the ECB MFI list2 or Annex 4 of the Banks’ Integrated Reporting Dictionary of the Croatian National Bank3), and at an aggregate level for households, other non-residents and small businesses, using the same underlying data as for statistical and prudential reporting.
A Croatian granular data system at a counterparty level for legal entities/non-residents on the list and at an aggregate level for households, other non-residents and small businesses was developed in 2007/2008 following a series of workshops held among colleagues from Supervision, Statistics and IT at the Croatian National Bank (CNB) and credit institutions. One of the most important deliverables of the project was the CNB Banks’ Integrated Reporting Dictionary, a document in which all attributes collected by the system are listed, organised into categories, described and explained, and where examples and the methodologies used are provided. In Croatia, the CNB Banks’ Integrated Reporting Dictionary is mandatory for all credit institutions, and it has been enforced on the financial market following a decision of the Croatian National Bank Governor. This article discusses granular data modelling for the purpose of statistical, supervisory and European Central Bank reporting and analysis.
ECB Statistics has implemented a new interactive visualisation tool for the ECB’s “Our Statistics” website as part of its efforts to improve the communication of Euro area and National Statistics and to facilitate digital re-use for the journalist community.
The new visualisation tool – Financing and investment dynamics – presents statistics which the ECB, in close cooperation with national central banks and statistical institutes, has been publishing since 2016 as part of its quarterly financial accounts.
Statistics are pictured in the form of interactive network graphs, which present the financial interconnectedness between and within institutional sectors (e.g. households, government, corporates) and between them and the rest of the world. Users can navigate between individual financial instruments, sectors and time dimensions to better understand who is financing whom in the economy. The statistics and graphs provide valuable information for monetary policy and financial stability analysis.
ECB Statistics has implemented a new information architecture for the ECB statistics website as part of its efforts to facilitate the use and access to Euro area and National Statistics.
Apart from the structural changes, new visualisations are added to enable swift viewing of core statistics. The navigation structure provides a more intuitive and coherent way to access statistics based on economic concepts. Also, short introductions for each section now provide visitors with a better overview of what is available. There is a stronger focus on the most frequently used statistics and latest releases.
As part of preparing for the change, five tailor-made user surveys were conducted to map out users’ needs, their barriers and working patterns in using statistics. This included interviews with journalists, surveys of website users, international statisticians, large data users/vendors; and the banking community. The result lead to the concept of tailoring statistics to specific user segments.
The change is also a recognition that statistics is an ECB strategic asset and communicating about statistics is a mandatory obligation contributing to ECB’s transparency and accountability objectives and for building trust in ECB statistics and policy decisions.