FSB published report on 'The Financial Crisis and Information Gaps'
15 July 2011
The report updates on progress by FSB Secretariat and IMF staff in implementing the 20 recommendations in the report 'The Financial Crisis and Information Gaps' endorsed by the G20 in November 2009.
Since the last progress report a year ago, consultations with national authorities revealed broad agreement with, and a positive view of, the G20 Data Gaps Initiative, with better identification of the build-up of risks in the financial sector and financial interconnectedness (domestic and cross-border) being among the highest priorities.
• Work in the priority areas is progressing well:
- A draft reporting template for the global systemically important financial institutions has been developed for banks, with the FSB Plenary agreeing to progress this work.
- Agreements have been reached to enhance the Bank for International Settlements (BIS) international banking statistics (IBS) data to provide more granular information on a nationality basis; to increase the frequency from annual to semi-annual of cross-border security holdings data in the IMF’s Coordinated Portfolio Investment Survey (CPIS); and to introduce a reporting template to provide a better understanding of domestic vulnerabilities by economic sector. The challenge over the coming year will be to start implementing these enhancements.
• Data availability is also increasing:
- Reporting by G20 economies on Financial Soundness Indicators (FSIs) and quarterly International Investment Position (IIP) data is increasing. The BIS has started publishing data on real estate prices. The public sector debt database has been launched jointly by the World Bank and the IMF, initially primarily for developing and emerging economies. The first stage of enhanced reporting of credit default swaps (CDS) data has begun, with the second stage to be introduced later this year.
- The Principal Global Indicators (PGI) website has expanded to include data from the five jurisdictions of the FSB that are not in the G20.
• Conceptual work is also progressing: Part 2 of the BIS-ECB-IMF Handbook on Securities Statistics, covering debt securities holdings, is completed and work has started on Part 3 that will cover the issuance and holdings of equity securities. The Public Sector Debt Statistics Guide has been released. Conceptual work to develop datasets is advancing to support analysis of the build-up of risk in the financial sector, as well as on the distribution of household income, wealth, and consumption across social-economic classes.
Full report
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