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New Conceptual and IT Frameworks for Statistics in the National Bank of Georgia

Explore the innovative SebStat framework implemented by the National Bank of Georgia for enhanced statistical data collection and dissemination. Learn about the progress made, existing weaknesses, and the strategic view behind SebStat architecture. Discover how SebStat aims to revolutionize the statistical information system, covering a wide range of financial and non-financial sectors.

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New Conceptual and IT Frameworks for Statistics in the National Bank of Georgia

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  1. New Conceptual and IT Frameworks for Statistics in the National Bank of Georgia Seminar on New Frontiers for Statistical Data Collection (Geneva, Switzerland, 31 October-2 November 2012) By Nana Aslamazishvili

  2. Agenda Introduction Where we stand now? SebStat: A new strategic view on the NBG’s Statistics Main principals of SebStat architecture Benefits from SebStat implementation What next? Conclusion

  3. Introduction The one of the missions of the National bank of Georgia (NBG) is to provide timely, accurate, and useful monetary and financial information to users. This presentation discusses major issues relating to elaboration and implementation of the new Statistical Information System at the NBG, so called SebStat, and the innovative solutions, on which it is based.

  4. Where we stand now? Progress has been made Following the international statistical standards, NBG made impressive improvements in statistical compilation and dissemination in all areas of statistics under its mandate. With the National Statistics Service (Geostat) and Ministry of Finance (MoF) it participated in General Data Dissemination System (GDDS) in 2006-2010. The commendable progress achieved by the NBG allowed it to participate also in statistical initiatives such as: (a) International Reserves and Foreign Currency Liquidity Template, since April, 2010; (b) Special Data Dissemination Standard (SDDS; with Geostat and MoF), since May 17, 2010; (c) Financial Stability Indicators, since April, 2012.

  5. Where we stand now? Progress has been made Much has been achieved in the areas of governance, standard implementation and outreach. Since 2007 NBG has published its statistics through website, as well as through annual printed statistical publications (www.nbg.gov.ge). The website contains detailed Metadata about statistics, produced under NBG’s mandate. Moreover, user’s survey carried out by the NBG annually demonstrates, that they are satisfied with data coverage, periodicity, timeliness, accessibility, and to a great extent dissemination practices.

  6. Where we stand now? Weaknesses Meanwhile, statistical business processes in NBG leaves much to be desired. The main problem in this regard is decentralized information system and excel based reporting schema without compliant IT technologies. Under the decentralized statistical system of the NBG the statistical business processes are organized as follows:

  7. Where we stand now? Weaknesses Because of decentralized and multi-dimensioned datasets data reliability can vary significantly: by sectors, by methodology, and by financial instruments. Data “gaps” in banks’ balance sheets are essential. In most cases there is not possible: Sectorization of the financial transactions; Residency distinction of the counterpart entities; Financial flows resulted from revaluation (price and exchange rate changing) and other changes in volume of assets (OCVA).

  8. Where we stand now? Weaknesses Existing “gaps” are mostly eliminated through statistical reporting. However, that leads to data overlapping. As a result, given the existing excel based data collection and processing procedures, a scale of reporting burden, routine of data validation, processing and dissemination is quite significant. Decentralized information system, on one hand, and spreadsheet reporting without appropriate IT supporting, on other, make impossible to create a centralized data warehouse. That increases the need of manual intervention and reduces the data production processes efficiency.

  9. SebStat: A new strategic view on the NBG’s Statistics At present one of the main priorities of the NBG’s activities is designing of the modern information model for collection, compilation and dissemination of statistical data. Moreover, central bank statistics need to cover a wide range of financial and non-financial instruments, sectors and sub-sectors of the economy, types of economic activity, geographical areas within and outside of the country.

  10. SebStat: A new strategic view on the NBG’s Statistics The IMF recommendation regarding Monetary Statistics is that stock and flow data should be reported in the format of the sectoral balance sheets. However, new reporting forms require large investments of time and effort from both the central bank and the financial corporations sites.

  11. SebStat: A new strategic view on the NBG’s Statistics

  12. Main principals of SebStat architecture From the most general to the most particular Our initial approach was to create Information Model for Monetary and Financial Statistics, and build the SebStat Framework using Standardized Reporting Forms (SRFs) structural features: (a) Use of a balance sheet framework; (b) Instruments disaggregated by counterpart: (c) Primary breakdown by financial instruments; • Residency; • Sectors; (d) Breakdown by currency (national, foreign).

  13. Main principals of SebStat architecture Meanwhile, we considered the way from the most particular to the most general also. Thus, initially we made an attempt to encode the existing data. The reviewing of the existing data submitted by reporting institutions through a new perspective helped us to re-form it into a new dataset using dimensions and attributes for identifying and describing data.

  14. Main principals of SebStat architecture Schema 1. Identifying dimensions and attributes for existing data Source, Frequency, Instrument, Maturity, Currency, Residency, Interest rate, Reporting date, Value BBS.MM.F0400.T111.GEL.RR.012.35.20120131.749371

  15. On the base of analysis of derived through such manner keys for all existing datasets, we found that break down of them by homogeneous groups – families was needed. These family groups are five, and each one has a specific responsibility: Main principals of SebStat architecture Family Names • Monthly financial and statistical data (FIM); • Daily financial data (FID); • Transactions with foreign currency (FRC); • Money transfers statistics (MTR); • Bank plastic cards statistics (BPC).

  16. Schema 2. Code List creation principles Main principals of SebStat architecture Combining the relatively small number of dimensions/attributes, shown above, with prospected ones helped us to build a full code lists up for each family groups separately (example of code lists for Monthly and Daily financial and statistical data reporting is shown in Schema2).

  17. Main principals of SebStat architecture Despite our initial approach to design New Information Model for Monetary and Financial Statistics purpose, the SebStat development process has shown later there was a possibility to cover other statistical areas (BoP, IIP, FSI, Supervisory data etc.) also successfully by expanding of appropriate dimensions/attributes. That made SebStat framework more comprehensive and convenient enough to applying in the central bank statistical practice.

  18. Main principals of SebStat architecture As a result the key recording criteria for all instruments (for FIM and FID Families) are formed as follows: • Status of instrument (assets/liabilities) • Data type (Stock/flow) • Maturity • Currency denomination • Additional information in case of loans • Loans collateralization (for FSI purpose) • Ranging of loans/deposits • Counterpart characteristics: • Residency • Sector • Type of economic activity • Region

  19. Main principals of SebStat architecture Other characteristics/attributes for all instruments (for FIM and FID Families) are: • Book value (BV) • Market value (MV) • Valuation changes (VC) • Other changes in the volume of assets (OCVA) • Quantity

  20. Main principals of SebStat architecture Thus, expansion of data dimensions and attributes made SebStat framework more comprehensive to applying in the central bank statistical practice by covering other statistical areas also. Monetary Statistics SebStat Financial Statistics Data from Financial Institutions BoP Coverage of all statistical areas under the NBG’s mandate is also one of the main innovative approach in the SebStat framework IIP Bank and Non-Bank Supervisory data

  21. What is the SebStat? The statistical production, like any other production process means inputs, processing, and outputs. SebStat is an information model focused on these processes. Its goal is to: develop and promote methodological and technical standards and procedures, and reduce reporting burden associated with the collection of data.

  22. What is the SebStat? SebStat as an information model addresses one of the key problems facing NBG: Statistical business process efficiency. The aim of the SebStat is: to ensure adoption of internationally agreed standards and frameworks for statistical processes and statistical information management; to allow standardization and harmonization of statistical business processes in the central bank practice; to standardize structure of transmission format and reduce manual intervention; to be convenient for supporting clear communications between NBG and data reporters.

  23. What is the SebStat? The aim of the SebStat is twofold: collection of the relevance statistical data, and automation of the statistical business processes at the NBG. It is a flexible tool to: describe and define the set of business processes at the NBG, as well as at the financial institutions; harmonize and standardize descriptions data and metadata; ensure standard solution for financial institutions for transmission data to the NBG.

  24. What is the SebStat? SebStat improves a scope of reporting institutions: It allows to get easily accounting data from non-bank financial institutions also disaggregated by residency, sector and instrument classification.

  25. SebStat: Software Architecture The benefits that we will get from SebStat depend in great part not only its conceptual framework, but from software architecture also. The process of accessing the system from the respondent is as follows: Login by entering the ID and password; Upload the data; Save the data in electronic form; Send the data to System; Receive conformation of the acceptance of the data (after appropriate validation procedures). The respondent’s transactions are encrypted by SSL.

  26. SebStat: Software Architecture Schema 3. SebStat: Information flows and software components

  27. Benefits from SebStat Implementation SebStat: offers a number of opportunities for improving data management, provides a common platform for further development and implementation of standards for statistical data and metadata. is a tool for knowledge and skills transfer to the financial corporations. allows financial Institutions use it not only for data submission, but for own research and analysis also. will be sufficiently flexible to cover swiftly innovations at the financial markets and reflect them properly in the monetary and financial statistics.

  28. Benefits from SebStat Implementation SebStat helps: both data providers and data producers to better understand their business from the methodological point of view as well as from technical one. to increase the level of professionalism, on one hand, and improve the data quality, on the other.

  29. Benefits from SebStat Implementation More efficiency gains: More time for data analysis and data quality checks; Lead to reduce development and maintenance costs; Flexible for reflection new developments and innovations in financial sector; Capable of improving scope of reporting institutions; Capable to be adopted to several circumstances with little or no modifications; Easy to share experiences and software.

  30. What next? The SebStat is a medium-term, sufficiently comprehensive and ambitious project. Given the limited resources, we faced currently, it is reasonable to implement it step by step. Consequently, on the first stage, by the end of 2012 SebStat will be implemented at the banks. Microfinance Organizations and Insurance Companies will be involved in the project for 2013-2014.

  31. What next? However, the story does not end here … From the Monetary and Financial Statistics perspective our plans for 2012-2014 are looking as follows:

  32. Conclusion • The transformation of current statistical practice that NBG has begun is a very significant change for the organization. • SebStat is a medium-term, sufficiently comprehensive and ambitious project. • SebStat has a innovative conceptual framework. It helps to: • Collect data from different financial institution though standardised format and unified mechanism; • Collect data for different statistical areas purposes; • Ensure web data collection through the centralization of statistical business process environment; • Have information system with an expected long lifecycle.

  33. Thank you ___________________ For more information: Nana Aslamazishvili Head of Monetary Statistics Division National bank of Georgia naslamazishvili@nbg.gov.ge Tel: (995 32) 240 6251

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