Page 254 - Special Topic Session (STS) - Volume 3

STS 543 Luís T. D. et al.
This allowed for the enhancement of the service provided to the participant
institutions (and to the public at large, who now have an easier access to their
own credit reports) and facilitated the reporting procedures of the institutions
– not only because much less transformation rules have to be applied, but also
due to the integration in a single reporting system of a number of autonomous
reports on credit data (with different concepts, nomenclatures, formats,
frequencies, timeliness, etc.) that they had to comply with.
That said, the main challenges that the new CCR had to face were of
internal nature, as the project induced important organizational changes in
data management: (i) while the Statistics Department of the Bank is the system
owner of the new CCR, the ownership of the data is collective (it involves 5
departments of the Bank); (ii) data management, including data quality
assurance, is a shared responsibility implying individual (business areas)
commitment in contributing to the overall quality of the data; (iii) a
governance/relationship model had to be established between the different
data owners; (iv) the new CCR champions the paradigm of data-sharing and
helps eradicating the traditional data silos landscape; and, (v) the high volumes
and granularity of the data call for new skills among the staff.
Despite the daunting challenges faced at the outset, the benefits gathered
at the end are inescapable. The policy measure described above – i.e., the
macroprudential recommendation related to new loans to consumers – is just
one fine example of the usefulness of having a credit register offering the
features that the new Portuguese CCR provides. The designing of the said
measure was highly facilitated by the extensive availability of underlying data
via the new CRC; the decision-makers only needed to focus on the definition
of the rules that should be met by the financial institutions when granting
credit and definitely not on how the data needed to monitor the
recommendation would have to be obtained. This was assured by the new
CCR.

References
1. Banco de Portugal (2018a), Recommendation of Banco de Portugal
within the legal framework of new credit agreements for consumers.
2. Banco de Portugal (2018b), Macroprudential measure within the legal
framework of credit for consumers.
3. Dias, Luís Teles & Silva, António Jorge (2017), Upgrading monetary and
financial statistics in the wake of the financial crisis– There’s life beyond
aggregate data, ISI Regional Statistics Conference 2017, Bali, Indonesia.
4. Lima, Filipa & Drumond, Inês (2015), How to keep statistics’ customers
happy? Use micro-databases!, IFC Workshop on Combining micro and
macro statistical data for financial stability analysis. Experiences,
opportunities and challenges, Warsaw, Poland.

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