for data quality management, eg in the context of securities holdings or the classification of company data. furthermore, the informational content of seasonality tests is assessed by a random forest machine learning technique. for our it user 3 / 4 bis central bankers'speeches help desk, the handling of routine requests via automated chatbot responses could be a useful support measure. we use social media data to detect trends, turning points or sentiments. machine learning methods can be applied for variable selection purposes in econometric models. annex : use case – monitoring of real estate markets an interesting data source is internet platforms. for example, some rental and housing platforms have the potential to improve the analysis and monitoring of real estate markets via the provision of information such as list prices and structural and locational characteristics of the property market at a disaggregated level. this is mainly based on the assumption that these data contain information on the expectations and interests of economic agents with respect to future decisions. in such contexts, a wide range of topics or " search strings " are often potentially relevant. this can result in many different, highly correlated time series. furthermore, the " textual analysis " method is increasingly applied in research, as large amounts of " unstructured " information on businesses and the economy are available electronically on the internet. in order to operationalise textual data for econometric analysis, machine learning algorithms can be helpful. learning methods can be applied to classify textual documents into different categories which can then be used to draw statistical inferences. 4 / 4 bis central bankers'speeches

to conduct pfandbrief business on a regular and sustained basis. the benchmark role also results from the high liquidity of the pfandbrief asset class. there has been no case of default so far. to continue this success, lawmakers are permanently working to improve the pfandbrief act. the latest improvements were adopted in 2009 and 2010. at this point, i would like to make a brief comment on basel iii. the negotiations were finalized some months ago and the general outcome is an increase in equity requirements and new buffers to withstand future periods of stress. therefore, pfandbrief issuers fear massive threat to their business activities. the commission plans to present draft legislation on the implementation of basel iii before the summer. 3. covered bonds as collateral for eurosystem refinancing operations i would now like to elaborate on the role of the pfandbrief in european monetary policy. all eurosystem credit operations have to be based on adequate collateral. the pfandbrief and bis central bankers ’ speeches ucits 1 - compliant covered bonds enjoy a privileged status within the eurosystem collateral framework. in contrast to uncovered bank bonds or abs, for example, the issuer of a pfandbrief can use self - issued assets as collateral. this is of great importance, especially for bundesbank counterparties. on 1 january 2011, a new haircut schedule entered into force. it contains the valuation haircuts applied to eligible marketable assets. covered bonds keep their privileged status within the eurosystem collateral framework. jumbo covered bonds are part of category ii and a non - jumbo pfandbrief is part of category iii. one innovation is that structured covered bonds and spanish multi - cedulas were switched from category iv to category iii. furthermore, there is a new 5 % add - on valuation haircut in the case of theoretical valuation applicable to all bank bonds, which is to say to the pfandbrief as well. the haircut ranges from 1 % to 38 % depending on the credit quality. as regards the composition of collateral put forward in the whole eurosystem, the average share accounted for by covered bonds rose to 13 % at the end of 2009. thus, it was possible to halt the downward trend of recent years. one explanation could be that covered bonds became more important during the financial crisis due to their “ own - use - ability ”. data