european commission on the functioning of securitisation regulation indicates that transparency should facilitate due diligence. [ 6 ] with regard to transparency and incentives, we can see clear nexus with the goals set out for establishing european datawarehouse. 3 european datawarehouse and the role of the ecb the eurosystem played a key role in this process. on 16 december 2010, the ecb governing council announced that it would implement loan - by - loan information requirements for asset - backed securities in the eurosystem collateral framework. the announcement was followed by a letter, signed by then ecb president jean - claude trichet, addressed to parties interested in building and participating in a data warehouse for asset - backed securities. in this letter, the eurosystem recognised the need for a loan - level data warehouse and expressed its intention of becoming a client of this data warehouse. subsequently, six technical working groups with 30 to 40 market participants from banks, originators, law firms, investors, and regulators came together to develop the requirements for the different loan - level templates. these templates correspond to the different abs classes accepted as collateral by the eurosystem. finally, in 2012, european datawarehouse successfully went into operation. 4 benefits of european datawarehouse for market participants the availability of granular data on the underlying loans for asset - backed securities has dramatically improved transparency in the market. this helped to restore some of the trust in this asset class that had been lost in the aftermath of the financial crisis. for these improvements, it was crucial that the loan data could be assessed easily from a single centralised access point. this is exactly what european datawarehouse provided, thus making it possible to rebuild the asset - backed securities market in the euro area. let me put this achievement into figures. today, european datawarehouse contains data from 16 countries on more than 1, 600 securitisation pools, of which almost 600 are currently eligible as collateral in the eurosystem framework. with more than 94 million underlying assets, the total balance of all transactions covered by european datawarehouse amounts to over eur 1, 300 billion. at over 800 pools, residential mortgage - backed securities comprise the largest share. they are followed by auto loan and auto lease asset - backed securities, which consist of more than 300 pools. more than 200 pools are related to small and medium - sized enterprises. european datawarehouse has also devoted exceptional effort toward the continuous improvement of data quality.

, it is important that central bankers, who are in charge of a public good – in this case, stable money – bolster public confidence by explaining their policies. the best protection against temptation in monetary policy is an enlightened and stability - oriented society. 5. conclusion i will end my overview of goethe, faust and paper money here. you have probably noticed that the building we are in reflects, in many respects, the connection between frankfurt, goethe, money and faust, in particular the sculptures and paintings. this type of architectural art was primarily the idea and initiative of professor huttl. on that note, i would like to turn over to the other speakers, who will speak about the topic of today ’ s colloquium in more detail. i am sure that the combination of goethe and money will have many additional interesting insights in store for you this afternoon. thank you for your attention, and i hope you will find the event both enjoyable and stimulating. bis central bankers ’ speeches