for decision - making. one such step ahead of us is building a modern data warehouse. the need to adopt, integrate, process, and report large amounts of data to multiple users on a daily basis requires a modern business intelligence - based information system. adapting to such a technologically advanced system also requires data governance. currently, there are several decentralized statistical databases, registries created for specific purposes of statistics and bank activities. the symbiosis of all these sources opens up a new chapter in the central bank – setup of systematized data governance. this process should focus on the need to recognize data as a central bank asset that should be governed at a strategic level. learning from the experience of the european partners, the implementation requires a clear strategy, policy and guidance, as well as the need for standardization of data definitions, standards for data collection and management. in a word, there is a change in the organizational culture. the project of creating an integrated reporting system for statistical and supervisory purposes in the national bank is such an example. recognizing the need for unifying and replacing partial reporting systems by banks for statistical and supervisory purposes, we have worked diligently to set up a single multifunctional reporting system. the potential benefits for us and our partners – banks and savings houses, are immense – lower burden on the reporters, and a richer granular data set that can be used for multiple purposes, thus replacing the traditional way of submitting aggregates. as a reminder, one of the lessons learnt from the crisis is that aggregated data is not always sufficient to detect vulnerabilities in the system. the technological requirements, as well as the need for coordination and standardization are not processes that rest solely with the central bank. in the eve of meeting european statistical standards, communication and coordination among the statistical bodies is crucial. in our case, we are proud of the excellent coordination with our partners, the state statistical office and the ministry of finance, who are here with us today. a significant step forward will be the introduction of the so - called integrated coordination system for compiling government statistics, with real - time data available to all three institutions. this would ultimately mean more consistent fiscal, financial and macroeconomic statistics. 2 / 3 bis central bankers'speeches despite the gravity of the global crisis, the process of innovation and digitization continued post crisis, widely spread in the financial industry. such digitalization and innovation of financial services pose new challenges for their statistical monitoring and measurement.

their roles more effectively, a need has been felt for redesigning the deposit insurance systems with, inter - alia, an increased role in bank resolutions. when individual institutions fail, rather than let depositors be rescued solely by insurance cover, which is anyway not comprehensive for larger depositors, it is more effective to involve the insurer in the process right from the beginning. this will give depositors, as a stakeholder group, a voice in the process, allowing them to better protect their interests, while simultaneously increasing the capacity of the insurance scheme. 4. in the light of the above, i am happy to note that this conference has been held on the theme “ role of deposit insurance in bank resolution framework – lessons from the crisis ” which is very relevant, appropriate and timely. the experts from a number of countries have made presentations on significant sub - themes viz., critical elements in bank resolution framework, country experiences, regulators ’ responses and international best practices. various aspects have been covered in this conference such as elements of insolvency framework, cross - border insolvency framework, role of deposit insurance in bank resolution, country experiences, crisis framework, regulatory reform ( basel iii ), deposit insurers ’ response to financial crisis, review of global practices with respect to resolution framework, bis central bankers ’ speeches key attributes for bank resolution and core principles for effective deposit insurance systems and challenges to assessment of safety net framework. several thoughts, views and experiences have been shared and discussed in this conference by the experts and delegates, along with prescriptions for policy makers. i would like to summarise these. key deliberations at the conference 5. in this conference, global regulatory reforms were overviewed and their impact on asia, especially on asian banks, was analysed. there is a need to create a buffer of capital, improve liquidity risk management of banks, reduce their reliance on short - term wholesale funding, promote resilience through incentives for banks to fund activities with more stable sources of funding, perform the micro and macro stress testing, and create stronger capital base. the relationship between macro - prudential policy framework and deposit insurance was discussed. the issues covered a macro - prudential perspective by deposit insurers, their specific role in financial stability, funding arrangements, deposit insurance premium, coverage, and cross - border coordination of deposit insurance. usa ( fdic ) ’ s experience revealed the need to restore discipline in the marketplace, allowing the failure