direct electronic communication on all issues related to statistics and undertaking financial education activities. in 2016, we started with a regular publication of press releases on statistics, as well as a project, which is in the final phase, for establishing a statistical internet portal for external data users. in doing so, in the basis of all these new statistical requirements, lies the need for providing granular, rather than aggregate data. the crisis has not called into question the traditional aggregate economic statistics, but has shown that it is not enough. for example, in order to understand why the huge liquidity that the ecb brought into the banking system did not lead to stronger credit growth, granular data were needed, which will enable to better understand what drives the aggregates, and thus enabling the monetary policy to be more effective. all the statistical points indicated so far in one way or another are links within the g - 20 statistical initiative, which, although not a formal framework for us, is a guideline we adhere to. in addition, this initiative is in synergy with other important international statistical standards, as well as european statistical requirements, which we, as a central bank, strive to follow. one such initiative is sdds plus, as the third and highest pillar of the imf ’ s statistical standards. i can proudly say that we, as a state, have shown a willingness to join this initiative, which is currently involving only 14 countries, actively working together with the sso and the mof to prepare all the requested data, thus preparing for accession to this highest standard are in the final stage. an additional aspect that brings new challenges to statisticians is the digitization process, which is also gaining momentum in the financial industry. digitization and innovation of financial services imposes new challenges for their statistical monitoring and measurement. at the same time, in the statistical world, the number of initiatives for active use of the so - called “ big data ” is rising, a new paradigm that changes profiles and statistics makers, statistical processes, as well as the overall economic and financial analysis. ladies and gentlemen, finally, we, like other statistics makers in rm, in recent years have made great step forward in improving the existing statistical surveys and introducing new one for the purpose of filling in the identified staistical gaps in global terms. however, statistics is not an aim by itself. by providing rich, high - quality, timely and internationally harmonized set of statistics, we contribute to higher 2 / 3 bis

co - operative institutions, the new regulations should bring about positive effects in terms of lower requirement regulatory capital. these results are confirmed by a study of wide range of italian co - operative banks. the study, however, reveals that an improvement in terms of capital requirements vis - a - vis credit risk might be eroded by the introduction of a 150 per cent risk weight on loans that are overdue for more than 90 days. 2 incidentally, as per the latest figures, the gross npa of indian ucbs is still pegged at a high of 7. 0 % of total advances. although the exposure of the indian co - operative banks to real estate sector is limited, the other exposures are risky and may require higher capital. in the context of applying basel ii standards in india, it is worthwhile to mention that, unlike the credit unions elsewhere in the world, the indian co - operative banks would find it difficult to raise capital. though, through policy initiatives, co - operative banks have been permitted to raise capital through some innovative instruments, not many banks have been successful in augmenting capital by using these instruments. a counterview in regard to the impact of basel ii framework on co - operative banks is that with a view to reducing regulatory costs, the standardised approach would spur credit off take of co - operative banks to higher - rated enterprises. most of the customers of co - operative banking system, however, fall within the category of small, unrated enterprises, for which the risk weight is 100 per cent. regardless of the approach under the pillar i, adoption of pillar ii of basel ii appears desirable for systemically important ucbs from risk management perspective. the accord ’ s second pillar lays stress on the importance of bank ’ s own assessment of the degree of exposure to risk, the determination of capital adequacy to face risk, and in the provision of an effective risk - management and control system. although not mandated by the regulator, bigger ucbs may, for better risk management and improved internal governance, voluntarily, consider adopting the internal capital adequacy assessment process ( icaap ) as envisaged under pillar ii of basel ii which helps them in the self - evaluation of their resilience to stress. the disclosure requirements under pillar iii of basel ii are desirable for any public entity, more so in an organisation which is member driven and the customers in general are shareholders as well. relevant information could be disclosed voluntarily as soon as it is s.