active, mainly by having greater room to liberate this capital [UNK] during a crisis that was unrelated to a credit boom. mounting empirical evidence shows that the release of capital [UNK] worked as it supported the provision of credit. this pandemic - driven experience with the usability of releasable capital [UNK] has sparked an ongoing debate regarding the objectives and optimal implementation of tools like the ccyb. there is still heterogeneity in the implementation of ccyb around the globe. some the term " macro - prudential " : origins and evolution - bis quarterly review, part 6, march 2010 jurisdictions maintain it as originally intended, as a macro - prudential tool linked to the ﬁnancial cycle. others have added a resilience - focused approach, informed by its use during the pandemic. additionally, more recently some jurisdictions followed an approach where the tool is applied considering a positive cycle - neutral rate, that results in a capital [UNK] that is available most of the time. some of these countries left room for a more dynamic application of ccyb over a neutral rate linked to the ﬁnancial cycle. in chile, we have also moved towards the full implementation of the basel iii standards, through the 2019 amendment to the general banking act, which introduced legal provisions aligned with the basel standards for the chilean banking industry and allowed a degree of ﬂexibility so that, through regulations, the banking supervisor — in coordination with the central bank — could implement the regulatory standards in force at the international level. currently, the near completion of the process of implementing these standards in chile and a broad number of jurisdictions, has not only strengthened the micro - prudential requirements to boost individual bank solvency, but has also provided central banks and supervisors with additional macro - prudential tools, like the capital [UNK] ( capital conservation and countercyclical capital [UNK], ccob and ccyb, respectively ), to enhance the resilience of the ﬁnancial system, to help contain the buildup of systemic risks and address structural vulnerabilities within the ﬁnancial system 5 /. however, having access to a tool and implementing it [UNK] are two [UNK] things. while the powers and possibility of use of a macro - prudential or micro - prudential tool may be available, their [UNK] application requires a deep understanding of the objectives and their impact, as well as proper coordination with other active measures. depending on the ﬁnancial regulatory architecture

##ness and provides valuable information for economic analysis and public policy decisions by increasing the frequency and opportunity with which we can measure regional economic conditions, which until recently was available only annually. this initiative has been applauded by local and regional stakeholders, as it will be providing a regular and up to date assessment of the business - cycle, helping adjust and draw economic initiatives by both the public and private sectors that can be more precisely tailored to changing local realities. this initiative was possible because of the maturing relationship through the protocolization of anonymized information exchange between the central bank and the chilean internal tax service. the use of existing administrative records, allowing the identification of the location of economic transactions, has been much more efficient than the traditional recourse to large surveys, both in the timeliness of access as well as the possibility to backward estimate up to a decade of information. following that, in july, by the joint effort of several institutions, we broadened data availability by gender and regions. additionally, we managed to facilitate access and data analysis by combining data from different sources in one location using our public statistics database platform. we have now begun to publish an “ experimental statistics ” section that brings together indicators in various areas of interest. the indicators include mobility indexes, based on the number of electronic invoicing issued by a sample of gas stations ; a daily retail sales index, which anticipates the activity of the retail trade sector ; and the internet job ads index, first published in 2019, based on the ads posted at the leading web employment portals in chile. to ease and empower the user in manipulating and utilizing these new data we launched a new visualization tool developed in power - bi. the lesson learned is also that to keep up with the changes and react promptly, we must continue encouraging the digital transformation of our organizations, incorporating advanced analytical techniques, and providing more timely and granular information that considers heterogeneity to complement conventional statistics. as the access to new large - volume databases and the use of granular data almost always poses the challenge of confidentiality, the central bank of chile has sought to implement best practices and safeguards to exploit such information. with this objective, we established a data governance agenda, led by a strategic committee that reports directly to the board and whose executive management is located in the statistics division. likewise, we are working on our big data strategic project, which contemplates a centralized data repository that all user areas can access