handled over 100 freedom of service passport ( fosp ) firms with deposit - taking permissions. however, only a small number of these will require pra authorisation post - brexit. fosp firms that have notified into the tpr or made an application for a 3rd country branch will enter the tpr at the end of the transition period, but there is no requirement for them to immediately establish a presence in the uk. such firms have 2 years in which to make an application for a part 4a permission, and we will expect them to have a presence before they are authorised. if no application is made they will enter one of the run - off schemes ( fscr ) at the end of the tpr or earlier if the pra decides to cancel their deemed part 4a permission because they haven ’ t made an application within two years of entering the tpr. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice a range of channels – innovation, new technology, and their highly skilled workforces to name but a few. increased openness can also lead to lower economic volatility through time as it facilitates a diversification of risks across countries. however, openness may also increase the risk of contagion. so with it comes responsibility. the banks we allow to access our markets need to meet the high standards we expect and be capable of being effectively supervised. what does responsible openness mean? sam woods set out the three pillars of responsible openness in 2019 ( and, also built upon this in his mansion house speech3 last november ). 1. first that we should engage strongly in international standard - setting processes and make sure that we are at the forefront of implementing those rules in a thorough way ; 2. second that we adopt practices and structures which promote strong collaboration with colleagues in other jurisdictions ; and 3. third, that we are open to hosting cross - border business in the uk – but only if it is resilient and appropriately controlled and governed, and if we have sufficient visibility of and influence over the necessary supervisory outcomes. my policy colleagues take the lead on our work in international standard setting. as we have reinforced many times now4, we have absolutely no intention of weakening prudential regulation in the uk. the changes that we introduced post 2008, have stood the banking sector in very good stead, for example in enabling it to withstand the stresses posed

claudia buch : opening speech - 15th meeting of the ottawa group opening speech by prof claudia buch, deputy president of the deutsche bundesbank, at the 15th meeting of the ottawa group, eltville, 10 may 2017. * * * 1. introduction the bundesbank is very pleased to be organising one of the largest meetings in the history of the ottawa group. the 2017 meeting is the first to be hosted not by a statistical office but by a central bank. we are happy to welcome more than 100 participants from 30 statistical institutes, 10 central banks, 25 international organisations as well as leading scholars in the field of price statistics. price statistics are of key importance for central banks. the harmonised index of consumer prices ( hicp ) is the yardstick for the eurosystem ’ s monetary policy. it was launched 20 years ago, in march 1997. given the prominent role central banks nowadays play in financial stability, asset prices – and real estate prices in particular – have been given more and more attention as well. today ’ s discussions will reflect this change in focus. before you get into the discussions, i would like to address three questions. what has been the contribution of the group to the development of consumer price indices? what does digitalisation entail for price statistics? where do we stand with regard to the measurement of real estate prices? 2. contribution of the ottawa group central banks have a key interest in price developments. given that we have commonly agreed standards on which price index to use, we tend to forget that defining “ price stability ” is not a trivial task : which price index to focus on? how to construct the index and to measure price changes? what are the potential limitations when it comes to interpreting these indices? there are no easy answers to these questions, and it required a lot of interaction between central banks, academics, and statisticians to arrive at commonly agreed standards. the report by the boskin commission on consumer prices 20 years ago was certainly a landmark in this debate. one key finding of the commission was that commonly used cpi data overstated inflation by more than 1 percentage point – with important implications for many areas of public policy, including the calculation of social security contributions. one main reason for the discrepancy was a substitution bias : individuals shift their expenditures across goods if relative prices change. the basket of goods considered thus needs to take into account substitution away from more expensive goods when relative prices change. by disentangling the adjustment of