message received and understood − speech by dave ramsden given remotely at a conference by the lietuvos bankas and the bank for international settlements ( bis ) on the “ future of central banking ” published on 29 september 2022 speech introduction thank you very much for the invitation to join this panel today and i am very sorry i can ’ t be with you in vilnius. real - time market developments kept me here in london, but i ’ m grateful to the organisers from the central bank of lithuania and from the bis for allowing me to contribute virtually to the bank ’ s 100th birthday conference. i really welcome the focus of this panel on data since having access to fast, accurate, appropriately structured data is critical in equipping central banks with the knowledge they need to function in order to meet their objectives. the bank of england ’ s mission to deliver monetary and financial stability is a broad and deep one. we need a similarly broad pool of data of varying depths to fulfil our mission. in 15 minutes i cannot hope to do justice to the variety of data we need to get a clear picture of the economy, the financial system as a whole and the firms we regulate in order to frame action. last year the bank and pra published our data strategy, joint with the fsa, setting out how we will transform our collection and use of data to fulfil our responsibilities as a supervisor and regulator [ 1 ]. in my time today i will focus on my bank responsibilities for payments and give a real - life example of why having real - time data matters and also point to how we could make payments data even more useful through the message that communicates the data. i will conclude with a brief recap on uk financial market developments this week and highlight the use we are making of real - time data to respond to those developments to meet our objective for financial stability. use of real - time payments data the covid - 19 pandemic continues to impact on us in many ways and to change how we do things. in the context of today ’ s panel the pandemic acted as a catalyst for extending use of the bank ’ s payments data. right from its start in march 2020 we knew that the pandemic and the necessary response to it would have very serious but also very different impacts on different sectors of the economy. but it was much less easy to be confident of the scale of those differential impacts and over what time frame. extracting a signal from an understand

through to qualitative market intelligence ( mi ). we complement the views of external market contact base with the views of our own specialist experts among bank staff [ 12 ]. the bank ’ s focus is primarily around those financial markets closest to our mission. the backdrop to the latest events is that financial markets globally have been volatile in recent months, with increases in government bond yields and falls in risky asset prices. while largely orderly in most markets, pressures were observed in parts of the financial system, including challenging liquidity conditions across some markets. this has naturally put us, along with other central banks and supervisors on alert for further signs of strain and the attendant risks of dysfunction. uk financial assets saw significant repricing since the start of this week, particularly affecting long - dated uk government debt. were dysfunction in this market to continue or worsen, there would be a material risk to uk financial stability. this would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy. on 28 september, yesterday, the bank ’ s financial policy committee, which i ’ m a member of, noted the risks to uk financial stability from dysfunction in the gilt market. it recommended that action be taken and welcomed the bank ’ s plans for temporary and targeted purchases in the gilt market on financial stability grounds at an urgent pace. these operations have started, with the first one carried out yesterday afternoon. these purchases will be strictly time limited until 14 october. they are intended to tackle a specific problem in the long - dated government bond market. the purchases will be unwound in a smooth and orderly fashion once risks to market functioning are judged to have subsided. the bank ’ s mi function has informed these actions by providing the bank ’ s policy committees with detailed, real - time information on market functionality and tradeability. having an extensive and established, regular and on - going, in - depth mi relationship – not only with the community of banks operating in the london markets, but also with the end users of government bonds and wider uk rates markets asset managers, pension funds and liabilities managers – enabled us to get clear understanding of the pressures that were building in real time. conclusion i started my remarks today by talking about how things have changed since the start of the pandemic and i finished them by focussing on events this week. i hope the bank ’ s perspective on why we use real - time data and how they contribute to how we