’ balance sheet, which mostly originated from banks ’ recapitalization in 1999. recently, banks hold around 50 % of outstanding sun of rp. 570 trillion. this type of asset is risk free hence no bad debt provision is needed. it helps banks in maintaining a strong capital, but with result a lower yield compare to other earning assets. however, on the other side, this result in banks being more expose into market risk, as has been showed when the sun prices ( idma index ) dropped to their lowest level of 67. 11 in 29 october 2008. under excess liquidity condition, banks ’ attention on the liquidness of this type of assets is relatively low. in this regards, i refer liquidity as an easiness of sun to be traded, or exchange into cash without significantly impact their price. banks tend to practically borrow in unsecured money market, rather than undertake repo transaction to serve their short - term liquidity need. this could be seen, that despite bank indonesia has actually facilitated market participants to establish a standard repo agreement ( mra ) since june 2005 as one infrastructure to increase the liquidity of sun market, but in reality their respond is quite marginal. money market and financial market the indonesian money market is basically inter - bank money market, as it mostly involves only banking. so far, the transaction in the inter - bank money market is dominated by unsecured lending / borrowing ( puab ), and mostly in a very short term maturity. around 60 % of inter - bank transaction is overnight. there may be some short - term debt instrument in otc ( over the counter market ), but i believe in a very small numbers and not actively traded amongst bank. there is also perhaps, an interest rate swap ( irs ) or overnight index swap ( ois ) in otc market, as there is sometime a quotation in bloomberg or reuters. but, it seems not quite regular and the transaction is supposed to be in a very small number. thus, in general, money market is not yet considered to better serve banks ’ portfolio management. meanwhile, in the foreign exchange market, the transaction is also still dominated by spot transaction. the daily volume of inter - bank spot transaction is about 1. 5 – 2 billion us dollar in the last two years. in addition, swap transaction is around 300 million us dollar in 2009, a bit lower compare to around 500 million us dollar last year. further, the financial market is dominated

yannis stournaras : the use of micro data to support monetary policy decisions speech by mr yannis stournaras, governor of the bank of greece, at the eighth ecb statistics conference “ micro data for monetary policy decisions : moving beyond and behind the aggregates ”, frankfurt am main, 6 july 2016. * * * thank you for inviting me to speak today on the use of micro data to support monetary policy decisions. a couple of years ago the topic would have looked surprising, to say the least. monetary policy is about broad aggregates and the eurosystem has a clear mandate to keep the eurozone ’ s general price level stable without taking into account the distributional effects of its decisions. since micro data are all about the distribution of income and wealth, their usefulness for monetary policy is far from obvious. indeed it may look anachronistic. i remember the monetary policies pursued in many countries and in greece until the 80s, where credit policies and selective credit controls were designed so as to channel funds to particular economic sectors ( and even sub - sectors ) while excluding other sectors from bank lending altogether. the implementation of these credit controls required a significant amount of micro data. for example, banks had to report not just total loans to non - financial corporations but loans broken down into specific categories like export trade, import trade and tobacco trade. the abolition of those controls brought about the abolition of this detailed micro reporting and its replacement with the reporting of aggregate balance sheet items. no one is suggesting a return to the micromanagement of the economy. central banks should remain focused on achieving their aim of price stability for the economy as a whole. with the advent of the financial crisis, however, we have realized that aggregate data are not enough and policy makers need more granular data. this does not mean that there has been some sort of a change in the fundamentals of monetary policy objectives. our focus continues to be macroeconomic variables and there is no going back to the detailed redistributive credit policies of the past. the use of micro data in today ’ s monetary policy making serves a rather different purpose. micro data firstly improve our understanding of the transmission mechanism of monetary policy and secondly allow us to better understand the aggregate data and thus better forecast their evolution. these two aims actually imply that micro data do not only signify a move beyond the aggregates but also a look behind the aggregates. micro data can either supplement existing aggregate data or replace aggregate