m r pridiyathorn devakula : the bank of thailand's new data management system speech by mr m r pridiyathorn devakula, governor of the bank of thailand, at the inauguration ceremony of the financial institutions electronic data submission for the data management system project ( dms ), bangkok, 1 october 2003. * * * the deputy permanent secretary, ministry of finance managers from financial institutions the managing director of ibm ( thailand ) company limited bank of thailand ’ s executives all staff of the data management system project ladies and gentlemen, it is an honor for me to have such a great opportunity for today ’ s inauguration ceremony for the data management system, or the dms. the bank of thailand has thus far developed the system upon early stage of the project, with full implementation of latest information technology advancement to enhance the efficiency of data management system. major objectives include the reduction of burden borne by data compilers, excessive data quantity and redundancy in the system, improved management on data collection and compilation procedures to obtain more complete and up - to - date information. in order to achieve such ultimate objectives, the bank of thailand therefore has deemed it appropriate to revise the organization structure ; that is, with complete transfers of all data management related operations pertaining to all various departments toward a single control center under the data management group. data management system development project was then initiated, in order to ensure that all bank of thailand ’ s data management routines are well consistent and in accordance with normal standard. with this regard, the data management group would act as the owner of the project. in addition, as the project itself is very crucial, which could create some wide impacts throughout the organization, the bank of thailand realizes its significance and hence assigning a group of high - ranking officials in forms of the steering committee to closely monitor the progress along the way. the committee panel is led by the assistant governor, information system while i also serve as the project sponsor to ensure that the data management system project could well progress in accordance with the pre - scheduled plan. as for the roles of financial institutions which are major providers for a good deal of financial data in the system, most institutions have to bear high burden, both human labor resources as well as other expenses for data submission under the current system. with the implementation of the new system, most institutions unanimously provide great cooperation - to create comprehensive data transmission network that could accommodate all data transfer demands in time. today ’ s opening ceremony presents the first

coordinated position in terms of the fiscal policy instruments employed by the eu in response to this huge crisis. the economic impact will be enormous. we just hope that it will be temporary. we have to take all the necessary measures to ensure that our economic fabric is not destroyed, to ensure that businesses that are solvent can survive and that once this urgent health crisis is over, they can return to normal. you have talked about a temporary crisis, a sort of pause. the spanish government has talked about the same thing. but do you think this is how things will turn out or do you think the economic consequences for europe could be more severe for longer? this will depend on how long the health crisis lasts and, to be honest, i wouldn ’ t dare to guess how long it might last. what happened in china is a leading indicator. what ’ s happening to us now happened two months ago in china and now they are starting to get back to normal. obviously this is something that gives us hope : we can get through this. from an economic perspective, we have to look for instruments to get us through this period at the lowest economic cost and, of course, with no financial cost from a debt market perspective. 1 / 1 bis central bankers'speeches