years ( which will be every two years in the future ) a wave of the survey of household finances, which offers a very rich picture of some of the key economic and financial decisions taken by spanish households. all this micro information helps the banco de espana perform our functions and allows us to address flexibly both analytical work and statistical compilation, under our multi - purpose remit. moving towards a statistical landscape broadly relying on micro data requires deep changes in a number of processes. as automation is of the essence, new techniques need to be used to manage these data ( including the necessary quality checks ) and staff skills have to be upgraded accordingly. this can prove very demanding, particularly since data quality management in micro data is a very cumbersome process. let me be clear here : micro data per se do not ensure highquality statistics. but it is true that if you have micro data you can check the quality of the data, pinpoint where the problems are and potentially revise them. in the case of aggregate data, you may not have the adequate means at hand to check their quality and correct them. an important issue for ensuring data quality is the proper identification of economic agents. in a complex and globalised world ( and in particular in a monetary union where domestic transactions correspond to an area larger than your own country ), the identification of counterparts to maintain high - quality statistics is simply essential. since the european national central banks can only properly pursue their functions by previously identifying the financial corporations under their scrutiny and the non - financial counterparts of financial market transactions, they have created their own register : the register of institutions and affiliates database, ( riad ). a key step forward to ensure there is adequate identification of agents at the european level would be to enhance cooperation in this field between the european statistical system and the eurosystem. this could be done, for example, by integrating their reference data directories ( such as the escb ’ s riad and the ess ’ s euro group register ). that would afford us better knowledge of the relations between subsidiaries and their parent companies, which are so important for understanding the effects of globalisation. moreover, the escb has contributed to the creation of a worldwide network to set up a global identifier for legal entities, the legal entity identifier ( or lei ). in spain, some institutions, including ine and the banco de espana, are promoting the use of the lei and facilitating its implementation in our country. i think

bank of greece estimating the annual real gdp growth at between – 0. 8 % and – 1. 3 %. • economic confidence declined sharply in august ( 75. 2 from 81. 3 in july ), almost reaching a historical low, mainly driven by a considerable decline in consumer confidence as a result of growing pessimism about the general economic situation and unemployment ( over 27 % ). • the stock of arrears ( suppliers and tax refunds ) increased to €5. 7 billion, surpassing by almost €2. 0 billion its december 2014 level. • however, the worsening of gdp dynamics will be offset by tourist arrivals and receipts which are expected to reach record highs ( + 7 % against 2014 ) and also the significant contraction of the trade deficit, as nominal goods imports fell by 32. 0 % ( estimated at – 25 % in real terms ) in july due to capital controls. • greek banks closed for three weeks under the legislative act of 28 june 2015 providing for a bank holiday of short duration. trading in the athens stock exchange ceased on 29 june. on its reopening after 5 weeks, it recorded a decline of 16. 23 %, with banking shares plunging by more than 20 %. • bank credit contracted at an annual rate of around – 3 % in july 2015. the rate of contraction of bank credit to non - financial corporations deteriorated in july and reached – 1. 1 %, reversing the gradual slowdown observed since february 2014. • the level of non - performing loans ( npls ) is likely to increase from the current 47 %, as capital controls further erode the ability and willingness of borrowers to repay their loans. bank recapitalisation we are now facing a fourth round of recapitalisation to be carried out for the first time under the newly adopted bank resolution and recovery directive ( brrd ). it is now imperative to recapitalise the greek banks by the end of this year in order to avoid use of the brrd ’ s bailin tool, which will enter into force on 1 january 2016. the brrd will be implemented under the precautionary recapitalisation tool or under the government financial stabilisation tool ( gfst articles 56 – 58 on extraordinary public support ) depending on whether the private sector ’ s participation will be sufficient or not to cover the capital needs of greek banks, as determined by the ecb ’ s comprehensive assessment. in both cases, the recap