 Thank you for the invitation. It's always for me a pleasure to participate in an ECB statistics conference. As I know very well, I know on a daily basis, really, how much we depend on the excellent work of our colleagues in DG statistics to do our own supervisory work. In the early days of statistics, there were some who warned that statistics are no substitute for judgment. Well, then, as now, statistics might not be a substitute, but they are a needed signpost. We need a signpost because our judgment is often biased. Think of all the people who are afraid of flying and prefer to drive instead. In reality, traveling by roads puts you in much greater danger than traveling by air. The statistics are very clear on this. So people who read the signpost are better able to judge the risk. And this is just one of many examples of bias judgment. We banking supervisors are aware of this bias, of course. That's why we value good data so highly and rely on them so much. Good data help us to rein in errors that may arise when exercising our judgment. We sell good data on sound statistics we would not be able to do our job. We rely on supervisory data in all aspects of our daily work. We rely on them to create risk profiles of banks and we rely on them to analyze a bank's liquidity on capital. Data underpin our judgment, our decisions, and our actions. So it was vital to have good data from day one of European banking supervision. And thanks to all the excellent work done in advance, we did. This was one of the benefits of being part of the ECB on having access to the shared services, including statistics. But data on banks are not only of interest for supervisors, as was mentioned in the previous panel. Many people would like to gain deeper insights. However, data on individual banks are mostly very sensitive and for good reason. This is why we always maintain the highest standards of data confidentiality. But we can undo, aggregate data and share them in these high level format. As an additional service to the general public and to the banks themselves, ECB banking supervision publishes Science 2016 extensive supervisory banking statistics on its website. And that was mentioned as well. These include some pillow tree indicators, meaning the disclosure requirements in the Basel Committee on banking supervision framework, but I don't need to explain it because you did it already, Nicolas. And this is aimed at promoting market discipline. On the ECB annual report on supervisory activity presents the most important statistics relevant to the periods under review. Speaking of banks, they too need good data. We always emphasize that when discussing governance on risk management in banks, good data help banks to take good decisions on bad data, leave them with blind spots, which might prompt bad decisions. Against that backdrop, many banks still need to improve their data frameworks. The Basel Committee's principles for effective risk data aggregation on risk reporting, BCBS 23940 experts, provide relevant guidance. In this regard, the data we collect from banks give us deeper insights. It takes us to another level, if you will, because the data quality, the quality of the data we receive reveals much about the bank's ability to comply with BCBS 239. On these interns reveals much about the bank's ability to manage its risk. Poor data are poor basis for managing risk. Indeed, the quality of the data as such opens a window into the state of a bank. We even use a data quality index on data quality dashboards to understand the weaknesses in a bank's reporting on draw or conclusions. After all, assessing the quality of data provided by banks is part of our supervisory review on evaluation process, the SREP that was mentioned also. All in all, there is no doubt that for many reasons and from many angles, data help us to do our job well. That said, we have to think about the future. There are challenges ahead and there are things we still need to work on. Let's take a look at some of them. What will be relevant in the future? First of all, the word does not stand still. The business of banking is constantly evolving. New technologies are invented, new products are developed, new competitors appear, and new risks emerge. And has the world changes or data needs to change too? At the same time, technology help us to enhance our analysis. Big data, for instance, can help us to improve our risk assessment of banks. Statistics departments need to remain flexible to be able to cater for these changes and stay ahead of the curve. Another point is this indisputable burden that reporting puts on banks. We acknowledge that banks have to carry this burden on which we try to alleviate it through various initiatives. Three relevant actions here are to standardize, integrate on harmonized reporting. For standardization, one goal should be to have unique identifiers for banks on their counterparts. This will help to further consolidate reporting on lighten the burden on banks. The legal entity identifier has been a good first step and banks are already benefiting from applying it. But we also must work to integrate on harmonized reporting. At the European level, banks still have to deal with a huge number of reporting obligations. Data are collected through different reports for both supervisory and statistical purposes based on different legal acts. At the same time, reporting obligations differ across countries, making life of cross-border banks rather difficult as you can imagine. As we aim for a truly European banking market, this is something we need to address on European banking supervision is doing just that. We will, for instance, set up a database containing all the recurring requests for supervisory data which are addressed to banks under our direct supervision. This database will allow us to monitor the overall reporting burden of these banks. It will also allow us to provide banks with a preliminary overview of data requests for the year ahead. And it will allow us to present the ECB supervisory board with an annual Dutch board showing all bank-specific un-horizontal data requests. All these will help us to streamline and harmonize the data request and thus simplify reporting for the banks. And that's not all, there is also the BUD, the Bank's Integrated Reporting Dictionary. The BUD is a voluntary tool that helps banks to organize their data by providing a common data dictionary on common transformation rules. This makes it much easier for software companies on banks to implement reporting requirements in a uniform manner. And it tells bank to report data to the required level of granularity. From an institutional point of view, it might help to formalize and expand the role of the European Banking Authority, EBA, in the field of supervisory data. The EBA could, for instance, integrate supervisory reporting on disclosures under pilletry of the Basel Accords. It could then develop and maintain a relevant hub of bank data collected from regulatory reporting. These would help banks as they would only need to report the respective data once. And this would help to see the right incentives for improving data quality, not to see to set the right incentives for improving data quality. But that would be visible precisely if the data quality is not adequate. This is one of the insights from the EBA Transparency Exercise. It would also help supervisors and market participants because they will have easier access to the data. The United States could serve as a role model here, I agree, they are ahead of us on this, as was said before, but it's not unachievable to, after some time, be also competing for leadership in this area, for sure. Ladies and gentlemen, let me conclude by saying that data are the heart of banking supervision. To do a job, we supervisors need high quality data and we need them in good time. The statistical departments throughout the euro system ensure that these needs are fulfilled. They have done so for the past 20 years or for the past four years in the case of banking supervision. In a sense, statisticians are the silent heroes of the story, the hero, if I pronounce poorly heroes maybe, so you understand. They tend to work backstage, but without them nothing would happen on stage, nothing good at least. So to all of you who work on collecting and providing the data we need, thank you very, very much. Yours is a difficult job, technology keeps changing and that has an impact on how data are collected, analyzed, and used. At the same time, data need to keep changing and you have to adapt to that as well. This conference marked the 20th birthday of European statistics by looking to the future. It shed light on all the new developments on how to deal with them. I am sure that you will be well able to handle them efficiently and will continue to deliver high quality data for the decades to come. Thank you for your attention.