Revised arrangements Sample Clauses

Revised arrangements. The contracting parties are of the opinion that it is possible to make major improvements concerning acquisition, communication, and processing of data (see Appendix 2). To that end, ideas concerning a joint database for data acquisition and processing are being considered and evaluated. The fundamental idea is that the financial institutions will send data to a data submission system operated jointly by the Financial Supervisory Authority and the Central Bank. The data would be read in automatically, and the integrity of the data would be verified. The database would be connected to user-friendly report-generation tools where employees in each of the two institutions can retrieve the data they need and are authorised to access according to access control rules. Elements of this attempt to improve execution are: • To prevent gaps in the collection of data necessary for satisfactory monitoring and supervision and for an assessment of systemic stability. • To take account of information that is not submitted during regular data submission but can have a decisive effect on stability; for example, market conditions, changes of loan agreement terms, etc. • To reduce duplication of effort, which places unnecessary strain on financial institutions, raises supervisory entities’ costs, and causes confusion. • To enhance technical cooperation in the information field. • To transmit information seamlessly between the Central Bank and the Financial Supervisory Authority and facilitate data processing. • To work together on information exchange with foreign supervisory entities.