Narodowy Bank Polski Plan of Activity for

Transcription

1 Narodowy Plan działalności Bank Polski Plan Narodowego of Activity Banku Polskiego for na lata

2 Narodowy Bank Polski Plan of Activity for Warsaw, 2014

3 Prepared in the Office of the President. DTP: DEW Print: NBP Published by: Narodowy Bank Polski Education and Publishing Department Warszawa, ul. Świętokrzyska 11/21 Phone: Copyright Narodowy Bank Polski, 2014

4 Contents Chapter 1. Mission of Narodowy Bank Polski 5 Chapter 2. Objectives of Narodowy Bank Polski 7 Objective A. Research on and analyses of monetary policy and applied tools, in particular in the context of developments on global financial markets in recent years and threats to macroeconomic stability. Offering possible monetary policy solutions and policy implementation tools 8 Objective B. Introduction of macroprudential oversight and its operationalisation. Streamlining the mechanisms for adequate response to the threats to financial system stability 8 Objective C. Rationalisation of the notes and coins management process at NBP 9 Objective D. Optimisation of the level, composition and management of foreign exchange reserves 9 Objective E. Improving and enlarging the scope of statistical research that supports decision-making processes with regard to monetary policy, as well as financial system and payment system stability 9 Objective F. Rationalisation of NBP organisational structure and improvement of central bank effectiveness 10 Chapter 3. Tasks in the Plan of Activity 11 Tasks for

5 Abbreviations BFG DA DB DES DEW DIT DK DKP DKRZ DOK DOO DOZ DP DRGW DRF DRTF DS DSF DSP DZ DZRF EC ECB ESCB GP IE IMF MF NBP Bank Guarantee Fund Administration Department Security Department Cash and Issue Department Education and Publishing Department Information Technology and Telecommunications Department Personnel Department Public Relations and Marketing Department Public Procurement and Purchasing Department Domestic Operations Department Regional Branches Department Foreign Exchange Department Legal Department Internal Operations Settlement Department Accounting and Finance Department Financial Transactions Settlement Department Department of Statistics Financial Stability Department Payment Systems Department International Department Financial Risk Management Department European Commission European Central Bank European System of Central Banks Office of the President Economic Institute International Monetary Fund Ministry of Finance Narodowy Bank Polski

6 Chapter 1 Mission of Narodowy Bank Polski

7 Chapter 1 Mission of Narodowy Bank Polski As the central bank of the State, Narodowy Bank Polski has the exclusive right to issue currency and to set and implement monetary policy. The basic objective of Narodowy Bank Polski is to maintain price stability, while supporting the economic policy of the Government, insofar as this does not constrain the pursuit of the NBP basic objective. 6 Narodowy Bank Polski

8 Chapter 2 Objectives of Narodowy Bank Polski

9 Chapter 2 Objectives of Narodowy Bank Polski Pursuing its activity in the years , Narodowy Bank Polski will strive to accomplish the following objectives: Objective A. Research on and analyses of monetary policy and applied tools, in particular in the context of developments on global financial markets in recent years and threats to macroeconomic stability. Offering possible monetary policy solutions and policy implementation tools As the central bank of the Republic of Poland, Narodowy Bank Polski is responsible for the value of Polish currency. Striving to accomplish its basic objective of maintaining stable price levels, NBP carries out analytical work and does research in support of monetary policy. Due to dynamic changes in the external environment, NBP will broaden the scope of research and analyses to include areas requiring constant monitoring and oversight. In order to ensure a high quality of research and analyses, the central bank will use modern tools and models and adjust available instruments to the changes on financial markets. This will help to conduct monetary policy in an effective way. Objective B. Introduction of macroprudential oversight and its operationalisation. Streamlining the mechanisms for adequate response to the threats to financial system stability As one of the institutions acting for maintaining the stability of the national financial system, Narodowy Bank Polski will strive to develop solutions enabling a more efficient identification and monitoring of potential threats to financial system stability and counteracting those threats. By strengthening the cohesion and effectiveness of the safety net, NBP will aim at ensuring the financial system stability, including the strengthening of the financial supervision structure in Poland and defining the place and role of the central bank within that structure. While pursuing its objective, NBP will work towards establishing a body performing macroprudential oversight in which the central bank aims to play a significant role. This will allow the central bank, in close cooperation with other institutions responsible for financial stability, to more efficiently mitigate systemic risk and ensure the security of the national financial system. 8 Narodowy Bank Polski

10 Objectives of Narodowy Bank Polski Objective C. Rationalisation of the notes and coins management process at NBP Narodowy Bank Polski is the only institution in Poland which is authorised to put into circulation notes and coins that are legal tender in Poland. The objective of the central bank is to ensure uninterrupted cash settlements and appropriate quality of notes and coins put into circulation. Pursuing this objective, NBP will aim at improving the effectiveness of banknote sorting at NBP and streamlining cash circulation in Poland, while maintaining high quality of notes and coins in circulation. Objective D. Optimisation of the level, composition and management of foreign exchange reserves Foreign exchange reserves held by NBP are to enhance the financial credibility of the country, while mitigating the risk of an abrupt outflow of capital and ensuring uninterrupted access to global market funding. They can also be used for supporting the stability of the financial market or the domestic banking sector. In the process of managing the foreign exchange reserves, NBP aims to achieve high returns on investment portfolios, while ensuring high level of safety of investments and adequate liquidity of funds. To this end, NBP will continue to broaden the catalogue of its investment instruments, taking into account the current situation on the market, and will develop the methods of asset allocation and financial risk management. Objective E. Improving and enlarging the scope of statistical research that supports decision-making processes with regard to monetary policy, as well as financial system and payment system stability As one of the main centres of statistical research in Poland, NBP compiles statistical data which constitute the main source of information about the financial sector and the balance of payments. The data are used for evaluating macroeconomic situation of the country, making decisions on monetary policy, analysing the threats to the financial system stability and analysing the functioning of the payment system. The scope of statistical research of NBP will gradually expand along with the development of institutions and financial instruments and the increase in demand for more specific information allowing the central bank to monitor risk factors in and threats to the financial system. An important aspect of the development of statistical research at NBP will be the adjustment of the research to new standards set by such international institutions as the ECB, Eurostat and the IMF. Narodowy Bank Polski Plan of Activity for

11 Chapter 2 Objective F. Rationalisation of NBP organisational structure and improvement of central bank effectiveness Narodowy Bank Polski continues to work on the verification and preparation of optimal organisational solutions to improve the safety and effectiveness of selected operational processes. The NBP plans include the optimisation of NBP activities in the areas of services to the State budget, public procurement, IT, real estate administration and sensitive data protection. The implementation of individual solutions will contribute to optimising the bank s organisational structure and reducing its general expenses. 10 Narodowy Bank Polski

12 Chapter 3 Tasks in the Plan of Activity

13 Chapter 3 Tasks in the Plan of Activity The Plan of Activity of NBP for comprises project-based tasks, designed to achieve the objectives of NBP. The Plan does not include regular tasks which are presented, inter alia, on the NBP website. The tasks were grouped under individual objectives of NBP. Tasks for Objective A. Research on and analyses of monetary policy and applied tools, in particular in the context of developments on global financial markets in recent years and threats to macroeconomic stability. Offering possible monetary policy solutions and policy implementation tools 1. Analysis of sources of divergent economic situation in euro area countries Final result: Acquiring knowledge on the characteristics of the Polish economy which give our country an advantage and the characteristics which may be a potential source of threats after Poland s accession to the euro area Responsible unit: IE Description of the obtained results in the form of a report 2. Analysis of alternative monetary policy strategies Final result: Acquiring knowledge on possible changes of the monetary policy strategy in Poland Responsible unit: IE Preparing a study on alternative monetary policy strategies 3. Research on the monetary policy transmission mechanism Final result: Increasing knowledge about the impact of monetary policy on the economy Responsible unit: IE 12 Narodowy Bank Polski

14 Tasks in the Plan of Activity Draft report on the monetary policy transmission mechanism (MTM) in Poland, taking into consideration the results obtained using a previously developed model Periodic comprehensive assessment of the monetary policy transmission mechanism in Poland, including the issues of non-linear transmission 4. Analysis of households assets and debt in Poland Final result: Creation of a database on assets and debt of individual households. Analytic publications on the subject Responsible unit: DSF In cooperation with: IE Carrying out the complete survey Creation of a database and analysis of the results 5. Designing a system to combine short-term probabilistic forecasts Final result: Creation of a system enabling fast and effective combining of forecasts from a number of various models into one forecast. Presenting forecast data to recipients in a more transparent form Responsible unit: IE Building a mechanism for combining forecasts - prototype version Building a data feed mechanism - prototype version Building and developing intermediate forecasting models - prototype version Building a mechanism for combining forecasts - deployment version Narodowy Bank Polski Plan of Activity for

15 Chapter 3 H Building a data feed mechanism - deployment version Building and development of intermediate forecasting models - deployment version Building a system for communication with the user - automation of final reports 6. Research on fiscal policy in Poland based on the DSGE SOE.PL model Final result: Gaining knowledge on the impact of fiscal policy in Poland on business cycle and relationships between monetary policy and fiscal policy Responsible unit: IE Development of a simulation version of the SOE.PL model including the fiscal sector Performing a simulation Presentation of the simulation results at NBP Preparation of a scientific publication 7. Introduction of mark-to-market valuation method of securities used as collateral in NBP operations Final result: Substitution of the currently used valuation (based on nominal prices) of securities that are used as collateral in NBP operations with mark-to-market valuation method for securities that are characterised by appropriate liquidity and the availability of mark-to-market prices. Introduction of the collateral management mechanism, including daily valuation of collateral and putting up additional collateral or return of collateral Responsible unit: DOK In cooperation with: DIT, DZRF, DSP Starting IT work on changes to the SKARBNET4 system 14 Narodowy Bank Polski

16 Tasks in the Plan of Activity Preparation of draft regulations Continuation of work on the SKARBNET4 system modification H Continuation of work on the SKARBNET4 system modification H Submission of the final version of regulations Testing and implementing the system 8. Development of a central registration system of assets used as collateral in NBP refinancing operations Final result: Development of a central registration system of collateral accepted and taken over in NBP refinancing operations, fed with data from various NBP organisational units Responsible unit: DOK In cooperation with: DIT, DRF, DSF, DSP, DZRF, NBP regional branches Development of the IT system Continuation of work on the development of the IT system H Testing and implementing the system Narodowy Bank Polski Plan of Activity for

17 Chapter 3 Objective B. Introduction of macroprudential oversight and its operationalisation. Streamlining the mechanisms for adequate response to the threats to financial system stability 9. Development of rules on cooperation and coordination of activities aimed at operationalisation of macroprudential policy Final result: Preparation of NBP to provide analytical and operational support for the functioning of a macroprudential oversight authority in Poland Responsible unit: DSF Drafting a proposal on NBP internal procedures and mechanisms supporting the activities of a macroprudential supervisory authority 10. Preparation of a proposal of macroprudential policy instruments, including the rules for their application Final result: Creating a set of macroprudential policy instruments and defining the conditions for their operational application Responsible unit: DSF Literature review Analyses of possible macroprudential policy instruments Presenting the proposal of instruments to the NBP Management Board, including the rules of their application 11. Performing research and analytical activities supporting macroprudential policy Final result: Research and analytical support for the conduct of macroprudential policy Responsible unit: DSF In cooperation with: IE Preparation of the preliminary model of macro-financial linkages and cyclical variations in the financial system 16 Narodowy Bank Polski

18 Tasks in the Plan of Activity Preparation of the structural model Performing the financial cycle and credit cycle analysis (APC model) Testing the introduction of asymmetric adjustments to the model Assessment of forecasting properties of the model Drafting the final report on the studies Objective C. Rationalisation of the notes and coins management process at NBP 12. Research on factors influencing the level of cash transactions in individual regions of Poland Final result: Broadening knowledge on the causes of regional variations in cash demand Responsible unit: DES In cooperation with: DSP Identification of potential factors influencing the regional variations in demand for cash Pilot survey H Analysis of survey results Introducing possible changes to the survey H Carrying out a complete survey Narodowy Bank Polski Plan of Activity for

19 Chapter 3 H Creation of a database and analysis of the results Publication of research results 13. Activities aimed at streamlining cash circulation Final result: Reduction of cash transaction costs. Introduction of solutions enhancing the security of cash transactions and adjusting the Polish system to the system of euro area countries Responsible unit: DES In cooperation with: DP Drafting amended regulations related to the sorting of banknotes, standardisation of currency packaging and the rules for placing surpluses of the Polish currency in NBP by banks Analysis of conditions for the centralisation of NBP deposit management Analysis of the possibility to apply international logistic standards (GS1) in domestic cash transactions Extension of the time of servicing banks as regards lodgements and withdrawals of Polish currency in selected NBP regional branches Preparation of a report on the possibility of introducing an expanded deposit system (secured double-sided deposit) Presentation of a report concerning the possibility of implementing the GS1 standards in domestic cash transactions H Preparation of assumptions for the implementation of the GS1 standards (proposal of changes in IT systems, draft amendments to the regulations) H Adjusting IT systems to the requirements of the GS1 standards 18 Narodowy Bank Polski

20 Tasks in the Plan of Activity Implementation of the GS1 standards 14. Introduction of standards, reorganisation of processes and centralisation of banknote sorting in the NBP largest regional branches Final result: Increased resource efficiency Responsible unit: DES Standardisation of procedures in NBP cash and issue activities Developing solutions related to the concentration of banknote counting and sorting in some NBP branches Drafting amendments to legal regulations Adjusting IT systems H Implementation of solutions relating to the concentration of banknote counting and sorting at NBP 15. Activities aimed at introducing a multi-orientation sorting of banknotes Final result: Enhancing the effectiveness of banknote counting and sorting at NBP as well as in commercial banks and other entities Responsible unit: DES Consultations with professional cash handlers and producers of sorting machines Consultations with the ECB H Preparation of a contract awarding procedure Narodowy Bank Polski Plan of Activity for

21 Chapter 3 H Completion of the contract awarding procedure and conclusion of the contract H Implementation of the contract H Drafting amendments to legal regulations 16. Optimisation of cash transport at NBP Final result: Reduction of cash transport costs Responsible unit: DES In cooperation with: DB, DIT Development of an IT tool supporting the organisation of cash transport Drafting amendments to legal regulations Objective D. Optimisation of the level, composition and management of foreign exchange reserves 17. Increasing the spectrum of investment instruments for managing the part of reserves with a lower liquidity requirement Final result: Enhanced rate of return of the reserves in the long run Responsible unit: DZRF In cooperation with: DOZ, DRF, DRTF Comprehensive analysis of a potential investment spectrum, including market conditions, expected yield and risk 20 Narodowy Bank Polski

22 Tasks in the Plan of Activity 18. Optimisation of investment instruments in the process of foreign reserves management Final result: Improving the efficiency of managing foreign reserves by introducing new instruments Responsible unit: DOZ In cooperation with: DZRF, DRF, DRTF, DP Completion of the process of implementing FRA and IRS in gold asset management Starting the process of implementing forward/forward in gold asset management Completion of the process of implementing forward/forward in gold asset management 19. Development of credit risk management-supporting tools Final result: Improving the efficiency of credit risk management in the investment process Responsible unit: DZRF In cooperation with: DIT, DP Building a database of a system supporting credit risk management Implementing models used in credit risk management to the system H Analysis of advanced models of credit risk measurement H Implementation of advanced models of credit risk measurement to the system Narodowy Bank Polski Plan of Activity for

23 Chapter Expanding reliability estimation methods in relation to counterparties and issuers of securities Final result: Expanding analyses supporting credit risk management Time frame: Responsible unit: DZRF H Review of estimation methods of NBP counterparty credit credibility H Development of reliability estimation methods and a system of limits mitigating credit risk Objective E. Improving and enlarging the scope of statistical research that supports decision-making processes with regard to monetary policy, as well as financial system and payment system stability 21. Extending the Reporting Information System (SIS) for the needs of the extended scope of prudential and supervisory reporting Final result: Preparing NBP to implement the reporting requirements laid down in the European Commission regulation on the banking sector Responsible unit: DS In cooperation with: DIT, DSF Implementation of the new reporting requirements, defined as Additional liquidity requirements, laid down in the European Commission Regulation, and the Financing Plans defined by the European Banking Authority Implementation of the new reporting requirements, relating to Internal Models defined in the European Commission regulation 22 Narodowy Bank Polski

24 Tasks in the Plan of Activity 22. Development of a system for collecting and processing information on investments in securities Final result: Development of a system for collecting and processing data on securities holdings that meet the ECB requirements as well as NBP needs Responsible unit: DS In cooperation with: DIT Launching the main part of the IT system Development of additional modules Completion of the system implementation 23. Building a new monetary statistics system technologically upgraded and adjusted to modified international standards Final result: Modernisation of IT solutions, acquiring new statistical data Responsible unit: DS In cooperation with: DIT, DOK, DRF, DRTF Selecting the contractor and launching the development of a module to feed the system with reporting data Completion of the module to feed the system with reporting data H Launching the development of a module to process reporting data H Completion of the module to process reporting data System testing Narodowy Bank Polski Plan of Activity for

25 Chapter 3 H System launch 24. Building a database to collect and process statistical information on the payment system Final result: Automation of collecting and processing of statistical data used to perform analytical and supervisory activities. Enlarging the scope of data included in information and analytical materials of NBP Responsible unit: DSP In cooperation with: DIT Review of the assumptions defined Designing the system H Building the system H Testing and implementing the system Objective F. Rationalisation of NBP organisational structure and improvement of central bank effectiveness 25. Optimisation of services provided by Narodowy Bank Polski to the State budget Final result: Further modernisation and standardisation of banking services for the State budget and making arrangements to offer new services to holders of accounts at NBP Responsible unit: DRF In cooperation with: DOO 24 Narodowy Bank Polski

26 Tasks in the Plan of Activity Analysing the possibility to reduce the number of cash transactions by introducing debit/pre-paid cards and to limit the use of cheques for cash withdrawals Development of a concept of a centralised customer service at one counter in regional branches Analysing the possibility of standardising and diversifying services provided to individual groups of clients Drafting assumptions for the launch of the cash replenishment/collection services by specialised cash in transit companies for interested account holders Specification of a concept of a centralised customer service at one counter in regional branches Development and approval of the concept of NBP s entry into the Express ELIXIR system Arrangements concerning the introduction of cards and limiting the use of cheques for cash withdrawals Development of the rules related to the standardisation and to segmentation of account holders Preparations to the introduction of the cash replenishment/collection services by specialised cash in transit companies H Preparation of a material for the NBP Management Board concerning the introduction of cards and limiting the use of cheques Preparation of a material for the NBP Management Board concerning the introduction of standardisation and segmentation of account holders Preparation of material for the NBP Management Board concerning the introduction of a centralised customer service in regional branches Preparation of a material for the NBP Management Board concerning provision of the cash replenishment/collection services by specialised cash in transit companies Narodowy Bank Polski Plan of Activity for

27 Chapter 3 Preparation of a material for the NBP Management Board concerning NBP s entry into the Express ELIXIR system 26. Developing a central tendering system at NBP Final result: Streamlining the contract awarding procedure at NBP, spending rationalisation and introduction of electronic tools to carry out purchases at NBP Responsible unit: DKRZ In cooperation with: DIT Development of an electronic platform module for purchases excluded from the obligation to apply the Public Procurement Law Act The electronic platform testing and implementation 27. Introduction of an electronic system for documentation management at NBP Final result: Improving the information flow at NBP through introduction of an electronic documentation management system (EZD) Responsible unit: DA In cooperation with: GP, DIT, DP, DB, DRF, DOK, DSP, DES, DOO, DKRZ, DZ Preparing the assumptions for project launch Establishing the organizational structure of the project Commencement of the work relating to legal regulations introducing the EZD system Development of detailed assumptions for the EZD system H Selection of the EZD system Adjustment of the system to NBP requirements based on the previously agreed assumptions 26 Narodowy Bank Polski

28 Tasks in the Plan of Activity Setting the implementation schedule Introducing legal amendments H Implementation of the EZD system for selected areas of activities (first stage) H Implementation of the EZD system for selected areas of activities (second stage) H Analysis of the EZD system performance and introducing potential modifications 28. Consolidation of IT functions performed by NBP departments and regional branches Final result: Rationalisation of employment by eliminating dispersed support of IT functions Responsible unit: DIT In cooperation with: GP, DRF, DK Introducing organisational changes related to the rationalisation of employment 29. Analytical work aimed at preparing a decision on the implementation of a new central system Final result: Concept of the new IT central system Responsible unit: DIT In cooperation with: DRF Analysis of possible solutions and scenarios Drafting a proposal of the new central IT system solution for the decision by the NBP Management Board Narodowy Bank Polski Plan of Activity for

29 Chapter Improving the effectiveness of NBP real estate utilisation in regional branches Final result: Reducing NBP costs arising from real estate maintenance. Improving the effectiveness of administration of NBP facilities Responsible unit: DA In cooperation with: GP, DOO Analysis of NBP real estate utilisation in regional branches Presenting possible variants of real estate use optimisation to the NBP Management Board H Launch of real estate utilisation optimisation H Completion of optimisation measures 31. Launching one-year specialist internships for graduates of economic universities Final result: Helping the most talented graduates to acquire specialist work experience in the area of banking and finance. Strengthening the NBP image as an outstanding employer and gaining the possibility of supplementing NBP personnel with aboveaverage potential employees Responsible unit: DK In cooperation with: departments Summing up the results of the pilot programme and launching the next issue of the Internship Programme under the auspices of NBP President 28 Narodowy Bank Polski

30 Tasks in the Plan of Activity 32. Introducing technologically advanced instruments for sensitive information protection at NBP Final result: Enhancing the effectiveness of sensitive information protection at NBP through introducing technologically advanced tools and systems increasing the surveillance of internal users as well as mitigating the risk of external threats to information processed in ICT systems Responsible unit: DB In cooperation with: DIT Introducing the SIEM system (Security Information and Event Management) for the management (collection and analysis) of information related to ICT system security incidents Introduction of the McAfee system to encrypt disks and external storage media Introducing the system of advanced data protection - tools for detecting technologically advanced malware as well as protection of NBP systems against complex attacks, such as Zero-Day or APT Development of a system for vulnerability management by adding the analyser of all network elements Introducing a system for monitoring users with high-level authorisation, including recording of administrators sessions H Definition by Departments of sensitive information requiring special protection, including prevention of data leakage H Follow-up of the development of systems for malware detection Narodowy Bank Polski Plan of Activity for

31 Chapter 3 H Selection of the method for data leakage prevention and conducting the procedure on the procurement of such a system Installation of the system and launch of the pilot monitoring of information flow Establishment and preparation of operating teams for system management and extension of the scope of sensitive information monitoring H Implementation of blocking functions for selected groups of sensitive information and covering sensitive information with full monitoring 30 Narodowy Bank Polski

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