Examples of specific tasks performed by Statistics:
We collect and quality assure data from key players in society such as banks, mortgage credit institutions, payment institutions, insurance and pension companies, investment funds and big companies. The large volumes of data are enriched with information from, for example, international data providers and Statistics Denmark and are published at regular frequency in our StatBank.
We develop new and existing statistics to continuously ensure an accurate picture of the financial part of the economy. Recent examples of this are the development of credit data at micro level, data on the climate footprint of the financial sector and data on trades in the Danish foreign exchange and money market. New and more granular data requires more advanced control tools such as machine learning algorithms.
We participate in analysis collaborations across Danmarks Nationalbank, including on the krone market, the credit development in Denmark and savings in Danish businesses and households. We publish financial statistics in our StatBank, on our website and on social media, so that all interested parties can learn more about the latest development in, for example, pension returns, mortgage debt and securities issuances.
We participate in international forums on data and statistics under the auspices of the European Central Bank, Eurostat, the OECD and the IMF. The international collaboration ensures that we compile our statistics according to internationally recognised standards. In addition, it gives us the opportunity to contribute to relevant agendas in international forums, e.g. on climate/ESG data and derivatives, while also learning about other countries’ approaches to and experiences with data.
Director and Head of Department Bent Christiansen answers three questions about the work in Statistics:
How do you contribute to Danmarks Nationalbank’s work to ensure a robust economy?
“The many and diverse financial statistics that we produce in the department are crucial to Danmarks Nationalbank being up-to-date on, for example, the financial stability situation or on monetary and financial trends in the Danish economy. With our statistical production, we cover the entire financial spectrum of the Danish economy.
Accurate statistics in the financial area combined with real economic data are essential to Danmarks Nationalbank’s ability to make economic policy recommendations and important decisions in the financial area.”
What makes your area particularly exciting?
“The world is becoming more and more data-driven, which adds an extra exciting dimension to our work with financial statistics. We must constantly look ahead and keep up-to-date on the current needs and requirements for data and statistics and what will be needed in the future. Data simply offers a world of opportunities, and, in our department, we have unique access to huge volumes of interesting high-quality data. It is really a privilege.
In addition, we are a very sociable and closely knit department. Our data and statistical areas are inextricably intertwined, and we therefore also collaborate across the department’s different areas of expertise. This is reflected in the many large and small social events we have in the department, where there is always a good atmosphere and support.”
What opportunities and challenges are there in your area?
“We see a trend towards microdata and other types of high-frequency data becoming in greater demand. It provides many opportunities for analysing new areas. This makes new demands on our data collections, on how we quality assure data and on how we help users make all the necessary data choices.
Some users want to have as much information as possible, but it is a balancing act, as too large and complex datasets risk becoming useless if you do not know how to navigate them and use them in the right way. Therefore, we work closely with the other economy departments on analyses in various areas.”