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Jun 27, 2017
GCD's Largest European Conference

GCD member delegates and guests were hosted by member bank KFW in Frankfurt this week for our largest ever European conference.

In a mix of plenary and discussion sessions, banks, academics and executives shared methodology and results for using data to improve credit risk measurement and management.

Hot topics included:

  • PD model validation techniques
  • model risk and TRIM
  • LGD calculation for unresolved loans
  • GCD's new benchmarking data collection
  • using machine learning techniques
  • contrasting external and internal migration matrices

GCD's next member conference will be in South Africa in July, followed by New York in September


May 3, 2017
GCD IFRS 9 benchmarking study coming up: compare your expected credit loss numbers with peers
Our members around the world are currently busy with finalizing their IFRS 9 impairment models. GCD is following its members’ wishes and will run a detailed IFRS 9 benchmarking study based on a hypothetical portfolio in July / August 2017. The study is also open to non-members. Contact us for more information.

May 1, 2017
First official submission cycle of the new GCD Benchmarking platform has started

Following our success with collecting PD and LGD estimates for names counterparties in the past, GCD has spent the last months investing in a full enhanced data collection process called GCD Benchmarking platform.

Member banks are able to directly benchmark their estimated PD, LGD and EaD parameters for named counterparties and specific clusters with peers.

The first submission cycle of the new GCD Benchmarking platform has now kicked off and will run till Mid June 2017. Contact us for more information.


Apr 11, 2017
GCD welcomes SEK and AIB
SEK is based in Stockholm and our 9th member in the Nordic Area. AIB is based in Dublin and is one of the big four Irish Banks by market capitalisation. This brings our membership to 54 banks globally.

Feb 27, 2017
GCD publishes study on discount rates for LGD calculation.

This study provides a theoretical and empirical analysis of five alternative discount rate concepts for computing LGDs using GCD Data. Appropriate discount rates are based on a combination of the risk free rate and risk premium for systematic risk at the time of default. Approaches may be separated into contract specific, comparable and equilibrium approaches. Advantages and shortcomings are discussed in the paper. The working group was chaired by Stephan Jortzik of ANZ and assisted by Harald Scheule, Associate Professor of Finance at the University of Technology, Sydney.

Please download the study here.


Dec 14, 2016
Our first Canadian Conference

GCD's First Canadian Conference in Toronto was a great success with over 80 attendees from Canada, US and Europe. Given the current focus of banks, it was no surprise that the wish of the members was to focus on IFRS 9 / CECL and how GCD data can be used for that.

Thanks to our host Bank of Nova Scotia, all the attendees and presenters for participating!

Presentations are now available on the member website


Dec 2, 2016
New Chairman for GCD

GCD held its latest General Meeting on 2 December. 2016  After 8 years on the Board and 4.5 as chairman, Richard Crecel of Société Générale, stepped down. Board members pointed to Richard’s record of growth in number of members and diversity of activities. Theo van Drunen, until now the Treasurer, steps into the Chairman’s seat and has promised continued growth, with focus on member’s needs.

At the same meeting, Simon Ross-Hansen was re-elected and Sanjay Gupta of PNC joined the Board.


Nov 22, 2016
New Member EDC Canada
GCD is proud to welcome Export Development Canada as a member.  EDC becomes our seventh Canadian member and our first export credit agency member.  To qualify for and benefit from GCD membership, financial institutions need to be active in the corporate or specialised lending financing market, which EDC certainly is.

Sep 8, 2016
GCD seeks Data Operations Executive
Due to expanding membership and activities, GCD is looking to employ a full time executive, based in the Netherlands, who will support our members in the data input, audit, output and analytics areas.  The role is described in the attached document, together with contact details for those interested in applying.

Aug 18, 2016
Welcome to Bank of Montreal

Bank of Montreal's membership means that the cream of the Canadian banking industry are now members of GCD.  Members receive detailed data for LGD/EAD and PD model support which is coded by country, so the addition of a sixth Canadian bank means a richer data return of Canadian, North American and global data.

Bank of Montreal is GCD's 52nd member.


Apr 30, 2016
Another great North American conference in New York

With more than 100 people attending, Global Credit Data's third North American conference has been GCD's largest conference ever.

As usual the conference was a mix of presentations and discussions around the LGD, EAD and PD databases as well as credit risk modelling and measurement methodology discussions. If you are interesting in the content, please have a look at our Newsletter of April 2016. You can download it from our website now.


Mar 23, 2016
50 Members strong
GCD's membership has now reached 50, with new members CIBC and Raffeisen Bank International joining in March 2016.  GCD 's membership is more geographically representative of the global banking market, with 15 members in North America.

Feb 28, 2016
New Executives

GCD announces the appointment of two executives to support our members globally.

Hale Tatar, based in Toronto Canada, will support our North American members from within their time zone, while Rob Korako, based in Netherlands, will support members with analytics and tool development globally.

Both Hale and Rob will start with GCD in March 2016


Jan 1, 2016
New Year, New Members
Wells Fargo, the world's largest bank by market capitalisation, is Global Credit Data's newest member.  They join with many other global SIBs and will help to make GCD's database even stronger.

Dec 22, 2015
GCD hiring in Canada and Europe - now closed

Due to expansion in Global Credit Data's membership and activities we are now seeking to fill two full time positions both supporting and working with members in both data and other activities.

North American Member Support and Operations Executive

- based in Canada, with good travel access to all of North America, this person will be part of the global Data Operations team and also provide membership support to our US and Canadian members.  Read about and apply for the position here

 

Methodology and Membership Executive

- based in Europe, with good travel access globally, this person will be part of the Global Membership support team working closely with member banks in Europe and globally.  They will also be involved in working groups, credit data analytics and marketing.  Read about and apply for the position here


Dec 20, 2015
Another great General Meeting with our members at a unique location in Rotterdam

With the Van Nelle Fabriek, an old coffee and tobacco factory repurposed to a conference facility, we had this time a very special location with a great industrial look.  More than 80 risk professionals came together in Rotterdam to discuss the current developments around credit risk modelling. As usual, we had a well-balanced programme of plenary sessions, the highly appreciated member presentations , working group break-outs and modeller's club sessions.  We also had included this time a special on current regulatory initiatives - with speakers from the IIF, the AFME and the Basel Committee’s RMG group. The General Meeting closed another successful year of expansion both in Europe and in North America and set the ground for further innovation coming in 2016.


Nov 30, 2015
Global Credit Data welcomes UniCredit Group as new member

In November 2015, UniCredit Group joined GCD as a new member. The Italian global banking and financial services company is based in the north of Italy in Milano. Its strategic position in Western and Eastern Europe gives the group one of the region's highest market shares.

With Unicredit Group we have now another "globally systemically important financial institution" (G-SIFI) contributing to our datapools in the future and we have reached a milestone in enlarging our geographical footprint in the whole of Europe.


Oct 30, 2015
Scotiabank joins Global Credit Data – Now more than 25% of our members are North American

GCD is becoming truly global with our latest new member. Bank of Nova Scotia (trading name Scotiabank) is Canada’s third largest bank by deposits and market cap and number 41 in world bank rankings. Scotiabank is based in Toronto, Ontario and has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and India. With Scotiabank joining, now more than 25% of our members are North America based.


Aug 31, 2015
Global Credit Data with new executives on board ready for the second half of 2015

With three new executives having joined in the last months, Global Credit Data has now six full-time professionals worldwide to support its member banks.

Originally “just” a data pooling organization, member banks' needs for discussing best practice in data handling, modelling and risk measurement has increased over the years. This is reflected in our high number of working groups which allow for intensive collaboration across banks and regions.  Facilitated by GCD executives, the credit risk practitioners of our member banks are encouraged to zoom into one topic, to share best practices and to challenge each other.

The second half of 2015 has again great new initiatives ahead.

  • We have set up a new ‘IFRS 9 impairment models’ working group where member banks are welcome to share their answers to the methodological challenges of the new standard.
  • Next to that we plan to implement and support first users with a new web-based analytical tool so that information can be retrieved quicker and more intuitively from our data base.
  • A more solid data pooling tool for default data is to be built and rolled out to our member banks.
  • And we have begun - under the strict supervision of our members banks – to answer analytical requests on LGD data raised by regulators regarding the future of the IRB approach.

A lot to do, while we continue to ensure the same high standard on data quality and support for the upcoming H2 2015 data submission. Global Credit Data is ready!


Jun 17, 2015
Vienna Conference largest ever

Global Credit Data's General Meeting held in Vienna on 15 and 16 June was our largest ever, with 85 persons attending over 2 days.  The event was hosted by Unicredit Bank Austria at their new conference centre in the city.  Members and guests enjoyed 2 days of presentations and workshops with topics ranging from regulatory IRB changes to stress testing to IFRS9 modelling.

The next conference was announced for 14 and 15 December 2015.


May 26, 2015
2015 H1 Data Return to members at record levels

Global Credit Data members have completed the half yearly process of gathering, cleaning and inputting data into the defaulted loan database, for use in EAD and LGD historical calculations and as a source of data for modelling.  Despite the benign default environment, the increasing number of lenders has raised the total loan count to over 120,000, a 6% rise in the half year.

It is pleasing to note that the low default asset class of "banks and financial intermediaries" is increasing in numbers to the point where it now has over 1,400 loans, while Real Estate Finance cases, especially from the USA, are also growing rapidly as new members join there.

Members receive the detailed data set in return, for the asset classes and years they submit data.  With over 50 banks represented in the data set, the average bank is receiving 50 times as much data as they submit.

 


Apr 26, 2015
3 new North American members

In April 2014 Global Credit Data welcomed three new members from North America:

  • Bank of America
  • Comerica Bank
  • Northern Trust
This brings the number of North American members to 12 and global membership to 47.

Each member brings a degree of specialty knowledge as well as more default data.  Bank of America sits alongside existing US members Citibank and JP Morgan as one of the giants of US and International banking.  Comerica is a regional powerhouse from Michigan to Texas and Northern Trust is internationally known for its wealth management and custody services.

 


Apr 3, 2015
New York Conference in April

Global Credit Data's second annual North American conference will be held at JPMorgan's downtown premises in New York City on 13 and 14 April 2015.

As usual the conference will be a mix of presentations and discussions around the LGD, EAD and PD databases as well as credit risk modelling and measurement methodology discussions. The conference is open to members and prospective members.

Contact steve.bennett globalcreditdata.org for more information or enquiries.


Mar 1, 2015
PECDC changes name to Global Credit Data

As from 1 March 2015 the non-profit consortium of financial institutions which have been collecting and sharing credit and default data since 2004 will change its name to “the Global Credit Data Consortium”, or Global Credit Data in normal usage.

Started in 2004 as the “Pan European Credit Data Consortium”, a group of mainly European banks decided to pool their default and loss experience in wholesale credit, aiming to improve their long term risk measurement and support their internal credit risk models.  In 2008 the group had grown to over 20 banks and incorporated as a dutch registered association, with the name PECDC.

The association has now grown to 44 members and has collected and shared between members over 100,000 defaulted loan cases across all of the major asset classes.  With half of the data and membership now outside Europe, in December 2014 members decided to change the name to reflect this, hence the Global Credit Data Consortium.

The association’s motto is “by banks for banks” reflecting the non-profit cooperative nature of the venture and the compatibility of the data between members.  Global Credit Data’s chairman, Richard Crecel of Société Générale, puts it this way:  “Global Credit Data has already collected the largest body of credit data in the scarce area of low default portfolios.  Global expansion and further analytics and benchmarking will help banks to better understand their risk and capitalise their banks to take account of it”

Global Credit Data is open for membership to any financial institution which is governed by Basel rules of credit risk measurement and the data is available on a give-to-get basis.  Members use the data for model building, benchmarking, calibration, validation, stress testing and internal capital assessment.

For more details contact the Executive Director:  philip.winckle globalcreditdata.org


Jan 22, 2015
First Australian Conference for Global Credit Data

On 12 January the 4 largest Australian banks and guests met at Commonwealth Bank's Headquarters in Sydney for the first Australian Global Credit Data meeting.

As all banks were using the same data definitions in their Global Credit Data submissions it was easy to discuss best practices in LGD and PD modelling as well as special issues for Australia.  This promises to be an annual event.


Dec 22, 2014
Den Haag General Meeting another record

The General Meeting held on 15 and 16 December at NIBC in Den Haag was the best attended meeting ever, with over 70 persons attending both days.

NIBC's premises, directly opposite the Peace Palace (seen here) was the ideal venue for the 10th anniversary meeting as this was where Global Credit Data began in 2004.  The highlight of this meeting was the extended opportunity for best practice sharing, with discussion groups on hot credit modelling and measurement topics on both days.


Dec 1, 2014
December 2014 LGD Data collection returned

Global Credit Data members this week received the detailed data return from their submissions in October and November 2014.  After a careful audit of the data contributed, the usual aggregation and anonymisation took place before the "give to get" returns were ready for the members to download.

Tha LGD database size has increased by 10% to over 110,000 defaulted loans due to increased membership and more data contributed by existing members.  Cohorts of data from recent recession years are now starting fill up and 2009 data is looking very interesting indeed.


Nov 19, 2014
10th Anniversary General Meeting in The Hague 15 and 16 December to be hosted by NIBC

Members from all over the globe will be meeting at member bank NIBC's headquarters in The Hague, Netherlands, on 15 and 16 December 2014.  The meeting marks Global Credit Data's 10th anniversary since founding in 2004 and will be celebrated by the attendance of founders at a special dinner.

As usual, Global Credit Data will welcome guest banks to the meeting, so if you are interested to see how Global Credit Data operates then please contact philip.winckle globalcreditdata.org.


Oct 13, 2014
Global Credit Data seeks 2 new executives

Due to Global Credit Data's continuing expansion, the members decided to approve the creation of 2 new executive positions, one supporting North American banks and one more globally oriented position with an analytical and marketing focus.  Both positions are likely to be performed through contract with a company and the work will be performed from a home office.  Both roles are described below:

 

North American member support and data executive (North America based)

Global Credit Data is seeking to have the full time services of a person who can support our North American current and future member banks.  The person will need to be based in North America as they need to be available in these time zones during working hours and able to travel easily to our members across US and Canada.

The role will primarily involve on-boarding new members and helping existing member banks with data input, preparation and data quality.  Assisting members to interpret and work with the data they receive back will be expected, as will analytics and the running of surveys and specialist working groups and conferences in North America.

This is a broad role but requiring specialist skills.  The job description can be found in this link.  Primary contact will be Sven Krenz.

 

Method and membership Executive (Europe based)

Global Credit Data is looking for the full time services of a person who can support members globally in a broad role focusing on analytics and credit risk methodology.  The person will work in closely with the Executive Director (Philip Winckle), and therefore practically the person should be based in Europe.

The role will primarily involve analytics based on Global Credit Data’s data sets, methodology benchmarking and member support, but in addition will focus on introducing Global Credit Data to prospective member banks across Europe and elsewhere.  As a key member of our small global executive team the person needs to be flexible enough to perform any task from sales to conference organizing to data processing.

The job description can be found on this link.  Primary contact will be Philip Winckle.

 

 

 


Oct 6, 2014
Nordic Investment Bank becomes Global Credit Data member

In October 2014 Nordic Investment Bank (NIB) joined Global Credit Data, recognising the need for all types of financial institutions to have access to pooled data for accurate risk estimation.

NIB is the international financial institution of the Nordic and Baltic countries.  The AAA/Aaa-rated bank is based in Helsinki, Finland.  NIB’s mission is to finance projects that improve the competitiveness and environment of the Nordic and Baltic region.

NIB is one of a select club of international financial institutions, which includes the European Investment Bank and the European Bank for Reconstruction and Development.