Moreover, it is essential to gather more information on the holders of financial assets. The Bundesbank has initiated a security-by-security data collection on the holdings of the various  BIS Review 13/2008  3  sectors, as is also practised in some other countries of the euro area.
The Centralised Securities Database that is being developed in the ESCB – and that will be presented at this conference – could bring us a step forward in these endeavours at the European level. VI  Conclusions  To sum up, let me emphasise six points. First, the current financial turbulence has revealed weaknesses in the originate-to-distribute model.