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International Retail Debt Management Symposium 2020

October 20, 2020

Online

The United States Treasury and the World Bank have successfully co-hosted the International Retail Debt Management Symposium on October 20th, 2020. The Symposium is sponsored by the International Retail Debt Management Conference (IRDMC) core countries and held biennially. The core IRDMC membership includes Brazil, Canada, Hungary, Ireland, Italy, Japan, South Africa, the United Kingdom, and the United States.

This year’s Symposium brought together 19 countries with seasoned retail programs and those looking to establish or review existing programs. The Symposium provided a forum for debt managers to discuss current issues and trends such as product development, distribution channels, market research, and the use of new technology.

This year’s topics included (i) the impact of the COVID 19-crisis on retail debt programs; (ii) recent and future developments in retail debt programs; (iii) starting a retail debt program: the do’s and don’ts.

The 2020 edition of the Symposium was organized by the Finance, Competitiveness & Innovation Global Practice in collaboration with the Macroeconomics, Trade & Investment Global Practice. It was held virtually.

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  • 8:00 – 8:30 am

    Welcome and Introductions

    David A. Lebryk, Fiscal Assistant Secretary, US Department of the Treasury

    Anderson Caputo Silva, Manager, Finance, Competitiveness & Innovation, World Bank Group

    8:30 – 9:30 am

    Impact of the COVID19-crisis on retail debt programs

    • How have we seen our respective retail debt instruments used during times when the economy has been impacted by a virus (e.g. has there been an uptake in hardship requests to liquidate prior to maturity)?

    • Are our retail debt management programs being revisited (positively or negatively) given the lessons from the pandemic?

    • Operational risk management: existing framework (and challenges) to keep the program operational in a lock downed / home-based work environment?

    • “Social” instruments: any case or plans to issue earmarked retail instruments which proceeds would be used to cope with increased expenditures in areas as health, social transfers to less privileged population, etc.?

    • Given outflows of non-resident investors, any changing plans on relying more on domestic investors such as retail ones?

    Moderator

    Doug Anderson, Assistant Commissioner, Retail Securities Services, Bureau of the Fiscal Service, United States Department of Treasury

    Presenters

    Andras Rez, Deputy CEO, Government Debt Management Agency (AKK), Hungary
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    Murray McCarter, Head of Retail Debt, National Treasury Management Agency, Ireland
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    9:30 – 10:30 am

    Recent and future developments in retail debt programs

    • How have our programs been impacted by new technology, or competition with other retail products offered by the financial sector?

    • Have core countries introduced new government retail debt instruments since the last Symposium?

    • If so, what is the instrument, rationale for selling it, and any results and challenges so far?

    Moderator

    Leandro Puccini Secunho, Senior Debt Specialist, Macroeconomics, Trade & Investment, World Bank Group

    Presenters

    Terry Bomela-Msomi, Director for Retail Savings Bonds at National Treasury, South Africa
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    Fabio Vittorini, Manager, Treasury Department, Italian Public Debt Directorate, Ministry of Economy and Finance, Italy
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    K. Paroche Hutachareon, Senior Expert, Public Debt Management Office, Thailand
    ⬇️ Dpwnload Presentation

    10:30 – 11:30 am

    Starting a retail debt program: the do’s and don’ts

    • What are the key questions to ask yourself if you want to start a retail debt program?

    • What are the key mistakes to avoid?

    • How should you approach the development of a retail debt program: key stakeholders, test phase, outsourcing vs. inhouse, etc.?

    • How to choose the right technology?

    • Is it planned to subsidize the retail debt program (e.g. offer higher interest rates than in the wholesale market) to foster other policy goals? Usually it is not advised to so, especially in a constrained fiscal environment as is faced by most countries now.

    Moderator

    Sébastien Boitreaud, Lead Financial Officer, Finance, Competitiveness & Innovation, World Bank Group

    Presenters

    Paulo Marques, Manager, National Treasury, Brazi
    ⬇️Download Presentation

    Rosa Brancati-Schulz, Director of Retail and Wholesale Debt Administration, Bank of Canada
    ⬇️Download Presentation

    Dunstone Ulwodi, Assistant Director, Public Debt Management Office, National Treasury, Kenya
    ⬇️Download Presentation

    11:30 – 11:45 am

    Conclusion / Feedback for Future Session

    Round table with participants to discuss topics of interest for the 2022 meeting

     

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