WORKING PARTY ON FINANCIAL STATISTICS OECD 2005 OCDE GROUPE DE TRAVAIL SUR LES STATISTIQUES FINANCIERES

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WORKING PARTY ON FINANCIAL STATISTICS OECD
2005 OCDE GROUPE DE TRAVAIL SUR LES
STATISTIQUES FINANCIERES

• PARIS LA DEFENSE
• TOUR EUROPE
• 10-11 October 2005

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Progress Report on the OECD Financial Accounts
database
Working Party on Financial Statistics 10-11
October 2005 by Michèle Chavoix-Mannato,
OECD/NAFS
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M A I N O B J E C T I V E S

• Inform Delegates on the situation
• of the database
• Discuss possible developments

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Inventory of information stored in the database

• 2004 data for most countries, excluding Canada,
  Czech Republic, Japan and Poland
• 2003 and 2004 data missing for Denmark and
  Mexico
• Still 6 countries missing

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Recommendation 1

• All OECD member countries are invited, to submit
  all of the data requested regarding Financial
  accounts (transactions) and Financial balance
  sheets (stocks).

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Inventory of information stored in the database
Financial Accounts Financial Balance Sheets
24 countries 16 both consolidated and non-consolidated 4 consolidated only 4 non-consolidated only 23 countries 16 both consolidated and non-consolidated 3 consolidated only 4 non-consolidated only
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Recommendation 2

• Member countries for which the OECD does not
  receive consolidated accounts are invited to make
  a particular effort to
• be able to transmit consolidated financial
  accounts (transactions) and financial balance
  sheets (stocks).

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Data collection and Management

• Questionnaire sent to non-EU countries only
• All countries data processed by the OECD
• A number of checks to maintain the quality
• A lot of e-mails to solve problems entailing
  extra work
• Recurrent problems and inconsistencies
• Formatting missing data incorrect data
• Same remarks to countries every year
• No explanation when revising data
• Incomplete set of data (last revised years only)

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Recommendation 3
OECD Member countries are requested to check
their data prior to submission in order to avoid
exchanges of e-mail to sort out inconsistencies
in the figures. ? ? ? They are invited to
provide information on the files sent so that the
Secretariat has a full knowledge of their
content.
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Statistical and Methodological Developments

• Data frequency
• Integration of non-financial balance sheets
• Sources and Methods
• Standard presentation
• Consolidation
• Asset Monetary Gold and SDRs
• Unallocated sector

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Data Frequency

• Countries of the Euro zone
• Quarterly Financial Accounts regularly
  transmitted to the ECB
• Non European countries
• Availability of quarterly financial accounts in
  most non European countries
• OECD
• Usefulness of quarterly data acknowledged
• Proposal for a simplified collection
• Sectors S13 and S14 S15
• Instruments AF1 to AF7

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QUESTION 1
Are the delegates of the WPFS favourable to
the collection and the publication of quarterly
financial balance sheets by OECD? ? Are they
ready to transmit information relating to
financial stocks at the end of the quarter, for
sectors S13 and S14-S15 and for instruments AF1
to AF7, within a time which does not exceed three
months after the end of each quarter?
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Integration of non-financial balance sheets

• Usefulness of both non-financial and financial
  balance sheets
• Suppplementary table 2600 in the OECD/Eurostat
  questionnaire on National Accounts
• Few replies from countries
• Special request on such availability to financial
  accountants
• 5 countries relatively high level of detail
• 2 countries possible submission of sparse data
• 2 countries no availability
• 1 country request transmitted to another body

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Recommendation 4
OECD Member countries are highly invited to
reply to the collection of the information
required in table 2600 in order to enable the
Secretariat to publish summary tables on the
whole wealth of institutional sectors and to
analyze them and establish international
comparisons.
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Sources and MethodsStandard presentation

• Importance of methodological information
• Possible automatic procedure to collect and
  update it
• EU countries replies to Eurostats
  questionnaire as a base for a template

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Recommendation 5
To reduce at the same time the workload of
European Union countries and that of the OECD
Secretariat, the Working group on the Financial
Statistics (WPFS) asks Eurostat to transmit to
the OECD the answers to the questionnaire on the
development of the financial accounts,
established by Eurostat that it received from its
Member States.

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Sources and MethodsConsolidation

• Importance of detailed information relating
  to consolidation methods in countries
• Survey sent to countries in July 2005
• 14 countries have replied
• 10 countries consolidate both sectors and
  sub-sectors
• 8 countries consolidate all instruments

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Recommendation 6
OECD Member countries that have not yet
responded to the special survey on the
consolidation of their financial accounts are
invited to do so as soon as possible, and to
provide as exhaustive information as possible.
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Asset Monetary Gold and SDRs (F1/AF1)

• Three different methods to report the asset
  F1/AF1 in financial accounts and financial
  balance sheets
• F1/AF1 reported both on the asset side of
  Sector S121 (and/or S1311) and on the asset side
  of Sector S2 (same value, opposite sign),
• F1/AF1 reported on the asset side of Sector S121
  (and/or S1311) and on the liability side of
  Sector S2 (same value, same sign),
• F1/AF1 reported only on the asset side of
  Sector S121 (and/or S1311) no report in S2
  neither on the asset side nor on the liability
  side.

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Asset Monetary Gold and SDRs (F1/AF1) cont.

• Eurostats recommendation
• Two different methods one for Financial
  Accounts, another one for Financial Balance
  Sheets
• OECD point of view
• Necessity of using of a common convention for all
  countries
• Preference for balanced accounts for S1 and S2
• Transactions B9FS1 B9FS2
• Stocks BF90S1 BF90S2
• Ready to apply Eurostats convention if all
  countries agree

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QUESTIONS 2 and 3
Q2. Are OECD Member countries favourable to
the convention of recording the asset F1 of the
S1 sector in the active side of the financial
account (transactions) of the sector S2 (same
value but opposite sign)? ? Q3. Do they agree
not to report the asset AF1 of the S1 sector in
the S2 sector, in the financial balance sheet
(stocks), neither in the active nor in the
passive side?
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Unallocated sector

• Statistical errors due to a lack of information
• either integrated into one of the institutional
  sector
• such as Sweden
• or reported under an additional sector, named
   unallocated sector 
• such as Canada, Norway, United States

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QUESTION 4
Are delegates in favour of adding a column to
the questionnaire on financial accounts and
financial balance sheets so that countries that
cannot neither allocate statistical errors to a
specific sector by convention, nor distribute
them between sectors could present these
discrepancies in a separate sector,
conventionally named unallocated sector?
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Conclusions

• The OECD Secretariat stresses on the necessity
  for more consistent and relevant data and
  metadata relating to the Financial accounts and
  Financial balance sheets,
• It highlights the work to be done in the months
  ahead to improve the quality of the OECD database
  so that users can analyse and compare the
  statistics as rigorously as possible,
• It also remind Delegates that such developments,
  which consume a great deal of energy and
  resources, can be implemented only with the
  active participation of the Member countries,
  which have been and will continue to be solicited
  by the OECD Secretariat,
• The OECD Secretariat thanks all national
  delegates and experts for the work accomplished
  over the year since the WPFS last met and for
  their ongoing co-operation.
• THANK YOU