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OECD Financial Accounts Databases Progress Report

OECD Financial Accounts Databases Progress Report. Working Party on Financial Statistics Paris, 9-10 October 2006. Michèle Chavoix-Mannato National Accounts and Financial Statistics OECD Statistics Directorate. Main objectives of this document.

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OECD Financial Accounts Databases Progress Report

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  1. OECD Financial Accounts Databases Progress Report Working Party on Financial Statistics Paris, 9-10 October 2006 Michèle Chavoix-Mannato National Accounts and Financial Statistics OECD Statistics Directorate

  2. Main objectives of this document • To inform delegates to the Working Party on Financial Statistics (WPFS) on the situation concerning the Financial Accounts Database since the meeting that was held in October 2005 • To present developments and improvements done by the Secretariat as well as by countries since the last meeting in accordance with the conclusions set at that meeting (quarterly data, non-financial assets, sources and methods using a standardized format)

  3. Inventory of information included in the database(1)Flows and stocks • The Financial Accounts database contains data for 27 OECD countries on both financial transactions and stocks: • Data for the first time in 2006: Greece, Ireland and Switzerland • No data fromLuxembourg, Iceland and New Zealand • Transactions only: Mexico • Stocks only:Switzerland • Limited sectors:Turkey (sectors S121-S122 only)

  4. Inventory of information included in the database(2)Consolidation and Time • Consolidation: (to be further discussed later in the meeting) All countries provide both consolidated and non consolidated tables except • AUS and MEX: consolidated only • CAN, CHE, GBR, IRE, JPN and USA: non-consolidated only • KOR: just changed • Time coverage on 05-10-2006 : • Table 610: all countries up to 2005, except POL, MEX • Table 620: all countries up to 2005, except JPN and POL • Table 710: all countries up to 2005, except POL SWI • Table 720: all countries up to 2005, except CAN, CHE, JPN, POL, SVK

  5. Data collection and management (1)Transmission of data and messages • Questionnaire sent to non-European OECD countries in May 2006, with a deadline of 31 August 2006 • All countries have either sent updated data or announced a slight delay • The recommendation to send both consolidated and non-consolidated data is not respected, except by Turkey • Agreement with Eurostat for EU countries • All messages sent by Eurostat to its Member States are copied to OECD • Replies from EU countries to Eurostat are very seldom copied to OECD • No European country, except Norway, inform OECD of the content of its files

  6. Data collection and management (2)Problems • Format: Not all non-European countries do use the requested format • Time coverage: Countries do not systematically provide data over the whole period revised • Errors: A lot of inconsistencies are found in files transmitted • Recommendations: The recommendations of the last WPFS meeting have not been respected

  7. DEVELOPMENTS SINCE LAST OCTOBER As reported in the 2005 WPFS summary record • Quarterly financial accounts There was a general preference for a full submission of quarterly data Without resources it would not be possible for OECD to collect and process them • Non-financial assets There was a general support for their collection and it was decided that OECD should address the Table 2600 to its financial network • Sources and Methods Non-European countries supported the use of the Eurostat’s framework to gather methodological information

  8. Quarterly financial accounts data (1) • Non-European countries • Five countries have full quarterly accounts: AUS: from Q3 1988 3 months after the end of the quarter CAN: from Q1 1961 60 to 75 days after the end of the quarter USA: from Q1 1952 5 weeks after the end of the quarter NOR: from Q4 1995 1-2 months after the end of the quarter KOR: from Q1 2005 3 months after the end of the quarter • Four countries have no plan to produce quarterly accounts: CHE, JPN, MEX, TUR

  9. Quarterly financial accounts data (2) • European countries • All Euro Area countries have full quarterly accounts According to the ECB requirements, data are available from Q4 1997/Q1 1998, with a time lag of 110 days All EMU countries have derogations up to Q4 2008, except Greece (no derogation) and Spain and Portugal (up to Q2 and Q4 2007 respectively) • Five non-Euro area countries have quarterly accounts Either both stocks or transactions (GBR, HUN, SWE) Or stocks only (DNK, SVK) • Two non-EMU countries do not have quarterly accounts

  10. Quarterly financial accounts data (3) • Conclusion • It is clear that more and more countries compile quarterly financial accounts • The use of this information to estimate annual data very soon after the end of the year would be apreciated by economists

  11. Non-financial assets (1) • National Accounts network Except for three countries (AUS, CAN, JPN), no Table 2600 (part of the NA questionnaire) has been sent back to OECD • Financial accounts network of Non-European countries • Table 2600 was sent in May 2006 • Three countries (CHE, MEX, NZL) replied they have no such data • Four countries sent data: AUS, CAN, JPN (S1 only), NOR (AN1111 S14-S15 only) • For KOR and USA, data should be transmitted soon • Reply is still expected from TUR and ISL

  12. Non-financial assets (2) • Financial accounts network of European countries • Table 2600 was sent more recently • Nine countries have sent data: BEL, CZE, DEU, DNK, FIN, FRA, NLD, POL, SVK • Two countries had informed that they have such data but have not sent them yet: AUT, HUN • All other countries have not replied yet

  13. Non-financial assets (3) • Conclusion • Less than half countries have provided non-financial asset data and the coverage is limited either to some items or to some sectors • Countries which have not sent data or have not transmitted the request to their colleagues in the NA network are invited to do so.

  14. Sources and Methods (1) • Standardized format: • Eurostat has conducted such a survey and transmitted all replies to OECD • The OECD has used the framework and either add some instructions to receive more comparable information or suppress some questions

  15. Sources and Methods (2) • Supplementary methodological information: Two specific and more detailed surveys have been prepared. Their results will be presented later in this meeting • The consolidation survey sent to all OECD countries in July 2005 • The valuation survey sent to non-European countries in September 2006

  16. Sources and Methods (3) • Conclusion • The survey on Sources and Methods will be sent to non-European countries after the meeting • All information received will be summarised and sent back for validation before being imported into the OECD Metastore database and available on OECD.Stat

  17. Conclusion • The Secretariat aware of the difficulties and lack of resources in Member countries thanks all of them for their great co-operation. • It has however to insist on the completeness and quality of financial accounts and global balance sheets provided. • The OECD will continue to spend time and energy to improve the quality and usefulness of its Financial Accounts databases.

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