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INSTITUTIONAL INVESTORS

INSTITUTIONAL INVESTORS. PROGRESS REPORT AND RESULTS TO THE METHODOLOGICAL SURVEY. Introduction. New Financial statistics team in STD/NA International comparable set of data Interpretation of data Progress report-Part I Methodological surveys results-Part II

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INSTITUTIONAL INVESTORS

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  1. INSTITUTIONAL INVESTORS PROGRESS REPORT AND RESULTS TO THE METHODOLOGICAL SURVEY

  2. Introduction • New Financial statistics team in STD/NA • International comparable set of data • Interpretation of data • Progress report-Part I • Methodological surveys results-Part II • Proposed recommendations to discuss-Part III • Extension of the database-Part IV

  3. I-Publication: Progress report • All countries sent the 2001 data this year • Current publication delayed for technical reasons • Summary tables and methodological notes • Publication release : end of 2003

  4. II-Replies to the methodological surveys • Sources : data extracted from the National accounts • Double counting issues : • non-consolidated data • report only owned assets • SNA93 concept used by countries • Reinsurance : both included • Juridical status versus policy behavior : legal status • Time coverage : calendar year basis

  5. III-PROPOSALS FOR RECOMMENDATIONS

  6. III-1/Source of submitted data : National accounts has the preference. Only surveys as source?

  7. III-2-1/Double counting issues • Consolidated-Non consolidated data • RE 1: Consolidated data for summary tables Non-consolidated data for country tables • Delegates may if they wish comment on this recommendation.

  8. III-2-2/Double counting issues • Crossed investments • Stocks of assets assigned to owner and not to manager. • RE 2: distinction between owned assets and managed ones to process or give an estimate. • Would a share of managed assets be available? • Countries not following the SNA principle are encouraged to give their opinion.

  9. III-2-3/Double counting issues • Geographical coverage//cross border • RE 3: follow SNA 93 concepts, i.e. the All domestically resident concept: should be the rule • Any comments from Delegates? • Would EU countries be able to report data on a domestically resident basis for Insurance companies?

  10. III-3/Reinsurance • Reinsurance companies are not institutional investors: they invest on their own behalf but not on behalf of retail inv. • RE 4: next SNA would give preference for separate data for insurance and reinsurance companies. it is proposed to add a third category in insurance companies : reinsurance companies • Comments are most welcome

  11. III-4/Juridical status vs. investment behavior • RE 5:The SNA93 definitions as reference criterion if SNA93 not enough defined, the juridical status should have the preference. • Other : In case an investor legally registered demonstrates a behaviour close to another category of investors, it is proposed to show it in the category “other type of institutional investors”. • Any Comments?

  12. IV-Extension of the database • NOT AVAILABLE : Average maturity of liabilities; private equity and hedge funds; more detailed maturity classification • AVAILABLE : Break down of bonds investment ; method of valuation for instruments • Would Property be available? • Treatment of all pension schemes : await for the NAEM decisions before any further proposals

  13. Conclusion Delegates shall: • note well the status of the database and give their comments • add comments on proposed recommendations • a tour de table on the possible extension of the database

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