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Institutional Investors Progress Report: Survey Results & Recommendations for Database Extension

This publication presents the progress report and results of methodological surveys conducted for institutional investors. It includes proposed recommendations for discussion and database extension possibilities. Topics covered range from new financial statistics teams to responses on methodological surveys. It discusses data interpretation, double counting issues, reinsurance considerations, and juridical status versus investment behavior. Recommendations are made regarding the source of submitted data, double counting issues, geographical coverage, reinsurance categorization, and defining investor categories. The report concludes with a call for delegates to review the database status, provide feedback on recommendations, and suggest potential extensions.

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Institutional Investors Progress Report: Survey Results & Recommendations for Database Extension

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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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