Working Party on Financial Statistics Paris, 2-3 October 2007

1. Progress report on the OECD Financial Accounts Databases: The situation of data and metadata transmission Working Party on Financial Statistics Paris, 2-3 October 2007 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 2006 • To present developments and improvements done by the Secretariat as well as by countries since the last meeting

3. COLLECTION AND DISSEMINATION OF ANNUAL FINANCIAL ACCOUNTS • Inventory of information included in the database and in the publication • Timeliness of financial accounts in the database • Data collection and management

4. Inventory of information included in the databaseand publicationCoverage The Financial Accounts databases contains data for 28 OECD countries : • New sets of data for: Korea (SNA93); Mexico and Slovak Republic (both stocks and flows); Ireland: all sectors • Stocks only: Switzerland • Limited sectors:Turkey (sectors S121-S122 only); Luxembourg (S13 only) • No data from:Iceland and New Zealand

5. Inventory of information included in the databaseand publicationConsolidation • EU countries (incl. Norway) provide both consolidated and non consolidated tables except CZE and GBR, and IRE for sectors other than S13 • Non European countries provide one set of accounts only, except Mexico, and Turkey • AUS: consolidated only • CAN, CHE, JPN and KOR: non-consolidated only • USA: non-consolidated except for S13 (consolidated only)

6. Timeliness of financial accounts • Time coverage in Source OECD in June 2007: • Table 610: all countries up to 2005 • Table 620: all countries up to 2005, except CZE, JPN • Table 710: all countries up to 2005 • Table 720: all countries up to 2005, except CZE, CHE, JPN • Timeliness in the transmission of 2006 data • Tables 610/620: all countries up to 2006, except AUS, CAN, CZE, IRE, JPN, MEX, NLD, POL, SVK • Tables 710/720: all countries up to 2006, except AUS, CAN, CHE, CZE, IRE, JPN, MEX, NLD, POL, SVK

7. Data collection and managementTransmission of data and messages • Questionnaire sent to non-European OECD countries in July 2007, with a deadline of 31 August 2007 • Two countries (USA, KOR) sent 2006 data before the deadline; TUR and JAP sent data mid-September, TUR up to 2006 and JPN up to 2005 only • Three countries (AUS, CAN, MEX) did not yet provide any data nor inform the OECD on a possible delay • Agreement with Eurostat for EU countries • Seven EU countries (including NOR) sent 2006 data before T+6, • Eight EU countries sent 2006 data between T+6 and T+9, • Five countries did not send 2006 data yet

8. Data collection and managementProblems • Format:Some non-European countries do not use the requested format and do not respect some conventions • Time coverage:Countries do not systematically provide data over the whole period of time available or revised in their country. • Errors: A lot of inconsistencies are found in files transmitted and the same errors are sometimes repeated year after year, including the non-application of rules decided in meetings. • Exchange of messages: While all messages sent by Eurostat to its Member States are copied to OECD, replies from EU countries to Eurostat are rarely copied to OECD; moreover, only Norway informs OECD on the content of its files.

9. Data collection and managementRecommandations • Checks:countries are requested to apply additional quality checks to the data they transmit and to verify that they apply the agreed rules • Report of blanks and n.a.: countries are requested to use the conventions or the instructions • Revisions: countries are requested to inform the Secretariat when and why revisions are done • Historics:countries are requested to send as long time series as possible

10. DEVELOPMENTS SINCE LAST OCTOBERas decided at the 2006 WPFS • Consolidation of S13 and S12 a survey on national practices regarding the consolidation of S13 and S12 to be launched by the Secretariat a special effort to be made by all countries to consolidate S13 as a first priority, and S12 as a second priority • Sources and Methods a methodological survey based on Eurostat’s framework to be sent to Non-European countries • Non-financial assets the collection and transmission of non-financial assets to be continued.

11. Specific surveysSupplementary methodological information Two surveys have been conducted in 2006-2007 and their results will be presented later in this meeting : • Survey on valuation of financial assets and liabilities sent to non-European countries in September 2006 (main results already reported) • Questionnaire sent to EU countries in Spring 2007 to confirm their practices regarding the valuation of certain assets and liabilities • Survey on the securitisation process sent to all OECD countries in April 2007

12. Consolidation of sectors S13 and S12 • The survey on national practices relating to General Government (S13) anf Financial Corporations (S12) has been sent in August 2007 with a short deadline (15 September) • Tables, including checks and calculations, have been prepared so that countries can reply in detail • The results are presented later in this session

13. Sources and MethodsNon-European countries • Eurostat has conducted a survey on Sources and Methods for compilation of Financial Accounts and transmitted all replies to OECD;the information collected will be updated in the coming months • A survey based on Eurostat’s frameworkhas been sent to non-European countries in October 2006 with a deadline of 31 January 2006 • All non-European countries have replied to the survey, except Canada • All methodological information will be made available on OECD.Stat

14. Non-financial assets (Table 2600) • National Accounts network Except for three countries, JPN (96-05), CAN (90-05) and NLD (90-05), 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 July 2007 with the Financial Accounts questionnaire • Data up to 2006: CAN only ; data up to 2005: AUS, JPN, USA • No such data for CHE, KOR, MEX, NZL • No reply yet from TUR and ISL • Financial accounts network of EU countries • Data up to 2006: DEU, FRA, NLD ; up to 2005: DEN, FIN, HUN, NOR • Data available up to 2002, 2003 or 2004: BEL, CZE, POL, PRT, SVK • No such data for AUT, ESP, ITA • No reply yet from GRC, IRE, LUX, ESP, SWE, GBR

15. Non-financial assetsRecommendations About half countries have provided non-financial asset data and the coverage remains limited either to some items or to some sectors  • Countries which provide part of the data are invited to develop further their statistics on non-financial assets • Countries whichcompile such data, buthave not yet replied to the OECD request are invited to send them to the OECD • Countries which do not compile such data yet are strongly invited to improve their statistical system so that such data can be provided to OECD as soon as possible.

16. Conclusion • The Secretariat aware of the difficulties and lack of resources in Member countries thanks all of them for their great co-operation. • It continues to insist on the importance of getting financial accounts and global balance sheets of good quality from all OECD countries. • It will continue to spend time and energy to improve the quality, usefulness and timeliness of the Financial Accounts statistics.