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OECD HOUSEHOLDS’ ASSETS & LIABILITIES Table 7HAL Progress report on data collection and future perspectives. Working Party on Financial Statistics Paris, 29 November – 1 December 2010 Federico GIOVANNELLI Quarterly National Accounts and Financial Statistics OECD Statistics Directorate.
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OECD HOUSEHOLDS’ ASSETS & LIABILITIES Table 7HALProgress report on data collection and future perspectives Working Party on Financial Statistics Paris, 29 November – 1 December 2010 Federico GIOVANNELLI Quarterly National Accounts and Financial Statistics OECD Statistics Directorate
OBJECTIVES OF THE PRESENTATION • Main results of the 2010 data collection on Households’ Assets and Liabilities (T7HAL). • Quarterly data: main results of the survey on data availability and future perspectives.
BACKGROUND • 2005: first data collection on households’ financial and non-financial assets (Table 7HA). • 2008: extension of the OECD households’ assets database by adding liabilities on short- and long-term loans (AF41 and AF42). The former questionnaire Table 7HA becomes the Table 7HAL. • 2009: results of the first data collection on households’ liabilities: OECD countries encountered difficulties to report detailed data on ‘consumer credit’. • 2010: reorganisation of the households’ loans classification and additional requirements on non-financial assets.
NEW ASSET STRUCTURE OF T7HAL • On the financial side: • Creation of a new instrument called AF6124 (other pension plans and unfunded pension plans) which includes the former assets AF613 and AF614. • On the non-financial side: • New items required: new breakdown.
NEW LIABILITY STRUCTURE OF T7HAL • ‘Consumer credit’ now appears on both short- and long-term side. • Financial instruments at 6 digit level are eliminated. • Financial instruments at 5 digit level are optional.
MAIN RESULTS OF THE 2010 DATA COLLECTION • The database contains data for 31 countries (two new countries: ISR and SVN). • Missing countries are Chile and Iceland. • 28 countries report 2009 data. • Most countries provide data back to 1995 as requested, except IRL, ISR, KOR, MEX, POL, SVN and CHE. • 14 countries cover data for the sector S14 (Households) as requested, and 18 for the aggregated sector S14_S15 (Households and NPISH).
ASSET COVERAGE – COMPARED WITH THE 2009 COLLECTION • On the financial side: the overall coverage increases, passing from 44% (in 2009) to 48%(in 2010) of the total requested series. • Some countries improve their data coverage, e.g. MEX (from 28% to 50%). • While others reduce it, e.g. POL (from 60% to 13%). • On the non-financial side: the overall coverage increases, mainly due to the breakdown enhancement. • Too many agencies do not report non-financial data, because they do not compile them, even if data exist in another agency!
LIABILITY COVERAGE – COMPARED WITH THE 2009 COLLECTION • The number of provided series: • increases from 61 (in 2009) to 75 (in 2010) for the 3 digit level series. • increases from 22 (in 2009) to 29 (in 2010) for the 4 digit level series. • Regarding ‘consumer credit’: • the new classification: • has considerably improved the data transmission for three countries (i.e. CAN, HUN and NLD). • the rest of the OECD countries have recorded no significant variation. • Regarding ‘house purchase loans’: • The number of series remains the same as last year.
SOME INFO & FIGURES • The most complete questionnaires received in 2010 are from: • the same countries as last year (i.e. HUN, USA, ITA, FRA, ESP). • plus some new outsiders, e.g. NLD providing 43 time series out of the 54 requested. • The entire database is published on-line on the OECD data warehouse called “OECD.Stat”. • Neither paper publication nor CD-ROMs are released for the time being.
QUARTERLY DATA SURVEY: MAIN RESULTS • A survey on quarterly data availability has been sent this year to better know the current and future quarterly coverage of assets and liabilities of households. • 30 countries out of 35 (including accession countries) filled out the survey. • Some countries report a limited coverage, while others register a wider availability of quarterly data. However, the general assessment is positive on both the asset and liability side. • Quarterly non-financial assets are generally reported as N.A. because the respondent institution is not the responsible for non-financial data => To be further explored.
QUARTERLY DATA SURVEY: FUTURE PERSPECTIVES • Following the positive results of the survey, the Secretariat is planning to collect quarterly data on Households assets and liabilities (T7HAL) next year (2011). • Depending on the success of the collection, households financial indicators could be produced on a quarterly basis to complement the financial indicators based on Financial Accounts.
CONCLUSIONS • The OECD Secretariat thanks the delegates and all financial experts for their co-operation and contributions to the 7HAL database during the past year. • The overall data collection has improved compared to last year, however efforts need to be done to report non-financial assets. • The OECD Secretariat is looking forward to receiving quarterly data on T7HAL next year.
