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Financial and Non-Financial Assets of Households Progress Report Working Party on Financial Statistics Paris, 9-10 October 2006 Michèle Chavoix-Mannato.

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Presentation on theme: "Financial and Non-Financial Assets of Households Progress Report Working Party on Financial Statistics Paris, 9-10 October 2006 Michèle Chavoix-Mannato."— Presentation transcript:

1 Financial and Non-Financial Assets of Households Progress Report Working Party on Financial Statistics Paris, 9-10 October 2006 Michèle Chavoix-Mannato National Accounts and Financial Statistics OECD Statistics Directorate

2 2 Background Creation of the OECD database on Financial Accounts, in 2003 Discussions on the importance of knowing and understanding the financial risks borne by households, in 2004 New request for additional financial and non-financial assets of households, in May 2005

3 3 First survey on Households’ assets Restrictions:  Sector S14 only or S14-S15 if S14 is not available separately  Stocks only  Assets only Coverage:  Deviations from the standard definitions are possible and should be specified in the methodological survey joint to the statistical questionnaire.  The period requested is 1995-2004

4 4 Additional financial and non-financial assets requested in Table 7.HA  The table 7.HA includes a detailed breakdown of :  Investment funds shares - AF.52 and six components  Net equity of households in life insurance reserves - AF611 and two components  Net equity of households in pension funds reserves - AF612, three components, and nine sub-components  Two additional assets AF613 and AF614  Some non financial assets - AN (Dwellings, Lands…).  This finer breakdown is mostly in compliance with the financial classification of the System of National Accounts (SNA).

5 5 Objectives of the presentation Results of the first data collection of..households’ assets Difficulties encountered during data..processing Steps ahead

6 6 Results of the data collection (1) geographical and time coverage  25 countries out of 26 which provide the OECD with financial balance sheets have filled the table 7HA; the exception is GBR  Most countries have provided data back to 1995 as requested, except CHE, FIN, MEX, NLD,SVK  Three countries (FRA, NOR, ESP) have provided data up to 2005; Fourteen countries have provided data up to 2004; Six countries (BEL, CHE, CZE, DEU, JPN, NLD) have provided data or part of data until 2003 only; non- financial data for DNK are suspended in 2000

7 7 Results of the data collection (2) sector and consolidation Twelve countries report data for the sector 14 as requested Three send consolidated data: CZE, HUN, MEX Six send non-consolidated data: DNK, FIN, FRA, JPN, ESP, TUR For BEL, consolidated and non-consolidated data are identical. Two countries do not specify: POL, SVK Thirteen countries report data for the aggregated sector S14-S15 Eight send consolidated data: AUS, CHE, DEU, GRC, NLD, NOR, PRT, SWE Five send non-consolidated data: AUT, CAN, ITA, KOR, USA

8 8 Results of the data collection (3) asset coverage Data for the requested assets and their detailed breakdown are missing for a number of countries.  AF52: sixteen provide sub-items  AF611: thirteen provide both sub-assets  AF612: six do not provide any sub-categories; seven provide sub-items at the first level only ; nine provide sub-items at the second level (all only)  AN: eight provide data for two or more assets; three report data for one asset only; twelve do not report any data

9 9 Results of the data collection (4) Methodological survey  Twenty-two countries send the methodological survey either along with the statistical data or after further reminds; the exceptions are CZE, FRA and SVK  Few countries have indicated a deviation between their definition and the standard definition of the new categories of households’ financial assets proposed by the OECD.

10 10 Difficulties encountered during data processing (1) Technical difficulties Instructions were not respected by all countries:  One country has added lines to report data not requested  The fields corresponding to the sector, to the consolidation or to the unit multiplier were not always filled  Appropriate symbols were not always used Inconsistencies appeared between tables and methodological notes

11 11 Difficulties encountered during data processing (2) Methodological problems A comparison with data transmitted in the framework of the financial balance sheets (FBS) has led to the following results: Data are not reported in Table 7HA while they exist in FBS The sector coverage is not identical The definitions of the parent asset are not the same The valuation of the assets are different

12 12 Steps ahead Updating of Table 7HA  with data recently received and with year 2005  with additional information on specific assets completing the first transmission  and with methodological notes Deeper comparison with the Financial Balance Sheets and effort to solve the inconsistencies Dissemination of these new data on Households on the OECD.Stat Website

13 Conclusion  This additional request on Households’ assets have proved useful to give more detailed information than the SNA/ESA questionnaire.  It is however clear that these detailed data are not always straightforwardly available and developments in countries are necessary to cover all needs.  The OECD Secretariat would like to thank national experts and the WPFS Delegates for their contribution to this very useful data collection


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