Presentation on theme: "Financial and Non-Financial Assets of Households and Institutional Investors Progress Report Working Party on Financial Statistics Paris, 10-11 October."— Presentation transcript:
Financial and Non-Financial Assets of Households and Institutional Investors Progress Report Working Party on Financial Statistics Paris, 10-11 October 2005 Michèle Chavoix-Mannato National Accounts and Financial Statistics OECD Statistics Directorate
2 Introduction The WPFS decided at the 2004 meeting to include into the joint OECD/Eurostat questionnaire on Financial Accounts additional yearly tables on: Households' financial and non financial assets Institutional investors’ financial and non financial assets In May 2005, respondents to the last questionnaire as well as Delegates of the WPFS have received : Two methodological documents with definitions of the new assets for households and of the detailed institutional investors. Two statistical questionnaires. Two brief methodological surveys. Herewith the results of these new data collection.
3 Financial and Non Financial Assets of Households – Table 7.HA The table 7.HA includes a detailed breakdown of : Investment funds shares (AF.52) Net equity of households in life insurance reserves ( AF.611) Net equity of households in pension funds reserves (AF.612) Some non financial assets (Dwellings, Lands…). This finer breakdown is in compliance with the financial classification of the System of National Accounts (SNA). Deviations from the standard definitions were possible and should be specified in the methodological survey joint to the statistical questionnaire. The period requested was 1995-2004.
4 Financial and Non Financial Assets of Households – Table 7.HA (Cont.) 21 countries out of 23 which provide the OECD with financial balance sheets have filled the table 7.HA. 7 countries did not send back the methodological survey along with the statistical data. However, a very few number of 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 countries have provided data for the sector 14 only while 11 countries have reported data for the aggregated sector S14-S15.
5 Financial and Non Financial Assets of Households – Table 7.HA (Cont.) Regarding the consolidation of data : 7 countries sent consolidated data : CZE, DEU, HUN, NLD, NOR, PRT, and SWE. 11 countries sent non consolidated data : AUT, DNK, FIN, FRA, ITA, JPN, KOR, SVK, ESP, TUR, and USA. For Belgium, consolidated and non consolidated data are identical. 2 countries did not specify : CAN and POL. Most countries were able to provide 1995-2004 data as requested. Six countries have provided data or part of data until 2003 only: CZE, DEU, JPN, NOR, SVK and ESP Data for detailed assets are missing for a number of countries.
6 Financial and Non Financial Assets of Institutional Investors – Table 7.IA Data on institutional investors had been collected and published for a number of years. The WPFS decided to pursue this activity and to integrate it in the framework of the Financial Accounts.
7 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.) The table 7.IA replaces the former questionnaire on institutional investors. It includes a detailed breakdown by type of investors according to the SNA: Investment funds Open-end, of which Money market funds and Other mutual funds Closed-end, of which Real estate funds Insurance companies and pension funds Insurance companies, of which life and non-life insurance companies Autonomous pension funds Other forms of institutional savings Financial assets included in the table correspond to the assets requested in the previous questionnaire of institutional investors.
8 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.) 21 countries out of 28 which used to provide data on institutional investors have filled the table 7.IA. 6 countries did not send back the methodological survey along with the statistical data. Deviations from the standard definitions should be specified in the joint methodological survey. Concerning the data on non financial assets : Half countries have provided data for the sector “Total Investment funds”, but not for its sub-sectors 15 countries have reported data for the sector “Insurance companies and pension funds” and its components.
9 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.) For a number of countries, 2004 data were missing for all series (CZE, FIN and JPN) or part of them. For other countries, 2004 data were missing for a number of sectors and sub-sectors: BEL: S125 DEU and NLD: Insurance companies, life and non life NOR: Investment funds and its sub-sectors POL: investment funds, S125 and its sub-sectors PRT: Insurance companies, life and non life, S125 and its sub- sectors ESP: Insurance companies and pension funds
10 Comparison between data stored in the previous OECD Institutional Investors database and data provided in Table 7.IA Time coverage of the table 7.IA compared with the one of the previous Institutional Investors database: 6 countries have provided the same coverage as before i.e. 1980-2004: BEL, CAN, DEU, KOR, NLD and USA For 12 countries : AUT, CZE, DNK, FIN, FRA, GRC, ITA, NOR, PRT, ESP, SWE and TUR: the time coverage is much shorter 1 country have reported data for a much longer period of time as previously (1980-2004 instead of 1990-2004) : JPN Sector coverage: For most countries: the sector coverage is larger Only a few countries have not sent data for some sub-sectors which were covered in the Institutional Investors database.
Conclusion The OECD Secretariat would like to thank national experts and the WPFS Delegates for their contribution to these very useful data collection. The OECD Secretariat will study these data and contact the countries if questions arise or if additional statistical and methodological information is necessary. The OECD Secretariat will disseminate data on financial and non financial assets of households and institutional investors in the forthcoming months.