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Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS - BANQUE DE FRANCE Enhancing insurance corporations and pension fund statistics.

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Presentation on theme: "Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS - BANQUE DE FRANCE Enhancing insurance corporations and pension fund statistics."— Presentation transcript:

1 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS - BANQUE DE FRANCE Enhancing insurance corporations and pension fund statistics European Conference on Quality in Official Statistics 2014

2 June 2014  Insight of the current ECB ICPF statistics  Towards a regulation for ICPF statistics  Overview of the results of the merits & costs procedure 2 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014 O UTLINE − Statistics based on existing data sources − Need for enhanced ICPF data − Features of the merits & costs procedure − Merits & costs procedure: a quality assurance procedure − New requirements for insurance corporations − Implementation in France

3 Insight of the current ECB ICPF statistics (1/3) 3 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014 ICPF statistics were not considered as essential for ECB’s monetary policy Recommendations of the G20 increased the ECB’s financial stability function ICPF statistics published since 2003 through the quaterly financial accounts Before the 2007 crisisAfter the 2007 crisis Enhanced ICPF statistics collected from existing data sources June 2014

4 Insight of the current ECB ICPF statistics (2/3) 4 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014 In the ECB framework, new requirements for statistics can be grouped into three main categories: Simple fine- tuning measure “Short-term approach” Interim data collection based on existing data sources New regulation and merits and costs procedure: substantially enhanced statistics Category 1 Category 2 (currently used) Category 3 (expected regulation) June 2014

5 Insight of the current ECB ICPF statistics (3/3) 5 Marc-Alain Bahuchet Head of Monetary and Financial DirectorateStatistics DGS-Banque de France European Conference on Quality in Official Statistics 2014  Need for an enhancement in ICPF statistics due to changes in the European regulation framework  Adoption of the solvency II directive in 2009, due to come into effect on 1 January 2016  Amendment to the EU framework legislation on ECB statistic (Council Regulation (EC) No 951/2009) now includes euro area ICPF in the ECB’s reference reporting population  Application of the ESA 2010 to statistical data from september 2014 June 2014

6 Towards a regulation for ICPF statistics (1/3) 6 Marc-Alain Bahuchet Directorate of Monetary and Financial Statistics DGS-Banque de France European Conference on Quality in Official Statistics 2014  Review of the merits & costs procedure The merits and costs procedure was introduced in 2000 by the Governing Council of the ECB The merits and costs procedure ensures the core principles stated in the public commitment on European statistics, especially cost effectiveness and minimization of the reporting burden June 2014

7 Towards a regulation for ICPF statistics (2/3) 7 Marc-Alain Bahuchet Head of Directorate of Monetary and Financial Statistics DGS- Banque de France European Conference on Quality in Official Statistics 2014  Main steps of the merits & costs procedure June 2014 Step I: Initial assessment (December 2011-March 2012) Step II: Fact Finding (July 2012-October 2012) Step III: Cost assessment (April 2013- September 2013) Step IV: Merits assessment (December 2013-February 2014) Step V: Matching of merits & costs and preparation of the final decision (March 2014-October 2014)

8 8 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014  Cost effectiveness of the ECB statistics is realized through:  The balancing of merits and costs for each new statistical requirement June 2014  Minimizing the reporting burden:  Dropping of features estimated not necessary to the users’ needs and/or too costly Towards a regulation for ICPF statistics (3/3) Merits & costs procedure: a quality assurance procedure

9 Overview of the results of the merits & costs procedure (1/3) 9 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014  Results of the merits & costs procedure for ICPF statistics Assets Source : ECB June 2014 The highest merit obtained for:  Holdings of equity, o/w listed shares by counterpart area and sectors for euro area counterparts (4.1c) Suppression of the requirement with the lowest merit:  Holdings of currency and deposits by original maturity and counterpart area (1.b)

10 10 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014  Results of the merits & costs procedure for ICPF statistics Liabilities Source : ECB June 2014 The highest merit obtained for:  Improved timeliness t+4 weeks instead of t+5 weeks scheduled by EIOPA (12a) Suppression of the requirement with the lowest merit :  Debt securities issued and loans received (7c) loans received, of which deposit guarantees by counterpart area Overview of the results of the merits & costs procedure (2/3)

11 11 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014  Implementation of the merits & costs procedure in France High concentration of French IC sector Heterogeneity of the reporting population 1/ Fact finding and cost assessment : conducted in close cooperation with reporting agents 2/ Multiple meetings with French professional associations (during July 2013) Feature 1 Feature 2 June 2014 Implementation Overview of the results of the merits & costs procedure (3/3)

12 12 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014 Conclusion The merits and costs procedure, as a part of the public commitment on European statistics, is an efficient way to guarantee that the project is feasible at an acceptable cost. June 2014

13 13 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France European Conference on Quality in Official Statistics 2014 Thank you for your attention June 2014

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