Progress report on institutional investors assets table 7ia
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PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA. Working Party on Financial Statistics meeting Paris, 2-4 November 2009. Eun Jung KIM National Accounts and Financial Statistics OECD Statistics Directorate. Objectives of the presentation. Results of the 2009 data collection.

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PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA

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PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA

Working Party on Financial Statistics meeting

Paris, 2-4 November 2009

Eun Jung KIM

National Accounts and Financial Statistics

OECD Statistics Directorate


Objectives of the presentation

  • Results of the 2009 data collection.

  • Summary of methodological survey.

  • Difficulties encountered during data processing.

  • Future projects.


Brief review on the content of the table 7IA

  • The detailed breakdown by type of investors has been established in accordance with the SNA as much as possible:

    • Investment funds S12_IF

      • Open-end companies

        • Money market funds

        • Other mutual funds

      • Closed-end companies

        • Of which Real estate funds

    • Insurance companies and pension funds S125

      • Insurance companies

        • Life insurance companies

        • Non-life insurance companies

      • Autonomous pension funds

    • Other forms of institutional savings S12_OF


Results of the 2009 data collection – 7IA

  • 29 countries used to provide data on institutional investors.

    • NZL is still missing.

  • 26 countries have filled the 2009 questionnaire - Table 7IA.

    • 22 countries out of 26 are validated and stored in the OECD database. The countries not yet validated are : AUT, JPN, MEX & TUR.

  • SVK, CHE and GBR have not sent the 2009 questionnaire.


Results of the 2009 data collection – 7IA

  • 14 countries have reported consolidated data for main sectors (S12_IF; S125; S12_OF) and non consolidated data for sub-sectors as requested.

    • Only for S125: DNK and DEU.

    • Only for S12_IF: ITA and ESP.

  • Time coverage:

    • 25 countries have reported data up to 2008.

    • 1 country has reported 2007 data (JPN).


Data coverage - 7IA

  • Sector coverage:

    • 1 country covers all sectors requested : AUS.

    • 9 countries report data at the second level (IF_OC, IF_CC, S125_IC and S125_PF).

    • Concerning the sector “Investment funds” and its sub-sectors, 5 countries report data only for the aggregated sector S12_IF : CZE, ISL, JPN, KOR & NLD.

    • Concerning the sector “Insurance companies and pension funds” and its sub-sectors, 2 countries report data only for the aggregated sector S125: IRL & MEX.

    • 12 countries have delivered data for the S12_OF “Other forms of institutional savings” sector.


Data coverage - 7IA

  • Asset coverage:

    • 17 countries are able to report data for all financial assets. However, some report them only for the two aggregated sectors S12_IF & S125.

    • 9 countries do not report any data for the sub-instruments AF41 and AF42 and 6 countries for AF331 and AF332 for the sectors S12_IF & S125 and their sub-sectors.

    • 17 countries provide total non financial assets (AN) for the sector S12_IF, 19 countries for the sector S125 and 7 countries out of 12 for the sector S12_OF.


Summary of methodological survey – 7IA

  • 21 countries have provided the methodological survey on institutional investors.

  • 5 countries have provided data, but not provided the methodological survey yet: AUS, ISL, JPN, POL and SWE.

  • 18 countries say that the data reported in the questionnaire are compatible with the financial balance sheets in the SNA (710: consolidated & 720: non-consolidated).

  • Incoherence between data and the methodological survey has been noticed for some countries.


Summary of methodological survey – 7IA

  • Definition/coverage of institutional investors:

    • Investment funds are part of S122 or S123.

    • Insurance companies and Autonomous pension funds are part of S125.

    • Other forms of institutional savings are part of S123 (AUT, BEL, DNK, ITA &USA) or S1311 & S1314 (FIN) or S125 (HUN & NLD). For CZE, data are reported to be part of S124, but not provided.

  • Definition/coverage of financial assets:

    • For 21 countries, all financial assets in Table 7IA follow the SNA definitions.


Summary of methodological survey – 7IA

  • Definition/coverage of non-financial assets (AN):

    • 13 countries gave the definition of AN more or less in accordance with the SNA definition.

  • Method of valuation of stocks of financial assets:

    • 12 countries record all financial assets of Institutional

      investors at market or fair value.

    • For the other countries, some assets are registered at the

      market value, others at nominal or book value.

  • Geographical coverage of institutional investors:

    • Data generally cover the activities of resident institutional investors and subsidiaries and branches of foreign firms operating on the national territory.


Difficulties encountered during data processing

  • Regarding the questionnaire 7IA :

    • Key information of the questionnaire is not always filled (consolidation: CZE & HUN) or is not correct (unit multiplier: TUR).

    • Incoherent information between the questionnaire and the methodological survey.

    • Non appropriated symbols are inserted in the cells.

    • The time period covered differs from the previous submission

      without any explanation.


Difficulties encountered during data processing

  • Regarding data validation, some inconsistencies appear:

    • Hierarchical controls.

    • Significantly revised data reported without any explanation.

    • Three EU countries have difficulties filling in the OECD questionnaire in 2009 because of revised definitions of sectors according to new recommendations or rules by ECB.

  • Differences appear between the Financial accounts’ and the 7IA’s questionnaires regarding reported data of the sector S125.


Future projects

  • To improve the comparability of these statistics between the OECD member countries by creating:

    • Indicators in a common currency, ex: Series in US dollars.

    • Series as a percentage of GDP

    • Graphics, ex: Portfolio composition

  • To collect quarterly data:

    • 17 countries out of 21 compile quarterly data of which 13 countries agree to provide the OECD Secretariat with them.

  • To add new instruments:

    • Assets by currency

    • Liabilities

  • To show separately sub-sectors of investors:

    • Hedge funds

    • Sovereign funds

    • Special Purpose Vehicles/Entities (SPV or SPE)


Conclusion

  • The data collection on institutional investors becomes progressively complete and the methodological survey are more and more detailed . However, efforts should be done concerning:

    • The historical data, sector and assets coverage.

    • The consistency in hierarchical sums of assets and sectors.

    • The coherence with Financial accounts related to the insurance companies & Pension funds (S125).

      Moreover,

    • The methodological survey has to be provided together with the data and revised when necessary.

    • The information in the methodological survey should be consistent with the data provided.

    • Detailed information on revisions or changes in the methodology should be notified.


Thank you for your attention


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