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Con solidation Methods. WPFS 6-7 October 2003 Item 5 By Michèle Chavoix-Mannato STD/NAES. Purpose of the document. To present the current situation of the FA database To highlight some lack or deficiencies To insist on the importance of having as much information as possible

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con solidation methods

Consolidation Methods

WPFS 6-7 October 2003

Item 5

By Michèle Chavoix-Mannato

STD/NAES

purpose of the document
Purpose of the document
  • To present the current situation of the FA database
  • To highlight some lack or deficiencies
  • To insist on the importance of having as much information as possible
  • To set some recommendations to help OECD to get pertinent and comparable data
some definitions
Some definitions
  • Aggregation

Simple sum of values at each level of the hierarchy

- by sector (ex. S1 = S11 + S12 + S13 + S14 + S15)

- by instrument(ex. F2 = F21 + F22 + F29)

  • Consolidation

Elimination of transactions

- between institutional units of the same sub-sector

- between institutional units of the same sector

sna recommendations
SNA recommendations
  • Financial flows and stocks must not in principle be consolidated:

to avoid a wrong interpretation of certain information

to preserve the rule of additionality of data

  • However, consolidation by elimination of all intra-sectoral transfers is useful for some analyses:

to retain only transactions between sectors or sub- sectors

to better know the financial position of the macro- economic players

fi rst recommendation
FIRST RECOMMENDATION

Tables for financial accounts and balance sheet accounts should be sent to OECD by all countries both non-consolidated and consolidated.

eurostat s consolidation rules
Eurostat’s Consolidation Rules

Consolidation rules apply at:

Sector level

 Sub-sector level

The sum of financial transactions over the consolidated sub-sectors accounts does not equal the financial transactions for the consolidated sector accounts

The balancing items add across the sectors and equal the sector total; they are identical with the non-consolidated balancing items.

sec ond recommendation
SECOND RECOMMENDATION

It is proposed to extend the principles established by Eurostat to all OECD countries

some problems linked to the consolidation process
Some problems linked to the consolidation process
  • Differences between national methods
    • No consolidation for some sectors
    • No consolidation for some instruments
  • Difficulties to check the consistency and the quality of the data
proposals for improvements
Proposals for improvements
  • To better inform users of differences and similarities in national methods
  • To reduce disparities and allow greater comparability
the secretariat needs
The Secretariat needs
  • The exact meaning of the concept of consolidation used by countries
  • The exact method applied at various levels of the hierarchy
  • The limitations relating to some sectors or transactions
th ird recommendation
THIRD RECOMMENDATION

Countries are requested to provide the OECD with precise information on the methods currently used in their country, along the line of the model in the document submitted by France (in annex 2).

delegates are requested to
Delegates are requested to:
  • Give their opinion on the three recommendations proposed by OECD
  • Send the required information on the methods used
  • by 31 December 2003
  • Submit any further amendment to the recommendations
  • by 31 March 2004
  • Transmit both non-consolidated and consolidated data to OCDE

The Secretariat will

  • Introduce these rules into the 2004 questionnaire
thanks you for your attention and for our future fruitful co operation
thanks you for your attention and for our future fruitful co-operation

The NAES

Financial Statistics Unit