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FINANCIAL AND NON FINANCIAL ASSETS OF INSTITUTIONAL INVESTORS – Table 7IA. Working Party on Financial Statistics meeting Paris, 9-10 October 2006. Isabelle Ynesta National Accounts and Financial Statistics OECD Statistics Directorate. Introduction.

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financial and non financial assets of institutional investors table 7ia

FINANCIAL AND NON FINANCIAL ASSETS OF INSTITUTIONAL INVESTORS – Table 7IA

Working Party on Financial Statistics meeting

Paris, 9-10 October 2006

Isabelle Ynesta

National Accounts and Financial Statistics

OECD Statistics Directorate

introduction
Introduction
  • Data on institutional investors had been collected and published for a number of years.
  • In 2004, the WPFS decided to pursue this activity but to integrate it in the framework of the Financial Accounts. An additional yearly table (Table 7IA) has been sent in parallel to the joint OECD/Eurostat questionnaire on Financial Accounts.
  • In May 2005, respondents to the last questionnaire as well as Delegates of the WPFS have received :
    • A statistical questionnaire
    • A brief methodological survey
    • A methodological document presenting the definitions of the assets of the institutional investors as well as of sectors.
objectives of the presentation
Objectives of the presentation
  • Results of the data collection and comparison with the previous one done in 2003 in terms of assets, time and sector coverage.
  • Difficulties encountered during data processing.
  • Future projects.
brief reminder on the content of the table 7ia
Brief reminder on the content of the table 7IA
  • The detailed breakdown by type of investors is in accordance with the SNA as much as possible :
    • Investment funds S12_IF (part of S122 or S123)
      • 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 data collection 7ia
Results of the data collection – 7IA
  • 26 countries out of 28 which used to provide data on institutional investors have filled the table 7IA: ISL and LUX are missing.
  • 24 countries out of 26 are validated and stored in the OECD database. Countries missing are: AUS and CZE.
  • 4 countries did not send back the methodological survey: CAN; CZE; DEU and SVK.
  • 10 countries have reported as requested consolidated data for the three main sectors (S12_IF; S125; S12_OF) and non consolidated data for all sub-sectors.
results of the data collection 7ia cont
Results of the data collection – 7IA (Cont.)
  • Three countries have reported 2005 data (FRA; ESP and NOR).
  • 2004 data are missing for three countries (CZE, JPN and CHE).
  • Regarding the other countries, 2004 is missing for a number of sectors and sub-sectors:
    • BEL: Insurance companies and pension funds.
    • NLD: Life and non life insurance companies.
    • NOR: Open-end companies and its sub-sectors.
    • POL: Investment funds and its sub-sectors.
    • PRT: Insurance companies and its sub-sectors and pension funds.
results of the data collection 7ia cont1
Results of the data collection – 7IA (Cont.)
  • Time coverage of the table 7IA compared with the one of the previous Institutional investors database :
    • 8 countries have provided the same coverage as before: AUS, AUT, BEL, CAN, DEU, NLD, GBR and USA.
    • 14 countries have a time coverage much shorter: CZE, DNK, FIN, FRA, GRC, HUN, ITA, MEX, NOR, PRT, SVK, SWE, CHE, TUR.
    • 4 countries have a time coverage much longer: JPN, KOR, POL and ESP.
results of the data collection 7ia cont2
Results of the data collection – 7IA (Cont.)
  • Sector coverage of the table 7IA compared with the one of the previous Institutional investors database :
    • For most countries, the sector coverage is much larger.
    • However, few countries stopped providing some sectors and sub-sectors which were covered in the institutional investors database:
      • DEU : Insurance companies and pension funds.
      • HUN and CHE : Life and non life insurance companies.
      • ITA : Closed-end companies.
      • JPN : Open-end companies.
      • NOR : Pension funds.
      • PRT : Open-end and closed-end companies.
      • SWE : Non life insurance companies.
results of the data collection 7ia1
Results of the data collection – 7IA
  • Assets coverage:
    • 7 countries have been able to report data for all assets and for the three main sectors.
    • 16 countries out of 26 have provided non financial assets data for the sector “Total investment funds”, 19 countries out of 25 for the sector “Insurance companies and pension funds” and 6 countries out of 11 for the sector “Other form of savings”.
    • Half of the countries did not report any data for the sub-instruments AF41 and AF42.
difficulties encountered during data processing
Difficulties encountered during data processing
  • Regarding the questionnaire 7IA :
    • The format of the questionnaire has sometimes been modified by some reporting country. In consequence, the routines designed to import the data into the OECD database did not function.
    • The Field 3 (consolidation) of the questionnaire was not always filled.
    • The unit multiplier was not systematically filled or wrongly filled as well.
    • Non appropriated symbols were inserted in the cells.
difficulties encountered during data processing cont
Difficulties encountered during data processing (Cont.)
  • Regarding the data validation, some inconsistencies appeared following :
    • Hierarchical controls of assets for each sector :
      • AF = AF2 + AF33 + AF4 + AF5 + AFnec
      • AF33 = AF331 + AF332 and AF33 = AF33r + AF33nr
      • AF4 = AF41 + AF42 and AF4 = AF4r + AF4nr
      • AF5 = AF5r + AF5nr
    • Hierarchical controls of sectors for each asset :
      • S12_IF = S12_IF_OC + S12_IF_CC, except if S12_IF is consolidated
      • S12_IF_OC = S12_IF_OC_MM + S12_IF_OC _OM
      • S125 = S125_IC + S125_PF, except if S125 is consolidated
      • S125_IC = S125_IC_LIN + S125_IC_NLIN
  • Delays of explanations and corrections from some countries were quite long (one to two months).
future projects
Future projects
  • Comparison between the series of the table 7IA and the ones of the Financial Accounts for the Insurance companies and pension funds sector.
  • Comparison between the series reported in this new collection and the ones reported in the previous one.
  • Dissemination of these statistics.
    • OECD.STAT
    • Paper publication?
conclusions
Conclusions
  • This new data collection on institutional investors is a success thanks to you. However, efforts should be done concerning:
    • The filling up of the questionnaire.
    • The time, sector and assets coverage:
      • 2004 and soon 2005 data should be reported for all sectors and all assets when applicable and available.
      • Countries which used to provide series much longer in the former institutional investors database should report the same period for the table 7IA.
      • Countries should provide sectors and sub-sectors which were covered in the previous institutional investors database.
      • The reporting of non financial assets should be enhanced.
    • Hierarchical sums of assets and sectors.