QUARTERLY

1. QUARTERLY SECTORAL Working Party on Financial Statistics & Working party on National Accounts Common day – 4 November 2009 – Item 4. By Jiemin GUO and Michèle Chavoix-Mannato (STD) ACCOUNTS

2. QUARTERLY SECTORAL ACCOUNTS Main objectives:- to present the situation for Non-financialaccounts- to present the situation for Financial accounts- to propose to launchsurveys- to propose possible information to becollected on a quarterly basis

3. QUARTERLY SECTORAL ACCOUNTS • The recent crisis has highlighted the need for internationally comparable data • The recent crisis has highlighted the need for timely data • The OECD responds by proposing a strategy in collecting quarterly data on • non-financial accounts • financial accounts and balance sheets • more detailed assets/liabilities of specific sectors

4. QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts • Current Data Situation • Collection of annual institutional sector accounts for many years • Some QSA collected for a few countries • Eurostat/ECB release non-financial QSA for the Euro Area and the European Union

5. QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts • Availability in EU countries • EU national QSA transmitted to Eurostat no later than 3 months after the reference quarter • Standard table 0801 of the ESA 95 questionnaire • Data start in 1999Q1 • Except for derogations, all economic sectors are covered • No automatic transmission from Eurostat to OECD via Edamis is currently set up

6. QUARTERLY SECTORAL ACCOUNTSQuarterly non-financialaccounts • Availability in non-EU countries • Beginning period: Australia(1959), Canada(1961), Iceland(2004), Norway (1996) and the USA (1947). • Data in general available less than three months after the reference quarter. • Sectors S1M and S13 available for all preceding countries except Iceland (only S13). • No QSA released on countries’ websites for: Japan, Korea, Mexico, New Zealand, Switzerland and Turkey.

7. QUARTERLY SECTORAL ACCOUNTSQuarterlyfinancialaccounts & balance sheets Background 2006: Conclusions of a study on the availability of data • Collection of annual data on a quarterly basis • On stocks • For sectors S13 and S14-S15 • For instruments F1 to F7 2008: Programme of Work 2009-2010 • Inclusion of this activity with 81% of High/Medium priorities 2009: Survey on Main Characteristics of Financial Accounts • To establish a snapshot of current status and future developments • To collect information on timeliness and frequency of data

8. QUARTERLY SECTORAL ACCOUNTSQuarterlyfinancialaccounts & balance sheets Availability of quarterly data • Non-European countries • Six countries have quarterly data (five for bothflows and stocks, one for stocks only) • One country have plans to collectquarterly data • The sectorcoverageis the same as for annual data for three countries • The time coverageis the same as for annual data • European countries • Fifteen countries have quarterly data • One country have plans to collectquarterly data • The sectorcoverageis the same as for annual data, except for three • The time coverageisshorterthan for annual data for five countries

9. QUARTERLY SECTORAL ACCOUNTS

10. QUARTERLY SECTORAL ACCOUNTSQuarterlydetailed data for specificsectors Methodological information receivedfrommost OECD countries except six for T7HAL and eight for T7IA • Households’ assets and liabilities (T7HAL) • Quarterly data available in most countries: 16 among the 23 respondents • Three countries may have difficulties to provide OECD withquarterly data • For 13 countries, data cover S14, while for 16 countries, theycover S14+S15 • InstitutionalInvestors’ assets (T7IA) • Quarterly data available in most countries: 19 among the 21 respondents • Five countries may have difficulties to provide OECD withquarterly data • For 10 countries, data cover the sectorsrequested (InvestmentFunds, Insurancecompanies and pension funds, and Otherforms, total or part of theirsub-sectors) • For 5 countries, data cover the aggregated IF only and for 2 countries, theycover the aggregated S125 only • For the other countries, only parts of the requestedsectors are provided

11. QUARTERLY SECTORAL ACCOUNTSMovingforward • Considerable scope exists for OECD to develop quarterly non-financial and financial accounts • A meta-questionnaire is needed to reveal the exact availablility of such data • Two separate surveys will be launched after the meetings • Deadline for replies is end 2009 • First collection of quarterly data based on the findings of the surveys in 2010

12. QUARTERLY SECTORAL ACCOUNTSMovingforward Current annual data collection • For non-financial and financial accounts: Gesmes for EU countries, Excel for non-EU countries, • For detailed data on specific sectors: Excel for all countries Proposed quarterly data collection • Same procedure as for annual data • Co-operation with Eurostat for EU countries’ methodological information; survey based on the same framework for non-EU countries

13. QUARTERLY SECTORAL ACCOUNTSMovingforward Coverage of the future collection of quarterly data • non-financial accounts • Selectedsectors: • households and NPISH, generalgovernment, corporations • Select variables: • savings, disposableincome, GFCF, net lending/borrowing, …

14. QUARTERLY SECTORAL ACCOUNTSMovingforward Coverage of the future collection of quarterly data • financial accounts and balance sheets • Selectedsectors (households, total and central governement, financial corporations) • Selectedfinancial instruments (depending on the sector) • more detailed data on specific sectors • Households: main detailed instruments • Institutionalinvestors: main detailedsectors

15. QUARTERLY SECTORAL ACCOUNTS Conclusion Delegates are invited • to confirm the need for timely accounts • to discuss the OECD project of collecting quarterly data • to comment the draft meta-questionaires on precise availability of quarterly data • to endorse the time-table • to inform their parent body’s Delegates on the need for additional resources to develop OECD databases