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Skopje seminar 2-5 October 2013

Jean-Marc Israël Head of Division, Monetary and Financial Statistics ECB. Security-by-security statistics, and Loan-level databases, an overview of the work of the ESCB and prospects. Skopje seminar 2-5 October 2013. Overview of ESCB work and prospects. Security-by-security statistics

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Skopje seminar 2-5 October 2013

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  1. Jean-Marc Israël Head of Division, Monetary and Financial Statistics ECB Security-by-security statistics, and Loan-level databases, an overview of the work of the ESCB and prospects Skopje seminar 2-5 October 2013

  2. Overview of ESCB work and prospects • Security-by-security statistics • Centralised Securities Database / Securities Issues Statistics • Securities Holdings Statistics • Loan-by-loan dataset: AnaCredit project

  3. Overview of ESCB work and prospects • Security-by-security statistics • Centralised Securities Database / Securities Issues Statistics • Securities Holdings Statistics • Loan-by-loan dataset: AnaCredit project

  4. Overview of ESCB work and prospects • Centralised Securities Database (CSDB) • Security-by-security positions data covering • All securities issued by EU residents • All securities issued in euro • All securities potentially held by EU residents • Compiled from commercial data providers + NCBs • Potential to derive transactions – gross issues and redemptions

  5. Overview of ESCB work and prospects (cont’d) • Securities Issues Statistics (SEC) • Aggregated positions, gross issues, redemptions and net issues data covering • All securities issued by EU residents • All securities issued in euro • Compiled from NCBs + BIS (for securities in euro issue by non-EU residents) • CSDB to compile SEC? – Integration of statistics is welcome • Advantages and drawbacks being assessed by an Expert Group • Conclusions and way forward for discussion in the WG MFS and WG SEC and ESCB Statistics Committee (in December)

  6. Holdings of securities: Experimental data • Production of securities holdings experimentalstatistics • Experimental (test) data(short-term approach) • quarterly data collection of stocks: • International Securities Identification Number (ISIN code) for identification of securities (“security-by-security”) • Investor country and sector or subsector as defined by the European System of National and Regional Accounts (ESA) • Short- and long-term debt securities; quoted shares; investment funds shares • Accounting rules based on ESA95 (e.g. units, ownership, valuation) • based on currently available security-by-security informationwhich has been linked to information on securities andissuers stored in the ESCB Centralised Securities Data-Base (CSDB)

  7. Holdings of securities: Steady-state approach • Production of securities holdings statisticsbased on a steady-state approach (as from March 2014) • Security-by-security holdings by euro area & EU residents by sector of euro area-EU investor • Security-by-security holdings by Reporting Banking Groups (RBG) • To be collected via ECB Regulation ECB/2012/24 adopted in October 2012 • Securities Holdings Statistics Data-Base (SHSDB) • July 2013: Go-live of Stage 1 (sector data) • March 2015: Go-live of Stage 3 (RBG data)

  8. Overview of ESCB work and prospects • Security-by-security statistics • Centralised Securities Database / Securities Issues Statistics • Securities Holdings Statistics • Loan-by-loan dataset: AnaCredit project

  9. The current landscape(1/2) Wide range of information on credit and credit risk data available but large diversity in EU Micro credit data are considered relevant for a high number of ESCB and SSM tasks

  10. The current state of affairs (2/2) Overall • Irrespective of the source, lack of harmonisationin • concepts • definitions, and • coverage of, at least, a defined population of borrowers and a core set of data attributes • Main limitations identified by users derive from • different reporting thresholds and definitions and • lack of common identifiers for borrowers

  11. Elements for consideration

  12. Option 1 – a single pan-European CCR

  13. Option 2 – a flexible distributed model (1/2) - Large borrowers - Data collected and stored at individual level - Unique identification of borrowers ESCB-shared database: • core set of data, describing in detail the characteristics of the borrower and of the credit • based on harmonised concepts and definitions. • Intermediate borrowers (depending on sectors) • Aggregated data, with distributional measures in the shared credit dataset • NCBs/NCAs collect and store harmonised individual information and report to the ECB aggregated • Where necessary, users may request further details • Smaller borrowers or loans • Harmonised data collected either individually or aggregated by the NCBs but reported as multidimensional aggregates, also with distributional measures • No evidence of the borrower

  14. Option 2 – a flexible distributed model (2/2) Although based on heterogeneous sources of data (existing CCRs, new data collections, surveys or private credit bureaus, depending on national choices), it seems to be flexible and agile, likely less costly and has other advantages : • Multipurpose core set of data (available to all institutional users) • Data attributes mapped to statistical, accounting or prudential standards (also facilitating the link with other datasets) • NCBs/other NCAs and credit institutions to continue running their current systems while serving ESCB users at the same time

  15. Possible way forward: a sound legal basis  Collection of confidential data, as both lenders and borrowers can be recognised  Possible STC/FSC LEGCO consultation, prepared by the JTF, on appropriate legal solution to support the data collection and related data sharing  The future legal basis can either be based on: • Council Regulation 2533/98 allowing a wide range of uses, including for the SSM, under governance and confidentiality rules already defined (only euro-area); and/or • A new ECB Regulation under the SSM Regulation possibly covering all SSM countries; however, it is not certain how far the dataset could the eventually be shared with other ECB/ESCB functions and integrated

  16. Possible way forward: a proper IT application New IT application (AnaCredit) A ‘platform’ to be used for: • the collection, storage, processing and dissemination of analytical credit data on EU-wide scale And at the same time will allow: • setting up and maintenance of differentiated levels of access to dataacross the ESCB, depending on recognised uses • theaccess, through a shared facility, to the extended national datasets which are not part of the ordinary shared database • theconnection with other ESCB applications (RIAD, CSDB, SHSDB) as well as other envisaged applications serving SSM

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