1 / 21

MFI data collection (RATI) Meeting with reporting entities

MFI data collection (RATI) Meeting with reporting entities. 6 June 2013. Status of regulations and guidelines in preparation. ECB’s new requirements are known

hammer
Download Presentation

MFI data collection (RATI) Meeting with reporting entities

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MFI data collection (RATI) Meeting with reporting entities 6 June 2013 RMTI

  2. Status of regulations and guidelinesin preparation • ECB’s new requirements are known • Preparation of new statistical regulations (BSI and MIR) in final phase → expected to be adopted by the ECB Governing Council in Q3/2013 • Updating of guidelines just in initial phase • Regulation concerning statistics on holdings of securities (ECB/2012/24) adopted on 17 November 2012 → requires security-by-security reporting from MFIs RMTI

  3. Changes in MFI data collection (RATI) • New classification of sectors • Undrawn credit facilities • New loan agreements: genuinely new agreements and renegotiated agreements • Reporting of outstanding amounts of serviced loans There will also be other new requirements in the regulations with no impact on RATI reporting NOTE: no changes in reporting of collateral RMTI

  4. New classification of sectors: minimum requirement 11101 Public non-financial corporations 11102 National private non-financial corporations 11103 Foreign controlled non-financial corporations 112 Housing corporations 121 Central bank 1221 Deposit banks 1222 Other credit institutions 1223 Other monetary financial institutions, excl. credit institutions 123 Money market funds (MMF) 1241 Investment funds (UCITS) 1242 Other collective investment schemes 125 Other financial intermediaries 126 Financial auxiliaries 127 Captive financial institutions and money lenders 128 Insurance corporations 129 Pension funds 1311 Central government 1312 State government (not used in Finland) 1313 Local government 1314 Social security funds (other than Finland) 13141 Employment pension schemes (only Finland) 13149 Other social security funds (only Finland) 141 Employers and own-account workers 143 Employees 144 Recipients of property and transfer income 15 Non-profit institutions serving households Reporting at more precise sublevel is also allowed RMTI

  5. Sectoral classification of domestic entities- Classification service for enterprise data collections - • Statistics Finland produces a .csv file that can be downloaded by reporting entities at http://www.stat.fi/tup/yrluok/index_en.html / • User ID and password are needed to open the file; requests at rahoitus@tilastokeskus.fi • File contents: Business ID, company name, old and new sector codes (SL2000 and SL2012) and industry identifier at two-digit level • File updated at least once a month • Brief description of the service on the website in Finnish, English and Swedish RMTI

  6. Sectoral classification of foreign entities (1/2) • ECB maintains a list of MFIs, investment funds and financial vehicle corporations engaged in securitisation transactions (FVC) http://www.ecb.int/stats/money/mfi/html/index.en.html • EIOPA maintains a list of insurance corporations (S.128) https://eiopa.europa.eu/publications/register-of-insurance-undertakings/index.html • Last update 1 January 2012 • Pension funds (S.129) to be added later, date not yet known • LEI (legal entity identifier) in future? • For identification of parties in financial transactions RMTI

  7. Sectoral classification of foreign entities (2/2) • Steps to classify sector of a foreign entity: • Counterparty’s home country • Counterparty’s sector – from the perspective of the counterparty’s home country • Loan granted to a private non-financial corporation registered in Sweden: • Counterparty’s home country – Sweden (SE) • Counterparty’s sector – private non-financial corporation (11102) RMTI

  8. Other financial intermediaries (S.123) subdivided in four sectors • S.1241 Investment funds (UCITS) • Entities referred to in the UCITS directive (2009/65/EC) • S.1242 Other collective investment schemes • Special investment funds and venture capital funds – investment limits more loose/no investment limitsTIP: Foreign S.1241 Investment fund / UCITS, S1242 Special investment fund / Non-UCITS • S.125 Other financial intermediaries • Financial vehicle corporations engaged in securitisation transactions (FVC) • Security and derivative dealers trading on their own account, if independent institutional units • Financial corporations engaged in lending (eg hire purchase, factoring, leasing) • S.127 Captive financial institutions and money lenders • Pawnshops, instant loan companies • Units that lend own funds or those of only one client • Foreign controlled pure holding companies RMTI

  9. Special cases • International organisations • Organisations identified via comprehensive organisation code list • Organisation code is reported in field counterparty’s / issuer’s home country Parallel codes enabled by the VIRATI package should no longer be used RATI instructions (now 49 / 102) – extract: • Standardised derivatives Since counterparties are usually not identified, counterparty is reported as follows: sector (derivatives exchange): 124 => 126, home country is the derivatives exchange’s home country RMTI

  10. Exceptional reporting by tail reporters • Due to the introduction of the new classification of sectors, quarterly reporters that have been granted derogations, ietail reporters must exceptionally report RATI data also for January 2014 • Impact on the calculation of minimum reserves • Minimum reserve base according to the December RATI report is not used at all in calculating minimum reserve requirements • The January 2014 report is used for calculating minimum reserve requirements for maintenance periods 3–5/2014 RMTI

  11. Undrawn credit facilities (1/2) • Information needed for monetary analysis to explain eg loan stock developments • Requirement: sectoral and regional breakdown • Requirement to be included in guidelines • Currently submitted on FIN-FSA P report ”Undrawn credit facilities” (P02, line 30, column 15) • Originally ECB preferred definition in line with CRD, which was not approved by the statistical committee so that ECB-preferred definition is yet open → P data collection’s current definition continues to be valid RMTI

  12. Undrawn credit facilities (2/2) • Information collected in the LD record: • Allocation of balance sheet items ”O” = off-balance sheet item • Transaction ”P” = Undrawn credit facilities • In tentative record structure ”C” (to be changed) • Instrument begins with 4 • Purpose of use mandatory • Sector mandatory • Country code mandatory • Conversion currency mandatory • Information is reported in field Book value (field 32), contains the undrawn amount RMTI

  13. Undrawn credit facilities – example 1 EUR 200,000 housing loan agreed in month t in Finland, EUR 50,000 drawn down in month t RMTI

  14. Undrawn credit facilities – example 2 German private company has euro-denominated checking account with an overdraft line of credit with limit EUR 100,000. At the end of month t-1 the company has not used the credit line, deposits in the account total EUR 25,000 At the end of month t the company has borrowed EUR 40,000 against the credit line RMTI

  15. New loan agreements (1/3): genuine new agreements and renegotiations • Both for deepening monetary analysis and for stability analysis: amount of new loans granted by MFIs to non-financial corporations and households • New loan agreements (current transaction N) will be divided in two parts: • N01 = Genuine new loan agreements • N02 = Renegotiated loan agreements • Bank of Finland adds up (current N = N01 + N02) • Transaction N remains in the data collection as the transaction for new deposit agreements RMTI

  16. New loan agreements (2/3): genuine new loan agreements • Genuine new loan agreements expand the MFI balance sheet • Genuine new loan agreements do not include: • Agreements stemming from a change of bank • Loans acquired/intermediated, incl. loans intermediated from outside the MFI sector • New agreement based on a combination of several loans • Euro-conversions of loans denominated in currency other than euro RMTI

  17. New loan agreements (3/3): renegotiated loan agreements • Renewed or renegotiated agreements are new agreements in line with the current definition which were in the balance sheet at the end of the previous month • Include also agreements that were in the balance sheet of another bank/financial institution and • Loans taken for the purpose of repaying another loan • Renewed loan agreements where the loan amount is also increased at the same time are reported in two parts: • Amount of increase → N01 • Share in the balance sheet of the previous month → N02 RMTI

  18. Communication and information provision • Material on the changes will be published at: http://www.suomenpankki.fi/en/tilastot/raportointiohjeet/Pages/raha_ja_pankki_2010.aspx • First version of updated reporting instructions in Finnish by 30 August 2013 • Reporting entities will also be notified via email • At least one meeting with reporting entities in autumn • Possibility for bilateral meetings on request • Questions and comments are welcome! RMTI

  19. Other issues (1/2) • Request for extra time • Extra time may be requested until close of business on the last submission date • Please notify us on revisions in advance • Please notify us via email on major changes to previous month’s reporting • Loans to and deposits by Finnish residents published on a more detailed sectoral breakdown: • Deposits: http://www.suomenpankki.fi/en/tilastot/tase_ja_korko/Pages/talletukset_suomesta_sektoreittain_en.aspx • Loans: http://www.suomenpankki.fi/en/tilastot/tase_ja_korko/Pages/lainat_suomeen_sektoreittain_en.aspx RMTI

  20. Other issues (2/2) • Change of contact persons • Please notify us via email (rahoitustilastot@bof.fi) so that the right information and questions relating to reporting will reach the right persons • Administration of contact information in Itella’s DCS service under User information • Administration of sub-user Ids in Itella’s DCS service under User information • BIS statistics • Objective to match statistics to supervisors’ information • Within some time frame, the reporting population of KOTI data collection must be expanded or RATI data collection adjusted to obtain the required information RMTI

  21. Contact information • Preferred email address • rahoitustilastot@bof.fi • tiimiMFI@bof.fi • Members of the team: Jyrki Lehtinen Hanna Häkkinen Jaakko Suni Essi Tamminen Annamari Pajunen Katja Kelloniemi Markus Aaltonen Peter Halonen RMTI

More Related