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PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA

PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA. Working Party on Financial Statistics meeting Paris, 2-4 November 2009. Eun Jung KIM National Accounts and Financial Statistics OECD Statistics Directorate. Objectives of the presentation. Results of the 2009 data collection.

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PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA

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  1. PROGRESS REPORT ON INSTITUTIONAL INVESTORS’ ASSETS - Table 7IA Working Party on Financial Statistics meeting Paris, 2-4 November 2009 Eun Jung KIM National Accounts and Financial Statistics OECD Statistics Directorate

  2. Objectives of the presentation • Results of the 2009 data collection. • Summary of methodological survey. • Difficulties encountered during data processing. • Future projects.

  3. Brief review on the content of the table 7IA • The detailed breakdown by type of investors has been established in accordance with the SNA as much as possible: • Investment funds S12_IF • 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

  4. Results of the 2009 data collection – 7IA • 29 countries used to provide data on institutional investors. • NZL is still missing. • 26 countries have filled the 2009 questionnaire - Table 7IA. • 22 countries out of 26 are validated and stored in the OECD database. The countries not yet validated are : AUT, JPN, MEX & TUR. • SVK, CHE and GBR have not sent the 2009 questionnaire.

  5. Results of the 2009 data collection – 7IA • 14 countries have reported consolidated data for main sectors (S12_IF; S125; S12_OF) and non consolidated data for sub-sectors as requested. • Only for S125: DNK and DEU. • Only for S12_IF: ITA and ESP. • Time coverage: • 25 countries have reported data up to 2008. • 1 country has reported 2007 data (JPN).

  6. Data coverage - 7IA • Sector coverage: • 1 country covers all sectors requested : AUS. • 9 countries report data at the second level (IF_OC, IF_CC, S125_IC and S125_PF). • Concerning the sector “Investment funds” and its sub-sectors, 5 countries report data only for the aggregated sector S12_IF : CZE, ISL, JPN, KOR & NLD. • Concerning the sector “Insurance companies and pension funds” and its sub-sectors, 2 countries report data only for the aggregated sector S125: IRL & MEX. • 12 countries have delivered data for the S12_OF “Other forms of institutional savings” sector.

  7. Data coverage - 7IA • Asset coverage: • 17 countries are able to report data for all financial assets. However, some report them only for the two aggregated sectors S12_IF & S125. • 9 countries do not report any data for the sub-instruments AF41 and AF42 and 6 countries for AF331 and AF332 for the sectors S12_IF & S125 and their sub-sectors. • 17 countries provide total non financial assets (AN) for the sector S12_IF, 19 countries for the sector S125 and 7 countries out of 12 for the sector S12_OF.

  8. Summary of methodological survey – 7IA • 21 countries have provided the methodological survey on institutional investors. • 5 countries have provided data, but not provided the methodological survey yet: AUS, ISL, JPN, POL and SWE. • 18 countries say that the data reported in the questionnaire are compatible with the financial balance sheets in the SNA (710: consolidated & 720: non-consolidated). • Incoherence between data and the methodological survey has been noticed for some countries.

  9. Summary of methodological survey – 7IA • Definition/coverage of institutional investors: • Investment funds are part of S122 or S123. • Insurance companies and Autonomous pension funds are part of S125. • Other forms of institutional savings are part of S123 (AUT, BEL, DNK, ITA &USA) or S1311 & S1314 (FIN) or S125 (HUN & NLD). For CZE, data are reported to be part of S124, but not provided. • Definition/coverage of financial assets: • For 21 countries, all financial assets in Table 7IA follow the SNA definitions.

  10. Summary of methodological survey – 7IA • Definition/coverage of non-financial assets (AN): • 13 countries gave the definition of AN more or less in accordance with the SNA definition. • Method of valuation of stocks of financial assets: • 12 countries record all financial assets of Institutional investors at market or fair value. • For the other countries, some assets are registered at the market value, others at nominal or book value. • Geographical coverage of institutional investors: • Data generally cover the activities of resident institutional investors and subsidiaries and branches of foreign firms operating on the national territory.

  11. Difficulties encountered during data processing • Regarding the questionnaire 7IA : • Key information of the questionnaire is not always filled (consolidation: CZE & HUN) or is not correct (unit multiplier: TUR). • Incoherent information between the questionnaire and the methodological survey. • Non appropriated symbols are inserted in the cells. • The time period covered differs from the previous submission without any explanation.

  12. Difficulties encountered during data processing • Regarding data validation, some inconsistencies appear: • Hierarchical controls. • Significantly revised data reported without any explanation. • Three EU countries have difficulties filling in the OECD questionnaire in 2009 because of revised definitions of sectors according to new recommendations or rules by ECB. • Differences appear between the Financial accounts’ and the 7IA’s questionnaires regarding reported data of the sector S125.

  13. Future projects • To improve the comparability of these statistics between the OECD member countries by creating: • Indicators in a common currency, ex: Series in US dollars. • Series as a percentage of GDP • Graphics, ex: Portfolio composition • To collect quarterly data: • 17 countries out of 21 compile quarterly data of which 13 countries agree to provide the OECD Secretariat with them. • To add new instruments: • Assets by currency • Liabilities • To show separately sub-sectors of investors: • Hedge funds • Sovereign funds • Special Purpose Vehicles/Entities (SPV or SPE)

  14. Conclusion • The data collection on institutional investors becomes progressively complete and the methodological survey are more and more detailed . However, efforts should be done concerning: • The historical data, sector and assets coverage. • The consistency in hierarchical sums of assets and sectors. • The coherence with Financial accounts related to the insurance companies & Pension funds (S125). Moreover, • The methodological survey has to be provided together with the data and revised when necessary. • The information in the methodological survey should be consistent with the data provided. • Detailed information on revisions or changes in the methodology should be notified.

  15. Thank you for your attention

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