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THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA

This presentation explores the advantages of using administrative data in the banking and insurance sectors, highlighting the cost, response burden, coverage, and timeliness benefits. It also discusses the data available at the Eastern Caribbean Central Bank (ECCB) on commercial banks and the data obtained from commercial banks for compiling various aggregates. Additionally, it covers the forms available at the ECCB for insurance companies.

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THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA

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  1. THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA Presented by Hazel Corbin Statistics Adviser, ECCB Palm Haven Hotel Saint Lucia 3 to 7 February, 2014

  2. OUTLINE • Background • The Advantages of Using Administrative Data • The Financial Sector in the ECCU • Data Presently Available at ECCB on Commercial Banks • Data available at SRUs on Insurance • Uses of Data for Compiling various aggregates • Conclusion

  3. Background • Greater demands are being placed on statistical offices to improve the efficiency of their operations and at the same time reduce the burden placed on respondents to statistical surveys. • Many non-statistical organizations collect statistical data in various forms and although these data may not be direct substitutes for those collected via surveys, they often offer the possibility to replace, fully or partially, direct statistical data collection .

  4. Advantages of Administrative Data • Cost • Statistical Surveys/Censuses are expensive • The running costs of using administrative data is usually significantly lower • Access to administrative sources is free of charge, particularly if data originate in the public sector • Administrative data could be used to populate and maintain statistical registers and thus help to reduce overall costs. • Response Burden • The use of administrative data helps to reduce the response burden on data suppliers, who often see statistical data request as an extra burden

  5. Advantages of Administrative Data • Coverage • Administrative sources often give complete or almost complete coverage of their target population whereas sample surveys can often cover a relatively small proportion directly. • Timeliness • The use of administrative data may increase the timeliness of statistical outputs by allowing access to more up to date information concerning certain variables

  6. Financial Corporations • Financial Corporations: consist of all corporations or quasi corporations principally engaged in financial intermediation or in related auxiliary financial activities. • These include the central bank, commercial banks, credit unions, mortgage and finance companies, insurance companies, pension funds, building and loan societies, mutual funds, trust companies, offshore banks, money service firms, hire purchase firms, broker dealers/agents, stock/securities exchanges, investment banks and the like.

  7. The Financial Sector in ECCU In the ECCU the Financial Sector comprises mainly of 40 commercial banks 61 credit unions 161 insurance companies The commercial banks are regulated by the Eastern Caribbean Central Bank and a number of surveys are conducted by ECCB on a monthly, quarterly and annual basis.

  8. Data Available at ECCB on Commercial Banks • Commercial Banks Liabilities • Commercial Banks Assets • Balance Sheet Analysis • Profit and Loss Statements • Interest Rates • Loans and Deposits by Sectors • Liquidity Ratios • Credit by Sector and by Economic Activity

  9. Data Obtained from Commercial Banks • The data presently used to compile the following aggregates: • Gross output • Intermediate consumption • Compensation of employees • Operating Surplus • Taxes on Production • Gross Value Added New Areas The output of FISIM allocated to users The output of FISIM calculated on loans and deposits only using interest rates on deposits and loans and a reference rate of interest

  10. High Frequency Indicators Compiled by Central Bank Financial Sector Indicators • 6.1 Central Bank net foreign assets • 6.2 Central Bank domestic lending • 6.3 Central Bank reserve money • 6.4 Depository corporations net foreign assets • 6.5 Depository corporations domestic lending   • 6.6 Depository corporations broad money liabilities • 6.7 Other financial corporations balance sheets, assets and liabilities by sectors

  11. High Frequency Indicators Compiled by Central Bank • Financial Sector Indicators (continued) • 6.8 Financial corporate profits • 6.9 Financial corporate debt • 6.10 Nonperforming loans of depository corporations, capital adequacy ratios, other financial stability indicators,

  12. High Frequency Indicators Compiled by Central Bank • Financial Market Indicators • 10.1 Interest rates, as relevant short and long term money and bond market rates • 10.2 Exchange rates, as relevant spot and forward markets • 10.3 Nominal and real effective exchange rate • 10.4 Stock market indicators • 10.5 Others as relevant : spreads between lending and deposit rates, highest-lowest interbank rate; etc.

  13. SRU Forms for Insurance Companies • Attestation and Certification • Background Information • Main Financial Statements • B.1: Balance Sheet • B.2: Income Statement – General Insurance Business • B.3: Income Statement – Life Insurance Business • B.4: Statement of Changes in Capital • B.5: Section 54 Solvency Requirement • B.6: Deposit Requirements • B.7: Insurance Fund Requirements

  14. SRU Forms for Insurance Companies • Details on Balance Sheet • C.1: Cash and Deposits • C.2: Government Securities and Company Bonds and Debentures • C.3: Secured Loans • C.4: Investments in Real Estate • C.5: Shares and Investment Schemes • C.6: Related Party Investments • C.7: Policy Loans and Other Investments • C.8: Accounts Receivable • C.9: Fixed Assets • C.10: Details on Unexpired Risk Provision • C.11: Details on Claims and Catastrophic Provision • C.12: Accounts Payable

  15. SRU Forms for Insurance Companies • Details on Balance Sheet (continued) • C.13 Foreign Currency Assets and Liabilities • C.14 Life Insurance Term to Maturity • C.15: Claims Development for General Insurance • Operating Details as Reported in the Income Statement • D.1: Premiums and Underwriting for General Insurance • D.2: Premiums for Life Insurance • D.3: Analysis of Life Insurance Policies • D.4: Investment Income • D.5: Incurred Claims • D.6: Reinsurance Details

  16. SRU Forms for Insurance Companies • Operating Details as Reported in the Income Statement (continued) • D.7: Commissions by Class of Insurance • D.8: Management Expenses • D.9: Related Party Operating Transactions • D.10: Other Revenues and Expenses • D.11: General Insurance Summary of Underwriting Performance

  17. SRU Forms for Insurance Companies

  18. Sequence of Accounts

  19. Conclusion • Using administrative data sources, it is possible to compile the full sequence of accounts for the financial sector • It is necessary to ensure that formal arrangements such as the establishment of MOUs with SRUs in member states are in place for sharing of information

  20. THE ENDThank you for your attention

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