Coordination between OECD and other International Organisations

1. Coordination between OECD and other International Organisations Working Party on Financial Statistics 24-25 October 2011 By Michèle Chavoix-Mannato STD Directorate, NAD Division, QNA&FS Section

2. Coordination between OECD and other IOs Background The cooperation between International Organisationshas often been discussed in the framework of collections of financial statistics It has always been deemed as very important to WPFS Delegates This is becoming even more essential for several reasons STD / NAD / QNA&FS

3. Coordination between OECD and other IOs • General Agreement Regarding European Countries’ Data = internal goal to collect data on EU countries directly from Eurostat/ECB without any further validation processes It would ensure that inconsistencies between data in the respective IOs databases would become non-existent It would allow to free-up resources and to create efficiencies Some key issues require further consideration and action before implementation STD / NAD / QNA&FS

4. Coordination between OECD and other IOs • OECD-Eurostat COOPERATION ON ANNUAL FA AND FBS • It has been decided that STD willnot anymore process EU annual financial accounts (FA) and financial balance sheets (FBS) data • STD will directly store data that have been validated by Eurostat into its corresponding databases STD / NAD / QNA&FS

5. Coordination between OECD and other IOs • OECD-ECB-Eurostat COOPERATION ON QUARTERLY FA AND FBS • STD will not process EU quarterly FA and FBS data, currently collected • by ECB: non consolidated data for all sectors (excl. sub-sectors of S13) • by Eurostat: consolidated and non-consolidated data for S13 and its sub-sectors • STD will directly store data validated by ECB and EUROSTAT into its databases STD / NAD / QNA&FS

6. Coordination between OECD and other IOs • OECD-ECB-Eurostat COOPERATION ON FA & FBS Implications for EU countries • data sent once either to Eurostat or to ECB • no more exchanges of messages between OECD and countries to clarify and correct data Implications for OECD • data automatically stored in OECD databases • no more checks; no more search for understanding and correcting; no more requests for explanations or new data • no more replies to external users STD / NAD / QNA&FS

7. Coordination between OECD and other IOs • OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 1 - Background • About 2 years ago, BIS sent the OECD annual IA questionnaire to its Members Complaints about duplication • In 2010, BIS sent the quarterly IA questionnaire • At the December 2010 WPFS meeting, bilateral discussions Agreement: the OECD would wait for information on the coverage (country, time, ..) of quarterly data received by BIS • Unfortunately, it proved to be limited The OECD sent its quarterly IA questionnaire in Feb. 2011 Most OECD countries replied STD / NAD / QNA&FS

8. Coordination between OECD and other IOs • OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 2 - Agreement reached between OECD and BIS: Annual and quarterly OECD data will be transmitted to BIS as soon as they are validated However In the meantime, STD has decided to give priority to quarterly FA & FBS and to postpone the processing of IA quarterly data as a result, the OECD would like, IF COUNTRIES AGREE, to forward to the BIS all quarterly data received from countries, before any validation by OECD Discussions still underway on how to proceed: • data transmission to both OECD and BIS • validation procedures • data dissemination STD / NAD / QNA&FS

9. Coordination between OECD and other IOs • WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 1 - • The “Public Sector Debt Statistics: Guide for Compilers and Users” has been prepared under the joint responsibility of nine organisations (under the IA-TFFS) • It is based on concepts harmonised with 2008 SNA and BPM6 • The World Bank (WB) and IMF launched a questionnaire on detailed quarterly public sector debt data, initially intended for developing countries • They now envisage to extend the Public Sector Debt Statistics (PSD) database to advanced countries and propose to involve the OECD STD / NAD / QNA&FS

10. Coordination between OECD and other IOs • WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 2 - • The WB-IMF template has been transmitted to the OECD • The OECD preference would be to build this new database upon the quarterly consolidated financial balance sheets data that OECD/Eurostat already collect • Some additional breakdowns, on remaining maturity and currency are needed; in addition, nominal values are applied • A joint letter will be sent from World Bank, OECD and IMF and possibly Eurostat to advanced countries inviting their participation STD / NAD / QNA&FS

11. Coordination between OECD and other IOs Conclusion • Cooperation between International Organisations is progressively implemented • It still requests some discussions and agreements • Countries, together with IOs, will be the beneficiaries of this coordination STD / NAD / QNA&FS

12. Coordination between OECD and other IOs Your comments and suggestions are welcome ° ‘ ° ’ ° Thank You STD / NAD / QNA&FS