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This report presents the main results of the 2010 data collection on households' assets and liabilities, including the availability of quarterly data and future perspectives. It highlights the changes in asset and liability structures and the coverage of data compared to the previous year. The report also discusses the plan to collect quarterly data on households' assets and liabilities in the future.
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OECD HOUSEHOLDS’ ASSETS & LIABILITIES Table 7HALProgress report on data collection and future perspectives Working Party on Financial Statistics Paris, 29 November – 1 December 2010 Federico GIOVANNELLI Quarterly National Accounts and Financial Statistics OECD Statistics Directorate
OBJECTIVES OF THE PRESENTATION • Main results of the 2010 data collection on Households’ Assets and Liabilities (T7HAL). • Quarterly data: main results of the survey on data availability and future perspectives.
BACKGROUND • 2005: first data collection on households’ financial and non-financial assets (Table 7HA). • 2008: extension of the OECD households’ assets database by adding liabilities on short- and long-term loans (AF41 and AF42). The former questionnaire Table 7HA becomes the Table 7HAL. • 2009: results of the first data collection on households’ liabilities: OECD countries encountered difficulties to report detailed data on ‘consumer credit’. • 2010: reorganisation of the households’ loans classification and additional requirements on non-financial assets.
NEW ASSET STRUCTURE OF T7HAL • On the financial side: • Creation of a new instrument called AF6124 (other pension plans and unfunded pension plans) which includes the former assets AF613 and AF614. • On the non-financial side: • New items required: new breakdown.
NEW LIABILITY STRUCTURE OF T7HAL • ‘Consumer credit’ now appears on both short- and long-term side. • Financial instruments at 6 digit level are eliminated. • Financial instruments at 5 digit level are optional.
MAIN RESULTS OF THE 2010 DATA COLLECTION • The database contains data for 31 countries (two new countries: ISR and SVN). • Missing countries are Chile and Iceland. • 28 countries report 2009 data. • Most countries provide data back to 1995 as requested, except IRL, ISR, KOR, MEX, POL, SVN and CHE. • 14 countries cover data for the sector S14 (Households) as requested, and 18 for the aggregated sector S14_S15 (Households and NPISH).
ASSET COVERAGE – COMPARED WITH THE 2009 COLLECTION • On the financial side: the overall coverage increases, passing from 44% (in 2009) to 48%(in 2010) of the total requested series. • Some countries improve their data coverage, e.g. MEX (from 28% to 50%). • While others reduce it, e.g. POL (from 60% to 13%). • On the non-financial side: the overall coverage increases, mainly due to the breakdown enhancement. • Too many agencies do not report non-financial data, because they do not compile them, even if data exist in another agency!
LIABILITY COVERAGE – COMPARED WITH THE 2009 COLLECTION • The number of provided series: • increases from 61 (in 2009) to 75 (in 2010) for the 3 digit level series. • increases from 22 (in 2009) to 29 (in 2010) for the 4 digit level series. • Regarding ‘consumer credit’: • the new classification: • has considerably improved the data transmission for three countries (i.e. CAN, HUN and NLD). • the rest of the OECD countries have recorded no significant variation. • Regarding ‘house purchase loans’: • The number of series remains the same as last year.
SOME INFO & FIGURES • The most complete questionnaires received in 2010 are from: • the same countries as last year (i.e. HUN, USA, ITA, FRA, ESP). • plus some new outsiders, e.g. NLD providing 43 time series out of the 54 requested. • The entire database is published on-line on the OECD data warehouse called “OECD.Stat”. • Neither paper publication nor CD-ROMs are released for the time being.
QUARTERLY DATA SURVEY: MAIN RESULTS • A survey on quarterly data availability has been sent this year to better know the current and future quarterly coverage of assets and liabilities of households. • 30 countries out of 35 (including accession countries) filled out the survey. • Some countries report a limited coverage, while others register a wider availability of quarterly data. However, the general assessment is positive on both the asset and liability side. • Quarterly non-financial assets are generally reported as N.A. because the respondent institution is not the responsible for non-financial data => To be further explored.
QUARTERLY DATA SURVEY: FUTURE PERSPECTIVES • Following the positive results of the survey, the Secretariat is planning to collect quarterly data on Households assets and liabilities (T7HAL) next year (2011). • Depending on the success of the collection, households financial indicators could be produced on a quarterly basis to complement the financial indicators based on Financial Accounts.
CONCLUSIONS • The OECD Secretariat thanks the delegates and all financial experts for their co-operation and contributions to the 7HAL database during the past year. • The overall data collection has improved compared to last year, however efforts need to be done to report non-financial assets. • The OECD Secretariat is looking forward to receiving quarterly data on T7HAL next year.
