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Outline. Insight of the current ECB ICPF statistics. Statistics based on existing data sources Need for enhanced ICPF data. Towards a regulation for ICPF statistics. Features of the merits & costs procedure Merits & costs procedure: a quality assurance procedure.

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Outline

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  1. Outline • Insight of the current ECB ICPF statistics • Statistics based on existing data sources • Need for enhanced ICPF data • Towards a regulation for ICPF statistics • Features of the merits & costs procedure • Merits & costs procedure: a quality assurance procedure • Overview of the results of the merits & costs procedure • Newrequirements for insurance corporations • Implementation in France Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  2. Insight of the current ECB ICPF statistics (1/3) Before the 2007 crisis Afterthe 2007 crisis ICPF statisticswere not considered as essential for ECB’smonetarypolicy Recommendations of the G20 increased the ECB’sfinancialstabilityfunction ICPF statistics published since 2003 through the quaterly financial accounts Enhanced ICPF statisticscollectedfromexisting data sources Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  3. Insight of the current ECB ICPF statistics (2/3) In the ECB framework, new requirements for statistics can be grouped into three main categories: Category 2 (currently used) Category 3 (expected regulation) Category 1 Simple fine-tuning measure “Short-term approach” Interim data collection based on existing data sources New regulation and merits and costs procedure: substantially enhanced statistics June 2014 Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France

  4. Insight of the current ECB ICPF statistics (3/3) • Needfor an enhancement in ICPF statistics due to changes in the Europeanregulationframework • Adoption of the solvency II directive in 2009, due to come intoeffect on 1 January 2016 • Amendment to the EU framework legislation on ECB statistic (Council Regulation (EC) No 951/2009) now includes euro area ICPF in the ECB’s reference reporting population • Application of the ESA 2010 to statistical data fromseptember 2014 Marc-Alain Bahuchet Head of Monetary and Financial DirectorateStatistics DGS-Banque de France June 2014

  5. Towards a regulation for ICPF statistics (1/3) • Review of the merits & costs procedure The merits and costs procedure was introduced in 2000 by the Governing Council of the ECB The merits and costs procedure ensures the core principles stated in the public commitment on European statistics, especially cost effectiveness and minimization of the reporting burden Marc-Alain Bahuchet Directorate of Monetary and Financial Statistics DGS-Banque de France June 2014

  6. Towards a regulation for ICPF statistics (2/3) • Main steps of the merits & costs procedure Marc-Alain Bahuchet Head of Directorate of Monetary and Financial Statistics DGS- Banque de France June 2014

  7. Towards a regulation for ICPF statistics (3/3) Merits & costs procedure: a quality assurance procedure • Cost effectiveness of the ECB statistics is realized through: • The balancing of merits and costs for each new statistical requirement • Minimizing the reporting burden: • Dropping of features estimated not necessary to the users’ needs and/or too costly Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  8. Overview of the results of the merits & costs procedure (1/3) • Results of the merits & costs procedure for ICPF statistics Assets • The highestmeritobtained for: • Holdings of equity, o/w listed sharesby counterpart area and sectors for euro area counterparts (4.1c) • Suppression of the requirement with the lowestmerit: • Holdings of currency and deposits by original maturity and counterpart area (1.b) Source : ECB Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  9. Overview of the results of the merits & costs procedure (2/3) • Results of the merits & costs procedure for ICPF statistics Liabilities • The highestmeritobtained for: • Improved timeliness t+4 weeks instead of t+5 weeks scheduled by EIOPA (12a) • Suppression of the requirement with the lowest merit : • Debt securities issued and loans received (7c) loans received, of which deposit guarantees by counterpart area Source : ECB Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  10. Overview of the results of the merits & costs procedure (3/3) • Implementation of the merits & costs procedure in France Implementation Feature 1 1/Fact finding and cost assessment : conducted in close cooperation with reporting agents 2/ Multiple meetings with French professional associations (during July 2013) High concentration of French IC sector Feature 2 Heterogeneity of the reporting population Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  11. Conclusion The merits and costs procedure, as a part of the public commitment on European statistics, is an efficient way to guarantee that the project is feasible at an acceptable cost. Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

  12. Thank you for your attention Marc-Alain Bahuchet Head of Monetary and Financial Statistics Directorate DGS-Banque de France June 2014

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