Working Party on Financial Statistics meeting Paris, 2-3 October 2007 FINANCIAL AND NON FINANCIAL ASSETS OF INSTITUTIONAL INVESTORS – Table 7IA Working Party on Financial Statistics meeting Paris, 2-3 October 2007 Isabelle Ynesta National Accounts and Financial Statistics OECD Statistics Directorate

Introduction Data on institutional investors has been collected and published for a number of years. In 2004, the WPFS decided to pursue this activity but to integrate it in the framework of the Financial Accounts. An additional yearly table (Table 7IA) has been sent in parallel to the joint OECD/Eurostat questionnaire on Financial Accounts.

Objectives of the presentation Results of the 2007 data collection Difficulties encountered during data processing. Future projects.

Brief reminder on the content of the table 7IA The detailed breakdown by type of investors is in accordance with the SNA as much as possible : Investment funds S12_IF (part of S122 or S123) 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

Results of the 2007 data collection – 7IA All countries (28) which used to provide data on institutional investors have filled the table 7IA. IRL and NZL are still missing. 27 countries out of 28 are validated and stored in the OECD database. The country not yet validated is: POL. 12 countries have reported consolidated data for main sectors (S12_IF; S125; S12_OF) and non consolidated data for sub-sectors.

Results of the 2007 data collection – 7IA Time coverage: 19 countries have reported 2006 data. 7 countries have reported 2005 data (AUS; HUN; JPN; LUX; POL; ESP and GBR). 2 countries have reported 2004 data (CZE and CHE).

Results of the 2007 data collection – 7IA Sector coverage One country covers all sectors requested : AUS The Investment funds sector and its components is less covered than the Insurance companies and Pension funds sectors. Ten countries have delivered data for the S12_OF “Other forms of institutional savings” sector.

Results of the 2007 data collection – 7IA Assets coverage: 7 countries are able to report data for all assets and for the two main sectors S12_IF & S125. 14 countries provide non financial assets data for the sector “Total investment funds”, 15 countries for the sector “Insurance companies and pension funds” and 6 countries for the sector “Other form of savings”. 10 countries do not report any data for the sub-instruments AF41 and AF42 and 7 countries for AF331 and AF332.

Difficulties encountered during data processing Regarding the questionnaire 7IA : The Field 3 (consolidation) of the questionnaire is not always filled. The unit multiplier is not systematically filled or wrongly filled as well. Non appropriated symbols are inserted in the cells. The time period covered differs from the previous submission without any explanations.

Difficulties encountered during data processing Regarding data validation, some inconsistencies appear following : Hierarchical controls of assets for each sector. Hierarchical controls of sectors for each asset. Differences appear between the Financial accounts’ and the 7IA’s questionnaires regarding reported data of the sector S125.

Future projects To improve the comparability of these statistics between the OECD member countries by creating: Series in US dollars. Series as a percentage of GDP Graphics To develop the methodology. To disseminate these statistics. They are already on OECD.STAT, accessible to governments, delegates and OECD internal users. To put them onto Source OECD to reach a larger audience. Paper publication?

Conclusions The data collection on institutional investors becomes more an more complete thanks to you. However, efforts should be done concerning: The filling up of the questionnaire. The time, sector and assets coverage: 2006 data should be reported for all sectors and all assets when applicable and available. The reporting of non financial assets should be enhanced. The consistency in hierarchical sums of assets and sectors. The coherence with Financial accounts related to the Insurance companies & Pension funds (S125).

Thank you for your attention