Financial and Non-Financial Assets of Households and Institutional Investors Progress Report Working Party on Financial Statistics Paris, October 2005 Michèle Chavoix-Mannato National Accounts and Financial Statistics OECD Statistics Directorate

2 Introduction  The WPFS decided at the 2004 meeting to include into the joint OECD/Eurostat questionnaire on Financial Accounts additional yearly tables on:  Households' financial and non financial assets  Institutional investors’ financial and non financial assets  In May 2005, respondents to the last questionnaire as well as Delegates of the WPFS have received :  Two methodological documents with definitions of the new assets for households and of the detailed institutional investors.  Two statistical questionnaires.  Two brief methodological surveys.  Herewith the results of these new data collection.

3 Financial and Non Financial Assets of Households – Table 7.HA  The table 7.HA includes a detailed breakdown of :  Investment funds shares (AF.52)  Net equity of households in life insurance reserves ( AF.611)  Net equity of households in pension funds reserves (AF.612)  Some non financial assets (Dwellings, Lands…).  This finer breakdown is in compliance with the financial classification of the System of National Accounts (SNA).  Deviations from the standard definitions were possible and should be specified in the methodological survey joint to the statistical questionnaire.  The period requested was

4 Financial and Non Financial Assets of Households – Table 7.HA (Cont.)  21 countries out of 23 which provide the OECD with financial balance sheets have filled the table 7.HA.  7 countries did not send back the methodological survey along with the statistical data.  However, a very few number of countries have indicated a deviation between their definition and the standard definition of the new categories of households’ financial assets proposed by the OECD.  10 countries have provided data for the sector 14 only while 11 countries have reported data for the aggregated sector S14-S15.

5 Financial and Non Financial Assets of Households – Table 7.HA (Cont.)  Regarding the consolidation of data :  7 countries sent consolidated data : CZE, DEU, HUN, NLD, NOR, PRT, and SWE.  11 countries sent non consolidated data : AUT, DNK, FIN, FRA, ITA, JPN, KOR, SVK, ESP, TUR, and USA.  For Belgium, consolidated and non consolidated data are identical.  2 countries did not specify : CAN and POL.  Most countries were able to provide data as requested. Six countries have provided data or part of data until 2003 only: CZE, DEU, JPN, NOR, SVK and ESP  Data for detailed assets are missing for a number of countries.

6 Financial and Non Financial Assets of Institutional Investors – Table 7.IA  Data on institutional investors had been collected and published for a number of years.  The WPFS decided to pursue this activity and to integrate it in the framework of the Financial Accounts.

7 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.)  The table 7.IA replaces the former questionnaire on institutional investors. It includes a detailed breakdown by type of investors according to the SNA:  Investment funds  Open-end, of which Money market funds and Other mutual funds  Closed-end, of which Real estate funds  Insurance companies and pension funds  Insurance companies, of which life and non-life insurance companies  Autonomous pension funds  Other forms of institutional savings  Financial assets included in the table correspond to the assets requested in the previous questionnaire of institutional investors.

8 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.)  21 countries out of 28 which used to provide data on institutional investors have filled the table 7.IA.  6 countries did not send back the methodological survey along with the statistical data.  Deviations from the standard definitions should be specified in the joint methodological survey.  Concerning the data on non financial assets :  Half countries have provided data for the sector “Total Investment funds”, but not for its sub-sectors  15 countries have reported data for the sector “Insurance companies and pension funds” and its components.

9 Financial and Non Financial Assets of Institutional Investors – Table 7.IA (Cont.)  For a number of countries, 2004 data were missing for all series (CZE, FIN and JPN) or part of them.  For other countries, 2004 data were missing for a number of sectors and sub-sectors:  BEL: S125  DEU and NLD: Insurance companies, life and non life  NOR: Investment funds and its sub-sectors  POL: investment funds, S125 and its sub-sectors  PRT: Insurance companies, life and non life, S125 and its sub- sectors  ESP: Insurance companies and pension funds

10 Comparison between data stored in the previous OECD Institutional Investors database and data provided in Table 7.IA  Time coverage of the table 7.IA compared with the one of the previous Institutional Investors database:  6 countries have provided the same coverage as before i.e : BEL, CAN, DEU, KOR, NLD and USA  For 12 countries : AUT, CZE, DNK, FIN, FRA, GRC, ITA, NOR, PRT, ESP, SWE and TUR: the time coverage is much shorter  1 country have reported data for a much longer period of time as previously ( instead of ) : JPN  Sector coverage:  For most countries: the sector coverage is larger  Only a few countries have not sent data for some sub-sectors which were covered in the Institutional Investors database.

Conclusion  The OECD Secretariat would like to thank national experts and the WPFS Delegates for their contribution to these very useful data collection.  The OECD Secretariat will study these data and contact the countries if questions arise or if additional statistical and methodological information is necessary.  The OECD Secretariat will disseminate data on financial and non financial assets of households and institutional investors in the forthcoming months.