QUARTERLY Working Party on Financial Statistics & Working party on National Accounts Common day – 4 November 2009 – Item 4. By Jiemin GUO and Michèle Chavoix-Mannato (STD) ACCOUNTS SECTORAL

Main objectives: - to present the situation for Non-financial accounts - to present the situation for Financial accounts - to propose to launch surveys - to propose possible information to be collected on a quarterly basis QUARTERLY SECTORAL ACCOUNTS

 The recent crisis has highlighted the need for internationally comparable data  The recent crisis has highlighted the need for timely data  The OECD responds by proposing a strategy in collecting quarterly data on non-financial accounts financial accounts and balance sheets more detailed assets/liabilities of specific sectors

Current Data Situation  Collection of annual institutional sector accounts for many years  Some QSA collected for a few countries  Eurostat/ECB release non-financial QSA for the Euro Area and the European Union QUARTERLY SECTORAL ACCOUNTS Quarterly non-financial accounts

Availability in EU countries  EU national QSA transmitted to Eurostat no later than 3 months after the reference quarter  Standard table 0801 of the ESA 95 questionnaire  Data start in 1999Q1  Except for derogations, all economic sectors are covered  No automatic transmission from Eurostat to OECD via Edamis is currently set up QUARTERLY SECTORAL ACCOUNTS Quarterly non-financial accounts

Availability in non-EU countries  Beginning period: Australia(1959), Canada(1961), Iceland(2004), Norway (1996) and the USA (1947).  Data in general available less than three months after the reference quarter.  Sectors S1M and S13 available for all preceding countries except Iceland (only S13).  No QSA released on countries’ websites for: Japan, Korea, Mexico, New Zealand, Switzerland and Turkey. QUARTERLY SECTORAL ACCOUNTS Quarterly non-financial accounts

QUARTERLY SECTORAL ACCOUNTS Quarterly financial accounts & balance sheets Background 2006: Conclusions of a study on the availability of data  Collection of annual data on a quarterly basis  On stocks  For sectors S13 and S14-S15  For instruments F1 to F7 2008: Programme of Work  Inclusion of this activity with 81% of High/Medium priorities 2009: Survey on Main Characteristics of Financial Accounts  To establish a snapshot of current status and future developments  To collect information on timeliness and frequency of data

Availability of quarterly data Non-European countries o Six countries have quarterly data (five for both flows and stocks, one for stocks only) o One country have plans to collect quarterly data o The sector coverage is the same as for annual data for three countries o The time coverage is the same as for annual data European countries o Fifteen countries have quarterly data o One country have plans to collect quarterly data o The sector coverage is the same as for annual data, except for three o The time coverage is shorter than for annual data for five countries QUARTERLY SECTORAL ACCOUNTS Quarterly financial accounts & balance sheets

Financial AccountsFinancial Balance Sheets TimeTimelinessSectorTimeTimelinessSector Australia1988Q +12 weeksAll1988Q +12 weeksAll Canada1961Q + 8 weeksAll1990Q + 10 weeksAll New Zealand1978Q + 4 weeksS121,S122,S14 Norway1996Q + 13 weeksAll1995Q + 13 weeksAll Turkey2002n.a.S n.a.S United States1952Q + 9/10 weeksAll1952Q + 9/10 weeksAll Austria1966Q + 9/10 weeksAll1966Q + 9/10 weeksAll Belgium1993Q + 16 weeksAll1993Q + 16 weeksAll Denmark2003Q + 16 weeksAll, ex.S131998Q + 16 weeksAll, ex.S13 FinlandQ + 12 weeksIn progressQ + 12 weeksIn progress France1978Q + 16 weeksAll1977Q + 16 weeksAll Germany1991Q + 15 weeksAll1991Q + 15 weeksAll Greece1997Q + 16 weeksAll1997Q + 16 weeksAll Hungary1990Q +6.5/13 wksAll1990Q +6.5/13 wksAll Italy1995Q + 16 weeksAll1995Q + 16 weeksAll Luxembourg2000Q + 13 weeksAll2000Q + 13 weeksAll Netherlands1990Q + 13 weeksAll1990Q + 13 weeksAll Portugal1998Q + 16 weeksAll, ex.S131997Q + 16 weeksAll, ex.S13 Slovak Republic2004Q + 14 weeksAll2004Q + 14 weeksAll Spain1990Q + 16 weeksAll1989Q + 16 weeksAll United-Kingdom1987Q + 12 weeksAll1987Q + 12 weeksAll QUARTERLY SECTORAL ACCOUNTS

Methodological information received from most OECD countries except six for T7HAL and eight for T7IA Households’ assets and liabilities (T7HAL)  Quarterly data available in most countries: 16 among the 23 respondents  Three countries may have difficulties to provide OECD with quarterly data  For 13 countries, data cover S14, while for 16 countries, they cover S14+S15 Institutional Investors’ assets (T7IA)  Quarterly data available in most countries: 19 among the 21 respondents  Five countries may have difficulties to provide OECD with quarterly data  For 10 countries, data cover the sectors requested (Investment Funds, Insurance companies and pension funds, and Other forms, total or part of their sub-sectors)  For 5 countries, data cover the aggregated IF only and for 2 countries, theycover the aggregated S125 only  For the other countries, only parts of the requested sectors are provided QUARTERLY SECTORAL ACCOUNTS Quarterly detailed data for specific sectors

Considerable scope exists for OECD to develop quarterly non-financial and financial accounts A meta-questionnaire is needed to reveal the exact availablility of such data Two separate surveys will be launched after the meetings Deadline for replies is end 2009 First collection of quarterly data based on the findings of the surveys in 2010 QUARTERLY SECTORAL ACCOUNTS Moving forward

Current annual data collection For non-financial and financial accounts: Gesmes for EU countries, Excel for non-EU countries, For detailed data on specific sectors: Excel for all countries Proposed quarterly data collection Same procedure as for annual data Co-operation with Eurostat for EU countries’ methodological information; survey based on the same framework for non-EU countries

Coverage of the future collection of quarterly data non-financial accounts Selected sectors:  households and NPISH, general government, corporations Select variables:  savings, disposable income, GFCF, net lending/borrowing, … QUARTERLY SECTORAL ACCOUNTS Moving forward

Coverage of the future collection of quarterly data financial accounts and balance sheets Selected sectors (households, total and central governement, financial corporations) Selected financial instruments (depending on the sector) more detailed data on specific sectors Households: main detailed instruments Institutional investors : main detailed sectors QUARTERLY SECTORAL ACCOUNTS Moving forward

Conclusion Delegates are invited  to confirm the need for timely accounts  to discuss the OECD project of collecting quarterly data  to comment the draft meta-questionaires on precise availability of quarterly data  to endorse the time-table  to inform their parent body’s Delegates on the need for additional resources to develop OECD databases QUARTERLY SECTORAL ACCOUNTS