1. INSTITUTIONAL INVESTORS PROGRESS REPORT AND RESULTS TO THE METHODOLOGICAL SURVEY

2. Introduction New Financial statistics team in STD/NA International comparable set of data Interpretation of data Progress report-Part I Methodological surveys results-Part II Proposed recommendations to discuss- Part III Extension of the database-Part IV

3. I-Publication: Progress report All countries sent the 2001 data this year Current publication delayed for technical reasons Summary tables and methodological notes Publication release : end of 2003

4. II-Replies to the methodological surveys Sources : data extracted from the National accounts Double counting issues : 1.non-consolidated data 2.report only owned assets 3.SNA93 concept used by countries Reinsurance : both included Juridical status versus policy behavior : legal status Time coverage : calendar year basis

5. III-PROPOSALS FOR RECOMMENDATIONS

6. National accounts has the preference. Only surveys as source? III-1/Source of submitted data :

7. III-2-1/Double counting issues 1.Consolidated-Non consolidated data RE 1: Consolidated data for summary tables Non-consolidated data for country tables Delegates may if they wish comment on this recommendation.

8. III-2-2/Double counting issues 2.Crossed investments Stocks of assets assigned to owner and not to manager. RE 2: distinction between owned assets and managed ones to process or give an estimate. Would a share of managed assets be available? Countries not following the SNA principle are encouraged to give their opinion.

9. III-2-3/Double counting issues 3.Geographical coverage//cross border RE 3: follow SNA 93 concepts, i.e. the All domestically resident concept: should be the rule Any comments from Delegates? Would EU countries be able to report data on a domestically resident basis for Insurance companies?

10. III-3/Reinsurance Reinsurance companies are not institutional investors: they invest on their own behalf but not on behalf of retail inv. RE 4: next SNA would give preference for separate data for insurance and reinsurance companies. it is proposed to add a third category in insurance companies : reinsurance companies Comments are most welcome

11. III-4/Juridical status vs. investment behavior RE 5:The SNA93 definitions as reference criterion if SNA93 not enough defined, the juridical status should have the preference. Other : In case an investor legally registered demonstrates a behaviour close to another category of investors, it is proposed to show it in the category “other type of institutional investors”. Any Comments?

12. IV-Extension of the database NOT AVAILABLE : Average maturity of liabilities; private equity and hedge funds; more detailed maturity classification AVAILABLE : Break down of bonds investment ; method of valuation for instruments Would Property be available? Treatment of all pension schemes : await for the NAEM decisions before any further proposals

13. Conclusion Delegates shall: note well the status of the database and give their comments add comments on proposed recommendations a tour de table on the possible extension of the database