1. Central Government Debt Statistics Working Party on Financial Statistics meeting Paris, 11-12 October 2004 Isabelle Ynesta National Accounts and Financial Statistics OECD Statistics Directorate

2. Objectives of the presentation  Central Government Debt statistics.  Project of a memorandum table in the Financial Accounts relative to central government debt.  In nominal value  With residual maturity structure  With more detailed debt instruments  With Guarantees included

3. Central government debt statistics  Are collected from national sources (debt agencies) based on a questionnaire agreed by the Working Party on Government Debt Management (WPGDM).  Focus on borrowings requirements by governments to finance their budget deficits.  Provide a unique and detailed overview of the various marketable and non-marketable debt instruments in each OECD Member country.  Debt instruments are reported in nominal value and in national currency for the relevant fiscal year.  The maturity structure of outstanding debt instruments is residual maturity.  The coverage is limited to central government debt issuance. It excludes state and local government debt and social security funds.

4. Project of an additional table in the Financial Accounts relative to central government debt.  In order to better inform public debt analysts, the OECD secretariat proposes to create a new memorandum table in the framework of the OECD/Eurostat questionnaire, entitled “Central government debt by instrument, in nominal value”.  The table focuses on the institutional sector S1311 – Central Government.  Debt instruments are reported in nominal value.  The maturity structure of the debt instruments is residual maturity.  Debt instruments are more detailed.  Guarantees given by central government to various institutional sectors are included in the table.

5. Structure and content of this new table  AF.2 Currency and deposits  AF.3 Securities other than shares  AF.33 Securities other than shares, except financial derivatives AF.331 Short-term securities other than shares, except financial derivatives: of which –Treasury bills –Commercial papers –Other AF.332 Long-term securities other than shares, except financial derivatives: of which –Fixed rate bonds »Short-term bonds »Medium-term bonds »Long-term bonds –Index-linked bonds –Variable-rate notes – Other  AF.34 Financial derivatives

6. Structure and content of the table (Cont.)  AF.4 Loans  AF.5 Shares and other equity  AF.7 Other account payable  Guarantees given by the central government to  S11 Non-financial corporations  S12 Financial corporations  S14-S15 Households and NPISHs  S2 Rest of the world  Total central government debt

7. Conclusions  No decision is expected today  The OECD secretariat will consult the delegates via a written procedure on this proposition.  However, comments are welcome. THANK YOU