1. OECD Financial Accounts Databases Progress Report
Working Party on Financial Statistics
Paris, 9-10 October 2006
Michèle Chavoix-Mannato
National Accounts and Financial Statistics
OECD Statistics Directorate

2. Main objectives of this document
To inform delegates to the Working Party on Financial Statistics (WPFS) on the situation concerning the Financial Accounts Database since the meeting that was held in October 2005
To present developments and improvements done by the Secretariat as well as by countries since the last meeting in accordance with the conclusions set at that meeting (quarterly data, non-financial assets, sources and methods using a standardized format)

3. Inventory of information included in the database (1) Flows and stocks
The Financial Accounts database contains data for 27 OECD countries on both financial transactions and stocks :
Data for the first time in 2006: Greece, Ireland and Switzerland
No data from Luxembourg, Iceland and New Zealand
Transactions only: Mexico
Stocks only: Switzerland
Limited sectors: Turkey (sectors S121-S122 only)

4. Inventory of information included in the database (2) Consolidation and Time
Consolidation: (to be further discussed later in the meeting)
All countries provide both consolidated and non consolidated tables except
AUS and MEX: consolidated only
CAN, CHE, GBR, IRE, JPN and USA: non-consolidated only
KOR: just changed
Time coverage on :
Table 610: all countries up to 2005, except POL, MEX
Table 620: all countries up to 2005, except JPN and POL
Table 710: all countries up to 2005, except POL SWI
Table 720: all countries up to 2005, except CAN, CHE, JPN, POL, SVK

5. Data collection and management (1) Transmission of data and messages
Questionnaire sent to non-European OECD countries in May 2006, with a deadline of 31 August 2006
All countries have either sent updated data or announced a slight delay
The recommendation to send both consolidated and non-consolidated data is not respected, except by Turkey
Agreement with Eurostat for EU countries
All messages sent by Eurostat to its Member States are copied to OECD
Replies from EU countries to Eurostat are very seldom copied to OECD
No European country, except Norway, inform OECD of the content of its files

6. Data collection and management (2) Problems
Format: Not all non-European countries do use the requested format
Time coverage: Countries do not systematically provide data over the whole period revised
Errors: A lot of inconsistencies are found in files transmitted
Recommendations: The recommendations of the last WPFS meeting have not been respected

7. DEVELOPMENTS SINCE LAST OCTOBER
As reported in the 2005 WPFS summary record
Quarterly financial accounts
There was a general preference for a full submission of quarterly data
Without resources it would not be possible for OECD to collect and process them
Non-financial assets
There was a general support for their collection and it was decided that OECD should address the Table 2600 to its financial network
Sources and Methods
Non-European countries supported the use of the Eurostat’s framework to gather methodological information

8. Quarterly financial accounts data (1)
Non-European countries
Five countries have full quarterly accounts:
AUS: from Q months after the end of the quarter
CAN: from Q to 75 days after the end of the quarter
USA: from Q weeks after the end of the quarter
NOR: from Q months after the end of the quarter
KOR: from Q months after the end of the quarter
Four countries have no plan to produce quarterly accounts:
CHE, JPN, MEX, TUR

9. Quarterly financial accounts data (2)
European countries
All Euro Area countries have full quarterly accounts
According to the ECB requirements, data are available from Q4 1997/Q1 1998, with a time lag of 110 days
All EMU countries have derogations up to Q4 2008, except Greece (no derogation) and Spain and Portugal (up to Q2 and Q respectively)
Five non-Euro area countries have quarterly accounts
Either both stocks or transactions (GBR, HUN, SWE)
Or stocks only (DNK, SVK)
Two non-EMU countries do not have quarterly accounts

10. Quarterly financial accounts data (3)
Conclusion
It is clear that more and more countries compile quarterly financial accounts
The use of this information to estimate annual data very soon after the end of the year would be apreciated by economists

11. Non-financial assets (1)
National Accounts network
Except for three countries (AUS, CAN, JPN), no Table 2600 (part of the NA questionnaire) has been sent back to OECD
Financial accounts network of Non-European countries
Table 2600 was sent in May 2006
Three countries (CHE, MEX, NZL) replied they have no such data
Four countries sent data: AUS, CAN, JPN (S1 only), NOR (AN1111 S14-S15 only)
For KOR and USA, data should be transmitted soon
Reply is still expected from TUR and ISL

12. Non-financial assets (2)
Financial accounts network of European countries
Table 2600 was sent more recently
Nine countries have sent data: BEL, CZE, DEU, DNK, FIN, FRA, NLD, POL, SVK
Two countries had informed that they have such data but have not sent them yet: AUT, HUN
All other countries have not replied yet

13. Non-financial assets (3)
Conclusion
Less than half countries have provided non-financial asset data and the coverage is limited either to some items or to some sectors
Countries which have not sent data or have not transmitted the request to their colleagues in the NA network are invited to do so.

14. Sources and Methods (1) Standardized format:
Eurostat has conducted such a survey and transmitted all replies to OECD
The OECD has used the framework and either add some instructions to receive more comparable information or suppress some questions

15. Sources and Methods (2) Supplementary methodological information:
Two specific and more detailed surveys have been prepared.
Their results will be presented later in this meeting
The consolidation survey sent to all OECD countries in July 2005
The valuation survey sent to non-European countries in September 2006

16. Sources and Methods (3) Conclusion
The survey on Sources and Methods will be sent to non-European countries after the meeting
All information received will be summarised and sent back for validation before being imported into the OECD Metastore database and available on OECD.Stat

17. Conclusion
The Secretariat aware of the difficulties and lack of resources in Member countries thanks all of them for their great co-operation.
It has however to insist on the completeness and quality of financial accounts and global balance sheets provided.
The OECD will continue to spend time and energy to improve the quality and usefulness of its Financial Accounts databases.