1. Developing Financial Statistics for Policy
Graeme Walker
OECD Working Party on Financial Statistics, Paris, 3rd November 2009

2. Summary Introduction Four sections to the paper What happens now
Origins of the project
Aims
Four sections to the paper
Main findings
What happens now

3. Introduction Paper is a summary of articles published in July
Project set up in response to Financial Crisis
Helps ONS fulfil three roles
Providing additional tools for policy makers
Keeping pace with financial innovation
Support the transparency agenda

4. Four aspects examined Output and employment in Financial Sector
Corporate Sector balance sheets
Household savings and wealth
Public sector balance sheet

5. Output
Lack of coherence between output and employment in some sub sectors
Gaps in output indicators
Hedge funds
SPVs
Derivitives
Some issues relating to deflation

6. Balance sheets
Incomplete coverage leads to deficiencies in balance sheets
Some financial instruments not covered
Sources for corporate liabilities particularly weak
Household sector source not yet developed
Household assets survey

7. Public sector MFIs newly classified to the public sector
Revised presentation
Difficulty of classifying subsidiaries
New government interventions to classify
Presenting broader measures of public sector debt

8. Future work Need for collaboration with other fiscal departments
Long lead time for improvements particularly where new data sources are needed
ONS prioritising this work in 2009/10
Some improvements planned for 2010 Blue Book
Derivatives
Securities dealers
Aiming to introduce more improvements into 2011 “Blue Book”
Corporate bonds