1. programme of work of the WPFS for the biennium 2011-2012
By Michèle Chavoix-Mannato STD/NAD
WPFS – 29 November - 1 December 2010

2. Main focus and Priorities of the WPFS
to contribute to the deepening of the knowledge of Member countries' financial systems
to contribute to a better understanding of the interactions between the "real" economy and financial activities
to improve the quality and the timeliness of the financial statistics
to improve their international comparability
To adapt data collections to users’ needs

3. Consequences of the recent crisis
Acknowledgement of data limitations and gaps
Proposals for strengthening data collection efforts
Sector data that covers both balance sheets and flows
Data to better monitor the vulnerability of economic agents to shocks
More frequent and timely data
New demands for OECD and WPFS

4. 2011-2012 Biennium PoW The need for quarterly data
Work proposed for the next biennium addresses some of the issues highlighted after the crisis:
The need for quarterly data
The need for relevant indicators
The need to fill some methodological gaps

5. Collection/dissemination of comprehensive financial statistics
Efforts focusing on SNA-compatible databases (Financial accounts, statistics on Households and Institutional investors)
to increase the periodicity of data to a quarterly basis
to improve their content and scope
to compile relevant indicators
Orientation approved by CSTAT in June 2010
and recorded by CMF in October 2010
New activity relating to full flows of funds and balance sheet accounts (G20 recommendation)

6. Harmonisation of national statistics across countries
Clarification or analysis of underlying statistical and methodological concepts: on securitisation, pension funds, valuation of shares
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Exchange of information and experience
New concepts (SNA methodology)
Best practices in the compilation of financial statistics: micro-macro data, ageing population

7. of key non-Member countries
Enhanced engagement
of key non-Member countries
Incorporation of new countries:
accession countries: Estonia, Russia
enhanced engagement countries: BIICS
two other G20 countries: Argentina, Saudi Arabia

8. Funding issues for the Bank profitability database
Continuous effort to improve the timeliness of the publication and to define more relevant indicators
BUT
Reorientation of the OECD financial statistics towards an increase in periodicity and upgrading of the SNA-related databases
funding gap for the work on bank profitability (not directly related to the SNA)

9. Funding issues for the Bank profitability database
No longer be possible to continue the data collection on bank profitability unless new funding
Questions to the CMF:
on the priority attached to the continuation of this database
and on ways to secure long-term funding
Resume of discussions at the 2011 CMF April session
Final decision to be taken at the CMF 2011 autumn meeting
For CSTAT: this activity will be subordinated to
the availability of additional resources

10. OECD countries’ feedback on the working practices
Improving WPFS work
to develop a Web link to better communicate
web link for the meetings
web link for the archives
to interact with the financial community
possible for Workshops
to regularly organise specific workshops of experts
examples: valuation of shares, implementation of SNA 2008, measurement of pensions

11. OECD countries’ feedback on the working priorities
Ranking WPFS future activities - top activities
Objective: data collection/dissemination
Financial Accounts; Households’ wealth; Full balance sheet
Objective: harmonisation across countries
Pension funds; Securitisation process; Unquoted shares
Objective: Exchange of information/experience
SNA methodology; Responses to financial challenges
Proposals for additional projects activities
Pensions statistics: comparison of various databases

12. Conclusion -1 Collection/Dissemination of Statistics
Focus on the SNA related databases (Financial Accounts & Balance Sheets, Households’ assets & liabilities and Institutional Investors’ assets)
Collection of Quarterly data for these three databases
Addition of the new activity on ‘Full flow of funds and balance sheet accounts’
Suspension of work on Bank Profitability if no additional resources

13. Conclusion - 2 Harmonisation of national statistics
workshops to be organised to exchange country practices: ‘Pension funds’ and/or ‘Valuation of Shares’ and/or ‘Implementation of SNA 2008’
Exchange of information and experience
SNA methodology and responses to financial challenges
Examination and quality assessment of financial statistics of non-Member countries

14. Delegates are invited
to further discuss the Programme of Work of the Working Party on Financial Statistics
to agree on the final list of activities to be carried out during the next biennium
to communicate with their CMF colleagues concerning the issue of lack of resources