1. ESCB statistics and its main challenges ahead
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Aurel Schubert Director-General Statistics, ECB
ESCB statistics and its main challenges ahead
Joint ECB NBRM Seminar on Statistics Skopje, 4 October 2013

2. Outline 1 Increased policy relevance of statistics 2
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Outline 1
Increased policy relevance of statistics 2
Production of ESCB Statistics 3
Main challenges ahead +
Challenges in European statistics production +
Single Supervisory Mechanism data needs +
Improving communication of statistics
* The views expressed are those of the author and do not necessarily reflect the position of the ECB.

3. Increased policy relevance of statistics
ESCB statistics are vital for:
ECB’s monetary policy
Other (growing) policy functions (financial stability, systemic risk and macro-prudential surveillance, payment systems oversight, …)
Statistical support to the European Systemic Risk Board (ESRB)
Statistical support to the Single Supervisory Mechanism (SSM) 3

4. Increased policy relevance of statistics
ESCB statistics are also key to EU policy-makers’ decisions
The EU reforms following the crisis
Use indicators as alert mechanisms (early warning tools) and to enforce policy compliance
Financial supervisory
policies
Fiscal
policies
Macro-
economic
policies
ESCB contributes to G-20 initiatives to close global data gaps
ESCB statistics are also a public good

5. 1
Increased policy relevance of statistics 2
Production of ESCB Statistics 3
Main challenges ahead

6. Evidence-based decision making is supported by
The ESCB’s own produced European statistics
The European statistics produced by Eurostat and the national statistical offices (e.g. GDP, HICP, labour market and short- term business statistics)
… and also data from commercial data providers
Monetary and financial statistics
External statistics
Securities statistics
Quarterly euro area accounts
Other statistics 6

7. Main features of ESCB statistics
Main focus on euro area statistics, but also on national contributions, which need to be harmonised and comparable
to compile homogenous euro area aggregates which in many cases are not the simple sum of national statistics
to ensure cross-country comparability and to assess economic convergence
Conforming to international standards wherever possible
European and international cooperation is essential (in particular with Eurostat, BIS, IMF, OECD, UN)
active and influential ECB role on on-going developments (to limit subsequent efforts) 7

8. Main features of ESCB statistics
ECB statistical competences laid down in ECB Statute annexed to the EU Treaty
ECB legal acts (Regulations and Guidelines) address a wide range of statistics
ECB and the NCBs work as a team through the ESCB Statistics Committee (STC)
Develops new statistics and statistical methods and prepares legal acts for adoption by the ECB Governing Council
Essential role of National Central Banks, which collect (national) data on the basis of ECB legal acts and submit harmonised datasets to the ECB
ECB checks data quality, aggregates and consolidates for the euro area
Encompassing quality architecture
Public Commitment for European Statistics
ECB Statistics Quality Framework
Quality reporting 8

9. Legal framework for European statistics
Treaty of the EU
Article 5 ESCB/ECB Statute
Article 338 TFEU
European Statistical System
Regulation 223/09
ECB collecting statistics
Regulation 2533/98
Eurosystem
ECB Guidelines NCBs
EP and Council Regulations
addressed to Member States
ECB Regulations
addressed to reporting agents …
Short-term Statistics
HICP
ESA 95 transmission programme
Investment Funds …
Insurance Corp. & Pension Funds
BOP
MUFA
GFS
MFI
Balance sheet
Interest rates
Financial Vehicle Corporations
Cooperation between the ESCB and European Statistical System (Eurostat + NSIs):
Both systems develop, produce and disseminate European statistics, under distinct legal frameworks reflecting their respective governance structures
Memorandum of Understanding between EC’s DG-S and Eurostat (March 2003)
Coherence ensured by close cooperation: cross-participation in Committees, Working Groups, Task Forces and formal dialogue through the CMFB
Securities Holdings

10. Statistical cooperation in the EU
European System of Central Banks (ESCB)/Eurosystemm
European Statistical System (ESS)
Committee on Monetary, Financial and Balance of Payments Statistics
+ new: European Statistical Forum
EU National Central Banks
ECB
EU National Statistical Institutes
Memorandum of Understanding (MoU)
Eurosystem
Responsibility
Monetary and financial statistics
Quarterly financial accounts
International reserves
Financial stability statistics
Responsibility
General economic statistics
All non-economic statistics
Shared responsibility
B.o.p. and i.i.p. statistics
European accounts by sector
Statistical infrastructure 10

11. Statistical cooperation in the ESCB
WG on Euro Area Accounts
WG on Statistical Information Management
WG on External Statistics
ESCB Statistics Committee (STC)
WG on Securities Statistics
WG on General Economic Statistics
WG on Monetary and Financial Statistics
WG on Government Finance Statistics
Ad-hoc Task Forces

12. 1
Increased policy relevance of statistics 2
Production of ESCB Statistics 3
Main challenges ahead

13. Challenges in European statistics production
Increasing
demands
Facing
constraints
More detailed data
Country data
Micro-databases
Distributional data
Reporting burden
Confidentiality
Compiler’s resources

14. The ECB response New statistics on Development micro-datasets
Investment funds (2009)
Financial Vehicle Corporations engaged in securitisation (2011)
Insurance Corporations and Pension Funds (2011)
Consolidated banking data
Development micro-datasets
Centralised Securities Database
Securities Holding Statistics
Credit and Credit risk dataset
Register of Financial Institutions
Household and corporate surveys
Better macro-ec. statistics
Further development euro area accounts
Implementation new manuals (SNA2010-ESA2010, BPM6)
Other datasets
BIS banking statistics
Financial markets statistics
Ad-hoc surveys 14

15. New statistics- better information on all financial sectors
Enhanced Monetary and Financial Statistics
New statistics on assets and liabilities euro area Investment Funds
Investment Funds
Regular compilation statistics euro area Financial Vehicle Corporations engaged in securitisation transactions and MFI securitisation
Financial Vehicle Corporations
New statistics euro area Insurance Corporations & Pension Funds
Insurance Corporations & Pension Funds

16. New statistics - better information on all financial sectors
Enhanced Monetary and Financial Statistics
Further advancing timeliness
Timeliness
Breakdowns
Providing more breakdowns of banks’ balance sheet, e.g. loans by NACE, and interest rates
Credit lines
New data on credit lines granted by banks
Compilation
Compilation harmonised financial statistics on a consolidated basis
Alignment
Working with supervisors in a better alignment of supervisory and statistical concepts and data

17. New statistics - Better information on financial markets
Other monetary / financial statistics in demand
Financial markets statistics
Probability density functions
Exposures to sovereign debt/Govt Finance Statistics
Short Term European Paper market statistics
Foreign currency borrowings by non-financial corporations, households, or credit institutions

18. Developments of micro-datasets
Register of Financial institutions and groups composition 1
Statistics and Micro-databases
Consolidated Banking Data/National Banking Indicators 2
Granular Credit and Credit Risk Dataset 3
Sectorial/individual Issuance and Holdings of Securities 4
Households finance and consumption survey 5
SME Corporate finance 6

19. Other datasets Other datasets Ad-hoc surveys
BIS banking statistics (consolidated and locational by nationality)
Banks’ disclosures
Commercial data from Bloomberg, Moody’s, etc.
Ad-hoc surveys
Occur for specific issues
Tailored to latest developments in financial sector
Especially while EU Supervisory frameworks are still in the making

20. Enhancements to macroeconomic statistics
Enhancing integrated quarterly financial and non-financial accounts euro area:
Advance timeliness
Improve consistency
Enhance completeness, coverage and length
Consolidated lending exposures credit institutions vis-à-vis counterparts
Implementation of new international statistical standards (SNA2008-ESA2010, BPM6)

21. 1
Increased policy relevance of statistics 2
Production of ESCB Statistics 3
Main challenges ahead *
Single Supervisory Mechanism data needs

22. Elements of the Single Supervisory Mechanism
Single Supervisory Mechanism data needs
Elements of the Single Supervisory Mechanism
ECB is the competent supervisory authority for all banks in the euro area in close cooperation with SSM members
Non-euro area countries can – voluntarily – join the SSM
ECB to conduct direct supervision of ca banking groups (“significant banks”), representing around 80% of the banking sectors’ total assets in the euro area
The other, “less significant” banks will be directly supervised locally
Balance sheet review before the ECB takes over the SSM (conducted together with national supervisory authorities) 
Need for a financial backstop (national budgets and where needed the ESM)
Accurate, timely and high quality data will be key for the performance of these tasks

23. Single Supervisory Mechanism data needs1
EBA’s ITS and Pillar 2 data 2
MFI Statistics 3
Central Credit Registers
SSM Data requirements 4
Ad-hoc data collections 5
Other national data 6
Financial markets data

24. SSM data framework: preparatory work
Single Supervisory Mechanism data needs
SSM data framework: preparatory work
Work in progress
Next planned steps ahead
Pilot supervisory data
Supervisory Banking (SUBA) Data System
Preparing an ECB decision for the transmission of central credit registers (CCR) data in the short run
Preparation of the project long-run solution for AnaCredit dataset
Register of institutions (RIAD)
Further work on the SUBA project
Security Holdings Statistics (SHS)
Assessment of individual MFI data (balance sheet and interest rates) for supervisory use
Proof of ability of RIAD to meet mapping requirements
Financial Market Statistics

25. 1
Increased policy relevance of statistics 2
Production of ESCB Statistics 3
Main challenges ahead *
Improving communication of statistics

26. Improving communication of statistics
Fostering cooperation and information-sharing, transparency in methodology
Communicating statistics to professional users, policy makers and the general public
Communication of central bank statistics is an important aspect of accountability and credibility (“evidence based policy making”) and for building trust
Reporting agents as well as the public at large need to understand, use, re-use the results of data collections
Statistics (financial sector) is a core product of central banking

27. ESRB Risk Dashboard First publication 20 September 2012
Evidence based policy making
ESRB Risk Dashboard First publication 20 September 2012
Objectives
Risk assessment
Input to further systemic risk analysis
Communication tool
Content:
45 indicators and 6 risk typologies
Allows synthetic view of the situation for deeper analysis
Cannot replace expert judgement, but complements it
See:
Macro risk
Credit risk
Market risk
Liquidity and funding
Interlinkages
Profitability & Solvency

28. Statistics for EU macro-economic surveillance
Evidence based policy making
Statistics for EU macro-economic surveillance
Scoreboard
MIP-Scoreboard first launched on 14 Feb 2012
11 macroeconomic and macro-financial indicators
Data sources are Eurostat and ECB
Additional indicators examined in “in-depth” analysis of imbalances (“Alert mechanism””)
On-going work to compile quality profiles for the indicators

29. Evidence based policy making
Global level
Action Plan following the IMF/FSB report to the G-20 on “The Financial Crisis and Information Gaps”
Principal Global Indicators (PGIs) website:
20 Recommendations being developed and implemented
Key role of the Inter-Agency Group on Economic and Financial Statistics (chaired by the IMF and comprising the BIS, ECB, Eurostat, OECD, WB and the UN)

30. How to access ECB statistics?
ECB website
Press releases
Interactive graphics
Publications
Statistical Data Warehouse

31. Thank you
for your attention!!!

32. Annex

33. Core ESCB statistics published by ECB 1/2
Monetary & financial statistics
Monetary aggregates and counterparts
Balance sheet statistics of Monetary Financial Institutions (MFIs), Investment Funds (IFs), Financial Vehicle Corporations (FVC) as well as Insurance Corporations (IC) and Pension Funds (PF)
Statistics on average interest rates (deposits from / loans to households for consumption or housing; deposits from / loans to firms)
Securities issues statistics, yield curves, financial markets price and volume statistics, payments and securities settlement statistics
Financial stability statistics and indicators – also to support the ESRB, Financial integration indicators, STEP Market statistics
External statistics
Balance of payments, international investment position (including international reserves), effective exchange rates, international role of the euro 33

34. Core ESCB statistics published by ECB 2/2
Euro area accounts
Integrated quarterly accounts (non-financial and financial) by institutional sector encompassing transactions, other flows and balance sheets
Government finance statistics
Revenue, expenditure, deficit, debt, deficit-debt adjustment
Surveys
Survey on the access to finance of Small and Medium Enterprises in the euro area
Household Finance and Consumption Survey
General economic statistics
Seasonally adjusted HICP, residential property price indicator, short-term indicators, timely labour market statistics (e.g. euro area negotiated wages developments) 34