1. 1 Financial Accounts database WPFS 6-7 October 2003 Item 4 By Michèle Chavoix-Mannato STD/NAES

2. 2 Purposes of the presentation To present the new OECD financial accounts database To illustrate the first results with some tables and graphs To propose modifications to the current questionnaire To seek continuous assistance from countries to improve and develop this new database

3. 3 From DAFFE to STD In 1998, the DAFFE suspended the collection and publication of ‘Financial Accounts of OECD countries’, mainly because of a shortage of resources In 2003, most work related to financial statistics is transfered from DAFFE to STD, including WPFS In 2003, the STD decides to revive the Financial Accounts database in the framework of the SNA 93/ESA 95

4. 4 Description of the new database Data are collected from countries using the OECD/Eurostat SNA questionnaire Six tables correspond to the financial accounts: oFinancial accounts by sector (transactions) oReevaluation accounts oBalance sheet for financial assets and liabilities (stocks) All three being requested Consolidated (601, 603 and 701) Non-consolidated (602, 604 and 702)

5. 5 Institutional coverage The economic sectors correspond to institutional sectors as defined in the SNA/ESA:  Total economy (national)S1  Non-financial corporations, total S11  Financial corporations S12  General government S13  Households and NPISH S14-S15  Rest of the WorldS2

6. 6 Financial instruments They correspond to the classification of assets and liabilities as defined in SNA/ESA They include 7 major instruments (subdivided into sub-instruments) o Monetary gold and SDRsF1 o Currency and depositsF2 o Securities other than sharesF3 o Loans F4 o Shares and other equitiesF5 o Insurance technical reservesF6 o Other accounts receivable/payableF7

7. 7 Technical features of the database Import of raw data  Files are transmitted by countries in Excel, Gesmes or Gesmes/CB, formatted by OECD and processed using a table of correspondence Control and storage  Tests are used to detect any errors or anomalies and further requests are sent to countries to confirm or correct the data Release of financial accounts  Up to now, available only internally  Plan to disseminate FA data on a paper publication and on electronic versions

8. 8 Inventory of the database NON EUROPEAN COUNTRIES

9. 9 Inventory of the database EUROPEAN COUNTRIES

10. 10 Some illustrations Some examples (from balance sheets) Total national economy S1 General government S13 gross public debt net public debt Households and NPISH S14-S15 Household gross wealth Household net wealth

11. 11 Gross Public Debt, consolidated, in % of GDP

12. 12 Household Wealth, consolidated, in % of DGI

13. 13 More details General government S13 o Gross public debt broken down by instrument (F2, F3, F4 and F7) by sub-sector (S1311, S1312, S1313, S1314) Households and NPISH S14-S15 o Household gross wealth broken down by instrument (F2, F3, F5 and F6)

14. 14 Share of Financial Instruments in Gross Public Debt in 2001

15. 15 Share of Components in Gross Debt of General Government in 2001

16. 16 Share of Financial Instruments in Household Wealth in 2001

17. 17 Methodological Problems Differences in national accounting practices, in particular treatment of some financial instruments consolidation rules coverage and grouping of economic sectors valuation of transactions Shortage of detail relating to instruments methodological information sent with data

18. 18 Proposals for New Questionnaires  Eurostat proposals currently discussed by European countries  Comments from non European countries requested Changes in financial accounts tables A more detailed breakdown of certain financial instruments Some changes in the list of sectors New tables « Other Changes in Volumes » Modified tables « reevaluation accounts » Addition of two tables « transactions and stocks with counterparties

19. 19 Additional Proposals  Comments from all OECD countries requested Addition of  A « unallocated sector »  A sector « Total Economy » equal to the sum of S1 (National Economy) and S2 (Rest of the World)

20. 20 Conclusions Delegates are requested to comment on the new Financial Accounts database to comment on the new OECD/Eurostat questionnaires to assist the Secretariat by transmitting high- quality data and metadata in the framework of the 2004 questionnaire to make suggestions for the new release of financial accounts data

21. 21 thanks you for your attention and for our future fruitful co-operation The NAES Financial Statistics Unit