Jean-Marc Israël
Head of Division,
Monetary and Financial Statistics
ECB
Security-by-security statistics, and
Loan-level databases, an overview of
the work of the ESCB and prospects
Skopje seminar
2-5 October 2013
Rubric
Overview
of ESCB work and prospects
 Security-by-security statistics
 Centralised Securities Database / Securities Issues Statistics
 Securities Holdings Statistics
 Loan-by-loan dataset: AnaCredit project
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Rubric
Overview
of ESCB work and prospects
 Security-by-security statistics
 Centralised Securities Database / Securities Issues Statistics
 Securities Holdings Statistics
 Loan-by-loan dataset: AnaCredit project
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Rubric
Overview
of ESCB work and prospects
 Centralised Securities Database (CSDB)
 Security-by-security positions data covering
 All securities issued by EU residents
 All securities issued in euro
 All securities potentially held by EU residents
 Compiled from commercial data providers + NCBs
 Potential to derive transactions – gross issues and redemptions
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Rubric
Overview
of ESCB work and prospects (cont’d)
 Securities Issues Statistics (SEC)
 Aggregated positions, gross issues, redemptions and net issues data covering
 All securities issued by EU residents
 All securities issued in euro
 Compiled from NCBs + BIS (for securities in euro issue by non-EU residents)
 CSDB to compile SEC? – Integration of statistics is welcome
 Advantages and drawbacks being assessed by an Expert Group
 Conclusions and way forward for discussion in the WG MFS and WG SEC
and ESCB Statistics Committee (in December)
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Rubric
Holdings
of securities: Experimental data
Production of securities holdings experimental statistics
Experimental (test) data (short-term approach)
 quarterly data collection of stocks:
• International Securities Identification Number (ISIN code) for identification of
securities (“security-by-security”)
• Investor country and sector or subsector as defined by the European System of
National and Regional Accounts (ESA)
• Short- and long-term debt securities; quoted shares; investment funds shares
• Accounting rules based on ESA95 (e.g. units, ownership, valuation)
 based on currently available security-by-security information
which has been linked to information on securities and issuers
stored in the ESCB Centralised Securities Data-Base (CSDB)
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Rubric
Holdings
of securities: Steady-state approach
Production of securities holdings statistics
based on a steady-state approach (as from March 2014)
 Security-by-security holdings by euro area & EU residents
by sector of euro area-EU investor
 Security-by-security holdings by Reporting Banking Groups (RBG)
 To be collected via ECB Regulation ECB/2012/24 adopted in October 2012
 Securities Holdings Statistics Data-Base (SHSDB)
 July 2013: Go-live of Stage 1 (sector data)
 March 2015: Go-live of Stage 3 (RBG data)
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Rubric
Overview
of ESCB work and prospects
 Security-by-security statistics
 Centralised Securities Database / Securities Issues Statistics
 Securities Holdings Statistics
 Loan-by-loan dataset: AnaCredit project
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Rubriccurrent landscape(1/2)
The
Wide range of
information on
credit and credit
risk data available
but large diversity
in EU
Countries with
Central Credit
Registers
Countries
with only
Private
Credit
Bureaus
Monetary policy analysis
& operations
Risk control and collateral
management
Financial stability
Statistical and analytical
needs
Research purposes
Supervisory process
Micro credit data are
considered relevant
for a high number of
ESCB and SSM
tasks
Countries
with only
national
micro credit
surveys
Countries without a
micro credit data
reporting system
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Rubriccurrent state of affairs (2/2)
The
Overall
 Irrespective of the source, lack of harmonisation in
 concepts
 definitions, and
 coverage
of, at least, a defined population of borrowers and a core set of
data attributes
 Main limitations identified by users derive from
 different reporting thresholds and definitions and
 lack of common identifiers for borrowers
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Rubric
Elements
for consideration
investigate the appropriate
data sources & set-up
the required reporting
procedures
(for NCBs/NCAs without CCR
or CCRs of limited coverage)
harmonise
concepts/definitions &
establish a unique
identification standard
for legal entities
Multipurpose
shared
dataset
adapt information systems
(NCBs/NCAs, the ECB, RAs)
also taking into account the
integration with other
datasets (e.g. business reg.)
all Eurosystem (and SSM)
micro credit databases to
abide with, at least, the core
new harmonised dataset
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Rubric
Option
1 – a single pan-European CCR
- Detailed individual harmonised data from NCBs/NCAs to the ECB
- Data stored and administered centrally,
- serving directly all ESCB/SSM users
- ensuring a level playing field
- providing information back to reporting institutions (and borrowers) in
participating countries
All NCBs/
The ECB and
other NCAs in NCBs/other
euro area/
NCAs to
SSM to fully
agree on
abide with the
common
new
feedback to
harmonised
reporting
dataset
institutions
NCBs/other
NCAs to face
the risk of
running
parallel
systems,
if natural
persons are
to be
excluded
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The ECB to
process and
manage a
massive
amount of
data with
DQM
difficulties
Requirement
for a unique
identification
code for all
borrowers
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Rubric
Option
-
2 – a flexible distributed model (1/2)
ESCB-shared database:
core set of data, describing
in detail the characteristics of the
borrower and of the credit
- based on harmonised
concepts and definitions.
-
-
Layer1
Intermediate borrowers (depending on sectors)
Aggregated data, with distributional measures in
the shared credit dataset
NCBs/NCAs collect and store harmonised individual
information and report to the ECB aggregated
Where necessary, users may request further details
Smaller borrowers or loans
Harmonised data collected either individually or
aggregated by the NCBs but reported as multidimensional
aggregates, also with distributional measures
No evidence of the borrower
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- Large borrowers
- Data collected and stored
at individual level
- Unique identification of
borrowers
Layer 2
Layer 3
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Rubric
Option
2 – a flexible distributed model (2/2)
Although based on heterogeneous sources of data (existing CCRs, new
data collections, surveys or private credit bureaus, depending on
national choices), it seems to be flexible and agile, likely less costly and
has other advantages :
Multipurpose core set of data (available to all institutional users)
Data attributes mapped to statistical, accounting or prudential
standards (also facilitating the link with other datasets)
NCBs/other NCAs and credit institutions to continue running their
current systems while serving ESCB users at the same time
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Rubric
Possible
way forward: a sound legal basis
 Collection of confidential data, as both lenders and borrowers can be
recognised
 Possible STC/FSC LEGCO consultation, prepared by the JTF, on appropriate
legal solution to support the data collection and related data sharing
 The future legal basis can either be based on:
Council Regulation 2533/98 allowing a wide range of uses, including for the SSM,
under governance and confidentiality rules already defined (only euro-area);
and/or
A new ECB Regulation under the SSM Regulation possibly covering all SSM
countries; however, it is not certain how far the dataset could the eventually be
shared with other ECB/ESCB functions and integrated
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Rubric
Possible
way forward: a proper IT application
New IT application (AnaCredit)
A ‘platform’ to be used for:
 the collection, storage, processing and dissemination of analytical
credit data on EU-wide scale
And at the same time will allow:
setting up and maintenance of differentiated levels of access to data
across the ESCB, depending on recognised uses
the access, through a shared facility, to the extended national datasets
which are not part of the ordinary shared database
the connection with other ESCB applications (RIAD, CSDB, SHSDB) as well as
other envisaged applications serving SSM
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