Micro-databases on securities statistics as a key issue for
satisfying user needs
Luís Teles Dias
Porto, 20|22 June 2013
A quick overview of the SSIS
Reporting data
SecuritySecurity-by
by--security (ISIN code + special code
for securities with no ISIN)
Investor
Investor--by
by--investor (except for households:
aggregated by country residence)
Holdings by residents: domestic and foreign
securities
Holdings by non-residents: domestic securities
Securities concept
Securities other than shares (S/L term)
Shares and other equity
Reporting frequency for holdings
Monthly (T+12 working days)
Type of information
Flows (purchases and sales)
Stocks (end-of-month positions)
Valuation method
Transactions: transaction value
Stocks:
i. Market value
ii. Acquisition value
iii.Nominal value
Reporting institutions for holdings
MFIs, securities dealers and brokers
Other residents with securities held outside
the resident financial sector
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
2
1
Evolution of the SSIS
SAME DATA-MODEL
Pre--SSIS
Pre
1990
SSIS v1
v1
1999
2010/11
Security-by security
database adopted for
Securities Issues Statistics
Security-by-security and
investor-by-investor
report
Aggregated report for
Securities Holdings (MFIs
and non-residents)
Indirect report
(custodians) and direct
report (investors and
issuers)
Monthly transactions and
quarterly stocks
SSIS v2
Integration of
CSDB data
2013/14
New SSIS:
Technological
change
More automation
for collecting data
on issues
Alignment with
the BI
architecture
Integration of
SHSDB data
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
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Pros and cons of item-by-item reporting
For the compiler
Implementation of new requirements becomes more flexible
Prevents data redundancy, promoting in practice the principle that “data
should be collected only once”
Enables a more efficient data quality management
Improves dramatically the responsiveness to ad-hoc requests
Considerable costs to set up and maintain
Large volumes of data
For the respondent
Simplifies their reporting procedures
Changes in the reporting schemes are easier to implement as they typically
consist of additional granular items -> no transformation/aggregation needed
External data approaches internal data
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
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2
September 16th 2008: a day to recall for SSIS
In less than 24 hours BdP was able to assess (and
inform the ECB) how exposed Portuguese investors
(MFIs, OFIs, IFs, FVCs, ICPFs and others) were to the
Lehman Brothers Group
A number of additional relevant ISIN codes were
also identified by the SSIS
The SSIS enabled this quick reponse due to its s-b-s
model and its high level of coverage (both for issues
and holdings)
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
5
EU/IMF Financial Assistance Programme
The demand for higher detailed statistics, either on
regular and also on ad-hoc basis, has increased
dramatically, namely regarding:
Financial sector
Public sector (GG + SOEs)
Financing and indebtedness of the whole economy
The SSIS together with the other micro-databases
managed by the Statistics Department of the BdP
played a paramount role in responding to these new
demands
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
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3
Amortisation plans
Debt securities - breakdown by amortisation date
Reference date 12-2011
In millions of euros
2012
Q1
Q2
2013
2014
2015
2016
2017
2018
2019
2020
After
Year
Year
Year
Year
Year
Year
Year
Year
2021
9 945
9 756
9 748
9 748
14 203
14 201
14 194
14 194
11 336
11 334
10 676
10 676
9 865
9 864
9 856
9 856
6 084
6 083
6 083
6 083
7 233
6 988
6 988
6 988
8 757 11 597 24 421
8 727 11 597 24 421
7 827 8 551 21 811
7 827 8 551 21 811
25
25
15
15
26 161
26 129
25 696
12 787
12 910
4
433
4
433
32
32
8
8
189
189
8
8
2
2
658
658
2
2
8
8
2
2
2
2
245
245
25
50
4
936
1 369
1 005
1 013
375
383
5
663
105
113
67
67
Q3
Q4
Year
1 364
1 349
1 324
1 324
1 304
1 304
1 300
1 300
Total
Total
General government
Central government
Central government--state
Of which: medium and long term
short term
Central government--autonomous bodies
State-owned enterprises (consolidating)
Local and regional governments
Of which: medium and long term
Enterprises owned by local and regional governments
Social security
Non-financial public sector corps. (not consolidating in GG)
Memo: SOE, consolidating and not consolidating in GG (lines 7+10+12)
11 993 11 500
11 978 11 499
11 628 11 445
10 163
11 628 1 282
350
54
350
54
15
2
15
2
871
1 221
40
94
900
900
31
31
3 046
3 046
307 507
307 1 407
7
3 053
129 602
129 099
121 429
108 520
12 910
2 610
7 670
2 610
7 670
503
503
1 385
3 995
4 698
12 368
Similar tables for the external debt (securities and loans), domestic loans
and accrued interest on securities
A very relevant output to assess the financial needs of the public sector
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
7
“From whom-to-whom” table for securities
2011Q4
OFIFA
ICPF
GG
NFC
RoW
TOTAL
33 106
23
22 993
16 417
44 724
161 591
OFIFA
1 853
402
7
751
885
5 030
8 928
ICPF
9 724
689
3 453
5 057
24 653
HOLDING sector
106 €
5 610
33
57
0
9 724
15
1 953
NFC
493
86
11
85
630
1 378
2 683
HH
11 747
240
49
545
714
7 215
20 510
RoW
27 978
9 058
0
52 709
19 070
TOTAL
96 156
43 638
210
92 417
41 184
11 782
108 815
MFI
OFIFA
ICPF
GG
NFC
RoW
TOTAL
25 726
17
32 196
12 270
38 993
159 983
OFIFA
1 539
362
0
943
1 013
5 850
9 707
ICPF
6 922
269
108
10 467
4 779
19 877
42 422
GG
5 309
97
0
13 111
22
3 198
21 737
NFC
575
60
2
67
901
1 655
3 260
HH
12 372
258
38
562
2 737
8 501
24 468
RoW
17 237
4 931
32
63 528
21 137
TOTAL
94 735
31 703
197
120 874
42 859
2013Q3-2011Q4
106 865
78 074
ISSUING sector
MFI
OFIFA
ICPF
GG
NFC
RoW
MFI
6 453
-7 380
-6
9 203
-4 147
-5 731
OFIFA
- 314
- 40
-7
192
128
820
779
ICPF
-2 802
- 420
- 12
4 857
1 326
14 820
17 769
GG
5 276
40
0
3 387
7
1 245
9 955
NFC
HH
RoW
TOTAL
82
- 18
Allows for the analysis of the
financial connections among
institutional sectors in a
national economy and abroad
65 357
ISSUING sector
50 781
MFI
HOLDING sector
DEBT SECURITIES (short- and long-term)
120
GG
2013Q3
HOLDING sector
ISSUING sector
MFI
44 328
MFI
- 26
-9
271
277
625
18
- 11
17
2 023
1 286
-10 741
-4 127
32
10 819
2 067
-1 421
-11 935
- 13
28 457
1 675
TOTAL
-1 608
577
3 958
It requires a rather detailed set
of source data
Similar tables can be built for
“shares and other equity” or to
split debt securities by
maturity
or
to
further
breakdown the institutional
sector or to drill drown NFCs
by sector of activity
-1 950
12 717
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
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4
Non-financial sector indebtedness
An innovative achievement at international level
Non-consolidated debt
resulting from debt
securities (held by residents
and non-residents),
domestic loans, external
loans and trade credits
Result of an integrated
approach of data (largely
micro-data) from the SSIS,
MFS, BOP/IIP, FA, CCR &
CBSD
Data are presented combining and crossing different dimensions of analysis, namely:
debtor and creditor institutional sectors, type of instrument, original maturity, sector
of economic activity and size of firms
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
9
Conclusions #1
Improving the overall efficiency of their statistical framework is an imperative
for National Central Banks
The use of micro-databases as a flexible tool to facilitate responsiveness to
changing user demands is an important answer to that desideratum
The SSIS is a remarkable example of how to introduce the maximum degree
of flexibility and at the same time to extend the longevity of the system
maintaining its relevance (the data model of the SSIS remains unchanged
since its inception in the late 90’s)
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
10
5
Conclusions #2
The development of statistical compilation systems based on micro-data is a
strategy that BdP has been following over the past years
Apart from securities, other micro-databases where developed for loans,
interest rates and individual accounts of NFCs or are under preparation (e.g.
for deposits)
From the respondents point of view the strategy of requesting granular data
has been clearly perceived as a way to reduce their reporting burden and to
simplify their reporting procedures
The ability of the SSIS (and the other micro-databases) to deal with the
multiple new statistical demands that arose from the Financial Assistance
Programme to Portugal was a perfect example of the appropriateness of this
strategy and a strong stimulus to pursuit it even deeper in the future
Micro-databases on securities statistics as a key issue for satisfying user needs
Porto, 20-22 June 2013
11
Luís
LuísTeles
TelesDias
Dias
Deputy Director
Deputy
of the
Director
Statistics
of the
Department
Statistics Department
of Banco de Portugal
Luis.teles.dias@bportugal.pt
6