By Michèle Chavoix-Mannato
STD/NAD
WPFS – 29 November - 1 December 2010
 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
 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
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
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)
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
Enhanced engagement
of key non-Member countries
 Incorporation of new countries:
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accession countries: Estonia, Russia
enhanced engagement countries: BIICS
two other G20 countries: Argentina, Saudi Arabia
 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)
 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
 Improving WPFS work
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to develop a Web link to better communicate
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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
 Ranking WPFS future activities - top activities
◦ Objective: data collection/dissemination

Financial Accounts; Households’ wealth; Full balance sheet
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Pension funds; Securitisation process; Unquoted shares

SNA methodology; Responses to financial challenges
◦ Objective: harmonisation across countries
◦ Objective: Exchange of information/experience
 Proposals for additional projects activities
◦
Pensions statistics: comparison of various databases
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
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
Delegates are invited
 to further discuss the 2011-2012
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