Financial Accounts
in EE5 countries:
work in progress and further steps
Belén ZINNI, STD/NAD
WPFS, 24-27 October 2011
EE5 and other G20 economies
• The OECD has recently established special
“Enhanced Engagement” relationships with:
 Brazil
 China
 India
 Indonesia
 South Africa
• In addition, it is strengthening relationships
with two other G20 countries:
 Argentina
 Saudi Arabia
Agenda
• What the OECD knows about Financial Accounts (FA) and
Financial Balance Sheets (FBS) in EE5 and other G20
economies in terms of:
 National agencies in charge
 Availability of financial transactions and/or stocks
 Statistical framework (FOF, SNA, other)
 Instrument breakdown
 Institutional sectors’ classification
 Timeliness and frequency
 Consolidation
• Progress on data collection
• Further steps
• Conclusions
Brazil
• The OECD has established contacts with: IBGE and BCB
• FA and FBS are expected to be published in November 2011
• Instrument breakdown should be in a great extent in
accordance with 2008 SNA (only the 8 main categories)
• Institutional sector coverage:
 FA: 4 institutional sectors according to 2008 SNA (S11, S12, S13 and
S14+S15)
 FBS: 4 institutional sectors according to 2008 SNA, and 5 sub-sectors
of the financial corporations sector not in accordance with 2008
SNA
• Timeliness and frequency:
 Annual FA and FBS over the period 2004-2009
• Only consolidated accounts will be published
China
• The OECD has established contacts with: NBS and PBC
• Flow of Funds (Financial transactions accounts) are
compiled by the PBC and published on the NBS website
The NBS started to compile balance sheets on a trial basis in the
late ’90s, though they have never been published
• The instrument breakdown of financial FOF is not SNA
compliant and has changed over time
• The institutional sectors’ classification of the financial FOF is
in accordance with SNA (S11, S12, S13, S14+S15 and S2)
• Timeliness and frequency: Financial flow of funds available in
the NBS website are on annual basis and cover the period 19922007
• No information about consolidation
India
•
The OECD has established contacts with the RBI
•
Flow of Funds Accounts are available in RBI reports
FBS are not publicly available
•
The RBI has recently constituted a Working Group on the Compilation of
Flow of Funds which comprises officials from different national agencies. The
Group will try to incorporate the 2008 SNA sectoral and instrument
classifications. The Group is expected to submit its report by November 2011.
•
Instrument breakdown and Institutional sectors’ classification of FOF
published by RBI are not in accordance with SNA . However, the OECD has
recently received from MIOSPI, the national statistical office, FOF of S1, S13 and
S14+S15 which follows SNA 1993 instrument breakdown.
•
Timeliness and frequency:
 FOF are compiled according to Indian fiscal year: April –March
 FOF in the RBI reports are on an annual basis and cover the period 19501951 to 2007-2008
•
No information about consolidation
Indonesia
•
The OECD has established contacts with: BPS and BI
•
Flow of funds (FOF) are publicly available in the BPS website and have
also been transmitted to the OECD by the BI. Both institutions are working
together on the compilation of FA in accordance with 2008 SNA and
intend to publish them by 2014. However, they will not be able to produce
FBS.
•
Instrument breakdown available in FOF is not in accordance with SNA
standards
•
Institutional sectors’ classification of publicly available FOF is not in
accordance with SNA. Annual FOF transmitted to the OECD follow a
sectoral classification closed to SNA standards. However, quarterly FOF
transmitted to the OECD do not follow SNA sectoral breakdown.
•
Timeliness and frequency:
 Annual FOF are available for the period 2002-2009
 Quarterly FOF are available over the period Q1-2002 to Q2-2010
•
No information about consolidation
South Africa
•
The OECD has established contacts with the SARB
•
Only national financial accounts – flow of funds are compiled and
disseminated by the SARB.
FBS for the S14+S15 sector are compiled but not published. The SARB
is working on the FBS of other institutional sectors and intend to published
them by 2016
•
Neither the instrument breakdown nor the sectoral classification of
available FOF are in accordance with SNA
•
Timeliness and frequency:
 Annual FOF are compiled for the period 1970-2009
 Quarterly FOF are available for the period Q1-1992 to Q4-2009.
 FBS of the sector S14+S15 are compiled on an annual and quarterly
basis over the period 1970-2010
 FBS of other institutional sectors will be available in an annual (maybe
also quarterly ) basis by 2016.
•
The available FOF in South Africa are consolidated within sub-sectors
Argentina and Saudi Arabia
Argentina
• The OECD has contacted INDEC and BCRA without receiving any
prompt answer on the current or future compilation of FA and FBS
• Neither FA nor FBS are available in INDEC or BCRA websites
• FBS were occasionally compiled by academics in accordance with SNA
1993, on annual basis, only for the years 2001 and 2004
Saudi Arabia
• The OECD has contacted SAMA without receiving any answer on the
current or future compilation of FA and FBS
• Neither FA nor FBS are available for any institutional sector in the
Central Department of Statistics or SAMA websites
Progress on data collection
•
OECD questionnaires on FA (T610 and T620) and FBS (T710 and T720)
were already transmitted to EE5 countries:
 Brazil will be able to complete FA (T610) and FBS (T710) questionnaires after the
publication of Brazilian FA and FBS, which is expected by November 2011
 China and India have not answered yet to our requests on the transmission of FA
and FBS questionnaires
 Indonesia and South Africa are currently working on the filling of the FA
questionnaire
•
OECD questionnaires on FA and FBS data availability (T6 and T7) were
sent to Argentina and Saudi Arabia

None of the countries has responded yet to our requests on the availability of data
•
The national agencies and contacts that might complete the Institutional
Investors’ Assets questionnaire (T7HAL) have been already identified
•
For information, central government debt questionnaires were recently
sent to the corresponding institutions on EE5 countries
Further steps
• Concerning FA of China, India and Indonesia, the OECD
intends:
 to complete the OECD questionnaires on FA with data currently
available on the national authorities websites/publications
 to transmit them to the respective countries, for them to check,
complete and validate the data
This exercise was already carried out for South Africa
• Regarding the Institutional Investors’ Assets in EE5 and
the other two G20 economies, the OECD intends to establish
contacts with the corresponding national agencies and experts
that have been identified
• As FBS are not currently available in these countries, the
OECD will pursue in a later stage the request for the
Household Assets and Liabilities data (T7HAL)
Conclusions
• The OECD expects to receive Brazilian FA and FBS after
their official publication due in November 2011
• It is also looking forward the transmission of the
methodological report and, eventually, of Indian data by
November 2011
• It is working on the filling of the FA questionnaires with
available FOF data of China, India and Indonesia in order
to help these countries with the transmission of official
financial accounts in SNA standards
• It expects to receive the FA of the South African economy
and the FBS of its household sector in the near future
• The OECD intends to collect and disseminate Institutional
Investors’ Assets data of these countries next year
Financial Accounts in EE5 countries
Thank you
References
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IBGE: Instituto Brasileiro de Geografia e Estatística
BCB: Banco Central do Brasil
NBS: National Bureau of Statistics, China
PBC: People’s Bank of China
RBI: Reserve Bank of India
MIOSPI: Ministry of Statistics and Programme Implementation
BPS: Badan Pusat Statistik, Indonesia
BI: Bank Indonesia
SARB: South African Reserve Bank
INDEC: Instituto Nacional de Estadísticas y Censos
BCRA: Banco Central de la República Argentina
SAMA: Saudi Arabian Monetary Agency