Changing Data Sources of
Central Bank Statistics:
Experience of CBT
Aycan Özek
Statistics Department
Deputy Director
Committee for the Coordination of Statistical Activities
Twenty-second Session
September 5, 2013
Ankara
Outline
1. Changing Environment
2. CBT’s Experience
3. Future Work
Changing Environment
Importance of Information
- Moderate financial crisis
- Better management of financial crisis
New approaches in data
compilation
- Flexible to anticipate
- Compatible data sets
- International initiatives in data gaps
Changing perspective of
central banking
- Role of central bankers as statisticians
- Compilation of monetary and financial statistics
- Room for improvement in data quality
- Increased data requirements
Changing Environment
Emerging Statistical Needs:
Move from traditional data collection systems to emerging statistical
needs (G-20 data gaps initiative):
 Strengthening the coverage of balance sheets
 Flow of funds data
 Data on non-bank financial institutions
 More timely and comparable statistics
CBT’s Experience
Traditional
Data Sources:
Supervisory
Reporting Forms
Central
Bank
Accounts
Banking
Data
Money
Market
Data
Balance Sheet /
Accounting
Records
CBT’s Experience
New Data Sources:
Government
Finance
Statistics
Non-Bank
Financial
Institutions
Monetary Sector
(enlarged)
CBT’s Experience
Why is the coverage of monetary sector enlarged?
• Need for better designed monetary aggregates for better financial
stability analysis
• Harmonization with IMF’s MFSM, ESA classifications and ECB’s
definitions
Old
New
CBT’s Experience
Why is the coverage of monetary sector enlarged?
ESA 95 pr. 2.48
‘…. Other monetary financial institutions consists of all financial corporations
which are principally engaged in financial intermediation and whose business is
to receive deposits and/or close substitutes for deposits…… for their own
accounts, to grant loans and/or to make investment in securities.’
- Investment and Development Banks : grant loans and make investment
- Participation Banks: issue profit-loss sharing accounts (within Islamic
banking rules) as substitutes for deposits
- Money Market Funds: issue short-term liquid securities as close substitutes
for deposits
CBT’s Experience
Enlarged Monetary Sector
COVERAGE OF MONETARY SECTOR
Central Bank
1
Deposit Money Banks
31
Investment and Development Banks
13
Participation Banks
4
Money Market Funds
43
TOTAL
92
Source : CBRT
CBT’s Experience
New Data Sources for Monetary Sector:
• Supervisory Reporting Package (SPR) of Participation Banks
- Statistical reporting forms are created and added to SPR
• Capital Market Board data set for Money Market Funds
- Financial assets and liabilities are compiled for type-B liquid funds
- Total values are calculated based on type of transactions
- Transactions are disaggregated into reverse repo, outright purchases
and money market transactions
- Counterpart sector data is gathered from CBT Money Market transactions
CBT’s Experience
The Need for Non-Bank Financial Institutions’ Data:
• G-20 Data Gaps Initiative
• Harmonization with international standards (SNA, ESA, MFSM)
• Compilation of Financial Accounts
CBT’s Experience
New Data Sources for Non-Bank Financial Institutions:
• Unified Chart of Accounts of Financial Leasing, Factoring and Finance
Companies compiled by BRSA
• Capital Market Board data set for Investment Funds
• Financial reports of Insurance Companies and Pension Funds
compiled by Treasury
• Data on holder sectors of investment funds compiled by Central
Registry Agency
• Unified Financial Reporting System of Capital Market Dealer
Companies compiled from Capital Market Dealer’s Association
• Detailed balance sheet items of Savings Deposit Insurance Fund
CBT’s Experience:
COVERAGE OF FINANCIAL
INTERMEDIARIES
COVERAGE OF INSURANCE
COMPANIES AND PENSION FUNDS
Financial Leasing Companies
31
Insurance Companies
Factoring Companies
74
Reinsurance Companies
Finance Companies
12
Mutual Funds
685
TOTAL
802
17
TOTAL
59
COVERAGE OF FINANCIAL
AUXILIARIES
Savings Depoist Insurance Fund
1
Capital Market Dealer Companies
97
TOTAL
98
Source : SDIF, CMDC Association
1
Pension Funds
Source : Undersecratariat of Treasury
Source : BRSA, CMB
41
CBT’s Experience:
Financial Asset Structure of Non-Bank Financial Sector:
100%
80%
60%
40%
20%
0%
Financial Intermediaries
Financial Auxiliaries
Insurance Companies and Pension
Funds
Currency and Deposits
Securities Other Than Shares
Loans
Securities and Other Equity
Insurance Technical Reserves
Other Accounts Receivable
Financial Liability Structure of Non-Bank Financial Sector:
100%
80%
60%
40%
20%
0%
Financial Intermediaries
Financial Auxiliaries
Insurance Companies and Pension Funds
Currency and Deposits
Securities Other Than Shares
Loans
Securities and Other Equity
Insurance Technical Reserves
Other Accounts Payable
CBT’s Experience
The Need for General Government Sector Data:
• Compilation of Financial Accounts (ESA 95)
- Central government
- Local government
- Social Security institution
CBT’s Experience
New Data Sources for General Government Sector:
• Detailed financial assets and liabilities of central and local
government, and social security institution compiled by Ministry of
Finance (MoF)
• Government Finance Statistics by MoF
• Government Securities Database created by CBT
CBT’s Experience
Holders of Government Securities
CBT’s Experience
Financial Asset and Liabilities of Central and Local Government
Liability Structure by Instrument
Asset Structure by Instrument
80%
60%
70%
50%
60%
40%
50%
30%
40%
20%
30%
20%
10%
10%
0%
Central Government
Local Government
Currency and Deposits
Loans
Shares and Other Eq
Other Accounts Receivable
0%
Central Government
Securities
Loans
Local Government
Other Accounts Payable
CBT’s Experience
New Periodic Publications at CBT web site
(www.tcmb.gov.tr)
• Financial Accounts (since 2012)
• Statistics on Non-Bank Financial Sector (since 2010)
CBT’s Experience
Future Work
• Compilation of Financial Accounts:
- Data on Non-financial Corporations
- Data on Households
•
IMF’s Other Financial Corporations Survey:
- Aggregating financial assets and liabilities of non-bank financial
corporations at sector level
• SNA and ESA Revisions:
- Changes in sector classification:
Disaggregation of Money Market Funds from OMFI’s
Disaggregation of Non-MMF Investment Funds from OFI’s
Disaggregation of Insurance Companies and Pension Funds
PLEASE CONTACT FOR FURTHER INFORMATION:
AYCAN ÖZEK
PHONE: +90 312 5076915
E-MAIL: aycan.ozek@tcmb.gov.tr
CENTRAL BANK OF TURKEY
STATISTICS DEPARTMENT
MONETARY AND FINANCIAL STATISTICS DIVISION