PROGRESS REPORT ON INSTITUTIONAL
INVESTORS’ ASSETS - Table 7IA
Working Party on Financial Statistics meeting
Paris, 2-4 November 2009
Eun Jung KIM
National Accounts and Financial Statistics
OECD Statistics Directorate
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Objectives of the presentation
 Results of the 2009 data collection.
 Summary of methodological survey .
 Difficulties encountered during data processing.
 Future projects.
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Brief review on the content of the table 7IA
 The detailed breakdown by type of investors has been
established in accordance with the SNA as much as
possible:
 Investment funds S12_IF
 Open-end companies
 Money market funds
 Other mutual funds
 Closed-end companies
 Of which Real estate funds
 Insurance companies and pension funds S125
 Insurance companies
 Life insurance companies
 Non-life insurance companies
 Autonomous pension funds
 Other forms of institutional savings S12_OF
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Results of the 2009 data collection – 7IA
 29 countries used to provide data on institutional investors.
 NZL is still missing.
 26 countries have filled the 2009 questionnaire - Table 7IA.
 22 countries out of 26 are validated and stored in the OECD
database. The countries not yet validated are : AUT, JPN, MEX
& TUR.
 SVK, CHE and GBR have not sent the 2009 questionnaire.
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Results of the 2009 data collection – 7IA
 14 countries have reported consolidated data for main
sectors (S12_IF; S125; S12_OF) and non consolidated
data for sub-sectors as requested.
 Only for S125: DNK and DEU.
 Only for S12_IF: ITA and ESP.
 Time coverage:
 25 countries have reported data up to 2008.
 1 country has reported 2007 data (JPN).
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Data coverage - 7IA
 Sector coverage:
 1 country covers all sectors requested : AUS.
 9 countries report data at the second level (IF_OC, IF_CC,
S125_IC and S125_PF).
 Concerning the sector “Investment funds” and its subsectors, 5 countries report data only for the aggregated
sector S12_IF : CZE, ISL, JPN, KOR & NLD.
 Concerning the sector “Insurance companies and pension
funds” and its sub-sectors, 2 countries report data only for
the aggregated sector S125: IRL & MEX.
 12 countries have delivered data for the S12_OF “Other
forms of institutional savings” sector.
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Data coverage - 7IA
 Asset coverage:
 17 countries are able to report data for all financial assets.
However, some report them only for the two aggregated
sectors S12_IF & S125.
 9 countries do not report any data for the sub-instruments
AF41 and AF42 and 6 countries for AF331 and AF332 for the
sectors S12_IF & S125 and their sub-sectors.
 17 countries provide total non financial assets (AN) for the
sector S12_IF, 19 countries for the sector S125 and 7 countries
out of 12 for the sector S12_OF.
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Summary of methodological survey – 7IA
 21 countries have provided the methodological survey on
institutional investors.
 5 countries have provided data, but not provided the
methodological survey yet: AUS, ISL, JPN, POL and SWE.
 18 countries say that the data reported in the questionnaire are
compatible with the financial balance sheets in the SNA (710:
consolidated & 720: non-consolidated).
 Incoherence between data and the methodological survey has
been noticed for some countries.
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Summary of methodological survey – 7IA
 Definition/coverage of institutional investors:
 Investment funds are part of S122 or S123.
 Insurance companies and Autonomous pension funds are part
of S125.
 Other forms of institutional savings are part of S123 (AUT, BEL,
DNK, ITA &USA) or S1311 & S1314 (FIN) or S125 (HUN & NLD).
For CZE, data are reported to be part of S124, but not provided.
 Definition/coverage of financial assets:
 For 21 countries, all financial assets in Table 7IA follow the
SNA definitions.
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Summary of methodological survey – 7IA
 Definition/coverage of non-financial assets (AN):
 13 countries gave the definition of AN more or less in
accordance with the SNA definition.
 Method of valuation of stocks of financial assets:
 12 countries record all financial assets of Institutional
investors at market or fair value.
 For the other countries, some assets are registered at the
market value, others at nominal or book value.
 Geographical coverage of institutional investors:
 Data generally cover the activities of resident institutional
investors and subsidiaries and branches of foreign firms
operating on the national territory.
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Difficulties encountered during data processing
 Regarding the questionnaire 7IA :
 Key information of the questionnaire is not always filled
(consolidation: CZE & HUN) or is not correct (unit multiplier:
TUR).
 Incoherent information between the questionnaire and the
methodological survey.
 Non appropriated symbols are inserted in the cells.
 The time period covered differs from the previous submission
without any explanation.
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Difficulties encountered during data processing
 Regarding data validation, some inconsistencies appear:
 Hierarchical controls.
 Significantly revised data reported without any explanation.
 Three EU countries have difficulties filling in the OECD
questionnaire in 2009 because of revised definitions of
sectors according to new recommendations or rules by ECB.
 Differences appear between the Financial accounts’ and the 7IA’s
questionnaires regarding reported data of the sector S125.
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Future projects
 To improve the comparability of these statistics between the OECD
member countries by creating:
 Indicators in a common currency, ex: Series in US dollars.
 Series as a percentage of GDP
 Graphics, ex: Portfolio composition
 To collect quarterly data:
 17 countries out of 21 compile quarterly data of which 13 countries agree to
provide the OECD Secretariat with them.
 To add new instruments:
 Assets by currency
 Liabilities
 To show separately sub-sectors of investors:
 Hedge funds
 Sovereign funds
 Special Purpose Vehicles/Entities (SPV or SPE)
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Conclusion
 The data collection on institutional investors becomes
progressively complete and the methodological survey are more
and more detailed . However, efforts should be done concerning:
 The historical data, sector and assets coverage.
 The consistency in hierarchical sums of assets and sectors.
 The coherence with Financial accounts related to the insurance
companies & Pension funds (S125).
Moreover,
 The methodological survey has to be provided together with the
data and revised when necessary.
 The information in the methodological survey should be
consistent with the data provided.
 Detailed information on revisions or changes in the
methodology should be notified.
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Thank you for your attention
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