Coordination between OECD and other International Organisations

Coordination between OECD and other International Organisations

Working Party on Financial Statistics24-25 October 2011

1By Michèle Chavoix-MannatoSTD Directorate, NAD Division, QNA&FS Section

Coordination between OECD and other IOs

Background

The cooperation between International Organisations has often been discussed in the framework of collections of financial statistics

It has always been deemed as very important to WPFS Delegates

This is becoming even more essential for several reasons

2STD / NAD / QNA&FS


STD / NAD / QNA&FS 3


• OECD-Eurostat COOPERATION ON ANNUAL FA AND FBS

It has been decided that STD will not anymore process EU annual financial accounts (FA) and financial balance sheets (FBS) data

STD will directly store data that have been validated by Eurostat into its corresponding databases



• OECD-ECB-Eurostat COOPERATION ON QUARTERLY FA AND FBS

STD will not process EU quarterly FA and FBS data, currently collected by ECB: non consolidated data for all sectors

(excl. sub-sectors of S13) by Eurostat: consolidated and non-consolidated

data for S13 and its sub-sectors

STD will directly store data validated by ECB and EUROSTAT into its databases



• OECD-ECB-Eurostat COOPERATION ON FA & FBS

Implications for EU countries– data sent once either to Eurostat or to ECB– no more exchanges of messages between OECD and

countries to clarify and correct data

Implications for OECD– data automatically stored in OECD databases– no more checks; no more search for understanding and

correcting; no more requests for explanations or new data– no more replies to external users



• OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 1 -

Background– About 2 years ago, BIS sent the OECD annual IA questionnaire

to its MembersComplaints about duplication

– In 2010, BIS sent the quarterly IA questionnaire

– At the December 2010 WPFS meeting, bilateral discussions

Agreement: the OECD would wait for information on the coverage (country, time, ..) of quarterly data received by BIS

– Unfortunately, it proved to be limited

The OECD sent its quarterly IA questionnaire in Feb. 2011 Most OECD countries replied



• OECD-BIS COOPERATION ON INSTITUTIONAL INVESTORS’ ASSETS (IA) DATA - 2 -

Agreement reached between OECD and BIS:Annual and quarterly OECD data will be transmitted to BIS as soon as

they are validated HoweverIn the meantime, STD has decided to give priority to quarterly FA &

FBS and to postpone the processing of IA quarterly dataas a result, the OECD would like, IF COUNTRIES AGREE, to

forward to the BIS all quarterly data received from countries, before any validation by OECD

Discussions still underway on how to proceed: data transmission to both OECD and BIS validation procedures data dissemination



•WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 1 -

The “Public Sector Debt Statistics: Guide for Compilers and Users” has been prepared under the joint responsibility of nine organisations (under the IA-TFFS)

It is based on concepts harmonised with 2008 SNA and BPM6

The World Bank (WB) and IMF launched a questionnaire on detailed quarterly public sector debt data, initially intended for developing countries

They now envisage to extend the Public Sector Debt Statistics (PSD) database to advanced countries and propose to involve the OECD



•WORLD BANK-IMF-OECD-EUROSTAT COOPERATION ON QUARTERLY GOVERNMENT DEBT - 2 -

The WB-IMF template has been transmitted to the OECD

The OECD preference would be to build this new database upon the quarterly consolidated financial balance sheets data that OECD/Eurostat already collect

Some additional breakdowns, on remaining maturity and currency are needed; in addition, nominal values are applied

A joint letter will be sent from World Bank, OECD and IMF and possibly Eurostat to advanced countries inviting their participation



Conclusion

Cooperation between International Organisations is progressively implemented

It still requests some discussions and agreements

Countries, together with IOs, will be the beneficiaries of this coordination


Coordination between OECD and other International Organisations

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