Eurostat financial database and what we can learn from it.

OECD - FS Working Party2-4 November 2009

Eurostat / Ismael Ahamdanech Zarco

Financial Accounts in Eurostat

Legal Framework

Data collection

Integrated annual accounts

Some interesting figures

Future developments

Legal Framework

ESA95 Transmission Programme Both documents are binding for the Member States.

Moreover, other documents explain and give guidance on compilation, such as the Manual on Sources and Methods for the Compilation of ESA95 Financial Accounts

Data collection Compulsory data Voluntary data

Integrated Annual Accounts

To understand interrelations in an economy it is necessary to analyze both real and financial aspects.

For this reason, increasing attention is paid to integrated national accounts.

Eurostat publishes Annual accounts by institutional sector where data above and below the line are presented together in an integrated manner.

Similar approach to the Eurostat/ECB joint project on Euro area accounts (see presentation tomorrow) Related to flow of funds approach

date of transmission of non financial account: 27/08/2009

B.8n / B.12 Net saving / current external balance 21002 -10237 31239 5147 2003 3759 20330

21663 -1801 2047 9397 31306 -10304 21002 B.10.1Changes in net worth due to saving and capital transfers

B.10.1Changes in net worth due to saving and capital transfers

21002 -10304 31306 9397 2047 -1801 21663

15651 -1301 2087 -6277 10159 -10159 0 B.9 Net lending (+) / net borrowing (-)

BF.90 Net financial assets (+) / liabilities (-) 5273 29862 -24589 -255535 5825 -83095 308216

B.9 Net lending (+) / net borrowing (-) (from capital accounts)0 -10159 10159 -6277 2087 -1301 15651

B.9 - B.9F Statistical discrepancy 0 -2024 2024 1141 478 458 -54

B.9F Net lending (+) / net borrowing (+) from financial accounts0 -8135 8135 -7419 1609 -1760 15705

B.10.2+B.10.3 Other changes in net worth 524 3446 -2922 43002 -15172 -7373 -23378

BF.90 Net financial assets (+) / liabilities (-) 5814 25189 -19375 -219952 -7739 -92227 300543

OTHER CHANGES IN FINANCIAL ASSETS AND LIABILITIES ACCOUNT

CLOSING FINANCIAL BALANCE SHEET

Households including NPISH

(S.14+S.15)

OPENING FINANCIAL BALANCE SHEET

FINANCIAL TRANSACTIONS ACCOUNT

Total economy

(S.1)

Non-financial corporations

(S.11)

Financial corporations

(S.12)

General government

(S.13)

Rest of the World (S.2)

Sum over sectors

(S.1+S.2)

Sum over sectors

(S.1+S.2)

Rest of the World (S.2)

ACQUISITION OF NON-FINANCIAL ASSETS ACCOUNT

(Changes in ) Financial assets

Financial accounts

(Changes in ) Liabilities and net financial assets

Households including NPISH

(S.14+S.15)

General government

(S.13)

Financial corporations

(S.12)

Non-financial corporations

(S.11)

Total economy

(S.1)

Financial corporations

(S.12)

General government

(S.13)

Households including NPISH

(S.14+S.15)

CHANGE IN NET WORTH DUE TO SAVING AND CAPITAL TRANSFERS ACCOUNT

Sum over sectors

(S.1+S.2)

Rest of the world (S.2)

Total economy

(S.1)

Non-financial corporations

(S.11)

Capital transfers payable and changes in non-financial assets

Capital accountsSaving and capital transfers receivable

Households including NPISH

(S.14+S.15)

General government

(S.13)

Financial corporations

(S.12)

Non-financial corporations

(S.11)

Total economy

(S.1)

Rest of the World (S.2)

Sum over sectors

(S.1+S.2)

ANNUAL ACCOUNTS BY INSTITUTIONAL SECTOR

2008(million euros, current prices)

Some interesting figures (i)

Households’ Net Financial Assets (BF90) (2005 = 100). NC

0

20

40

60

80

100

120

140

BE DK DE IE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (ii)

Households’ net Financial Transactions. Liabilities of F4 (loans). (2005 = 100). NC

0

50

100

150

450

500

550

BE DK DE IE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (iii)

Households’ Other Economic Flows in financial assets (2005 = 100). NC

For the sake of clarity, data for BE, DE, IE, GR, ES, FR, HU, NL, PT, SK, SE and NO have been censured

Some interesting figures (iv)

General Governments’ Stocks of total Liabilities (2005 = 100). NC

0

20

40

60

80

100

120

140

160

180

BE DK DE IE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (v)

Non Financial Corporations’ transactions in F7 Liabilities (EUR m). NC

70000

60000

50000

20000

10000

0

-10000

-20000

BE DK DE IE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (vi)

Financial Corporations’ Stocks of Liabilities in F5 (2005=100). CO

0

20

40

60

80

100

120

140

160

180

BE DK DE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (vii)

Financial Corporations’ transactions in Assets of F4 (2005 = 100). CO

0

100

200

300

1100

1200

1300

1400

BE DK DE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Some interesting figures (viii)

Financial Corporations’ Other Economic Flows in assets (2005 = 100). CO

For the sake of clarity, data for FR, HU, PT, SK, SE and NO have been censured

-450

-350

-250

-150

-50

50

150

250

350

BE DK DE GR ES FR HU NL AT PT SK FI SE NO

2005 2006 2007 2008

Future Developments

Reliable and timely data for policymakers: lessons from financial crisis

New ESA is being drafted – proposal made in 2010; to come into force in 2014

New Transmission Program (to came into force in 2014) is being discussed:– Importance of split of OEF into Nominal Holdings Gains

and Losses and Other Changes in Volume– Importance of counterpart data

Integration of financial and non financial accounts

For more information:

=>http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home (Eurostat Web Page)

=>http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database (Eurostat DataBase)