2015年-ECB欧洲央行_Financial_integration_in_Europe_April_2015_37页_740kb

Summary of Euro Area Monetary and Financial Statistics 2014 Quality Report

Core Content

This report is part of the European Central Bank (ECB) Statistics Quality Framework (SQF), focusing on the collection, compilation, and dissemination of monetary and financial statistics (MFS) for the euro area in 2013 and 2014. It outlines the institutional environment, statistical processes, and data quality analyses, emphasizing the ECB's commitment to high-quality, reliable, and transparent statistics that support monetary policy and financial stability.

Main Views and Key Information

1. Institutional Environment

The ECB and the European System of Central Banks (ESCB) have significantly updated their regulatory frameworks to align with new statistical standards and enhance data quality and coverage.

• Regulatory Framework Applicable Until 2014:

  • The existing regulations, including ECB/2008/32, ECB/2007/8, ECB/2008/30, ECB/2006/8, ECB/2001/18, and Guideline ECB/2007/9, governed the collection of MFS data until 2014.
  • These regulations provided a legal basis for statistical reporting and allowed for sanctions in case of non-compliance.

• New Regulatory Framework Applicable from 2015:

  • Five new regulations and one guideline were introduced to align with the ESA 2010 standard.
  • These include:
    • Regulation ECB/2013/33 on MFI balance sheets
    • Regulation ECB/2013/38 on investment fund statistics
    • Regulation ECB/2013/40 on financial vehicle corporation (FVC) statistics
    • Regulation ECB/2013/39 on post office giro institutions (POGIs)
    • Regulation ECB/2013/34 on MFI interest rate (MIR) statistics
    • Guideline ECB/2014/15 on monetary and financial statistics

• New Payments Statistics Regulatory Framework and SEPA:

  • Regulation ECB/2013/43, effective from 2014, introduced harmonized and more detailed data collection in line with the Single Euro Payments Area (SEPA).
  • This allows for better distinction between domestic and cross-border transactions and supports more accurate analysis of payment systems.

• New Regulation on Money Market Statistics:

  • Regulation ECB/2014/48, effective from 2015, introduced daily transactional data collection on four money market segments: secured, unsecured, foreign exchange swaps, and euro overnight index swaps.
  • This data is crucial for understanding the transmission mechanism of monetary policy.

• Enhanced Statistics on Insurance Corporations and Pension Funds:

  • Regulation ECB/2014/50 introduced harmonized statistical reporting for insurance corporations, aligning with the Solvency II Directive and EIOPA guidelines.
  • Data on insurance corporations and pension funds will be collected quarterly starting from 2016, providing more granular breakdowns by counterparty sector, maturity, and geographical location.

• New Concepts for Analytical Granular Credit and Credit Risk Data (AnaCredit):

  • The ECB adopted Decision ECB/2014/6 to prepare for the collection of granular credit data by the ESCB.
  • This data is essential for monetary policy analysis, macro-prudential policy, and financial stability assessments.

2. Statistical Processes

The statistical processes for collecting and disseminating MFS data were well-executed in 2013 and 2014, ensuring high-quality and timely data.

• National Practices for MFI Balance Sheet Data:

  • A survey was launched in late 2013 to assess national practices, with a report expected in 2015.
  • This helps identify best practices and improve consistency across the euro area.

• Improvements in FVC Data:

  • Enhanced recording of FVCs in the Centralised Securities Database (CSDB) improved the granularity of financial interconnections, aiding in shadow banking analysis.

• MIR Audit:

  • The ESCB Internal Auditors Committee confirmed that the MIR statistics production process is sufficiently effective in terms of risk management, controls, and governance.

• Register of Institutions and Affiliates (RIAD):

  • The system was enhanced with automated dataflow and improved monitoring of "close links" between organisational units relevant to monetary policy.

• Securities Holdings Statistics (SHS):

  • Introduced in 2014, SHS offers detailed breakdowns on both issuer and holder sides, enhancing the analysis of maturity and holdings structures.

3. High Output Quality

The quality of MFS data was assessed based on revisions to initial data releases.

• Monetary Aggregates Revisions:

  • Revisions to M3, M2, and M1 growth rates had a minimal impact, with over 58% of revisions affecting growth rates by ≤5 b.p. (since 2005) and 67% (since 2012).
  • Revisions after one year had an average impact of ≤9.5 b.p. (since 2005) and ≤5.7 b.p. (since 2012), demonstrating the reliability of the data.

• MIR Indicators:

  • Around 80% of revisions to MIR indicators were ≤10 b.p., with an overall mean of 5.8 b.p. and a bias of +2 b.p.
  • The number of revisions (83) is relatively small compared to the number of indicators and reference periods, showing high data consistency and accuracy.

• Data Accessibility:

  • Key indicators are published monthly in pre-announced press releases and ECB publications.
  • Data is also available in the Statistical Data Warehouse (SDW) with additional details.

Conclusion

The ECB has implemented a series of regulatory and methodological improvements to enhance the quality, granularity, and reliability of monetary and financial statistics in the euro area. These updates align with international standards like ESA 2010 and support the ECB's mission to ensure credible, transparent, and high-quality statistical information. The data collected remains of very high quality, suitable for policy-making and financial analysis, with minimal revision impacts on growth rates and interest rate indicators.