2017年-ECB欧洲央行_Euro_area_monetary_and_financial_statistics_-_2016_quality_report_39页_558kb

报告摘要

Euro Area Monetary and Financial Statistics 2016 Quality Report Summary

Core Content

This report is part of the European Central Bank (ECB) Statistics Quality Framework (SQF), focusing on the quality of monetary and financial statistics (MFS) for the euro area in 2015 and 2016. It outlines the institutional environment, statistical processes, and the quality of the statistical outputs.

Main Regulatory Updates

1.1 Current Regulatory Framework

The ECB adheres to international standards such as the System of National Accounts (SNA 2008) and the European System of National and Regional Accounts (ESA 2010).
In 2014, the regulatory framework was updated to reflect ESA 2010.
Key regulations include:
- Regulation (EU) No 1071/2013 (MFI balance sheet statistics)
- Regulation (EU) No 1073/2013 (investment funds statistics)
- Regulation (EU) No 1075/2013 (financial vehicle corporations statistics)
- Regulation (EU) No 1072/2013 (MFI interest rate statistics)
- Guideline ECB/2014/15 (monetary and financial statistics)

1.2 New Regulation on Analytical Granular Credit and Credit Risk Data (AnaCredit)

Regulation ECB/2016/13 was adopted on 18 May 2016 to establish AnaCredit, a shared database for credit and credit risk data.
AnaCredit's first stage will be operational from 1 September 2018, with the first data transmission cut-off on 30 September 2018.
Stage 1 includes data on outstanding credit to legal entities, covering various loan types.
AnaCredit aims to improve the statistical information basis for the Eurosystem, supporting monetary policy and financial stability.

1.3 Enhancement of the Register of Institutions and Affiliates Database (RIAD)

RIAD is a central repository for reference data on financial institutions and their relationships.
It is operated by the ECB and jointly maintained by NCBs and NCAs.
RIAD supports monetary statistics, supervisory tasks, and the analysis of financial groups.
In 2016, the IT system was expanded to handle data from AnaCredit.
Future RIAD guidelines will be transposed into two ECB guidelines, one for ESCB and one for the Single Supervisory Mechanism (SSM).

1.4 New Regulation on Insurance Corporations

Regulation ECB/2014/50 (IC Regulation) was adopted on 28 November 2014 and entered into force on 9 January 2015.
It introduces a "steady-state approach" for insurance statistics, replacing the previous "short-term" approach.
The IC Regulation allows NCBs to derive statistical requirements from supervisory data, reducing the reporting burden.
The MFS Guideline was amended in December 2015 to align with the new approach.

1.5 Enhancement of Pension Fund Reporting

The ECB is working with EIOPA to develop a steady-state approach for pension fund statistics.
In the meantime, reporting continues under the "short-term approach."
New statistical requirements aligned with ESA 2010 were included in the MFS Guideline of 4 April 2014.
Data collection for pension funds started in January 2016, in line with the insurance sector's data collection.

Statistical Processes

2.1 Adjustments to Loans Series in Balance Sheet Item Statistics

Loan series have been adjusted since December 2008 to exclude the effects of loan sales and securitisation.
In September 2015, new data on loan sales and securitisation were introduced, improving the understanding of credit to the real economy.
In July 2016, adjustments were made to exclude notional cash pooling positions, which affect the accuracy of monthly loan data.

2.2 Survey of National Practices in Balance Sheet Item Statistics

A survey was conducted in 2013 to document national practices in compiling balance sheet item statistics (BSI).
Results were published in November 2015, highlighting areas of divergence and informing harmonisation efforts.
The ESCB has since focused on improving consistency and transparency in BSI compilation.

2.3 Implementation of New Splits in MFI Interest Rate Statistics

Starting from the reference period December 2014, MIR statistics include information on renegotiated loan agreements.
This allows distinction between new and renegotiated loans, enhancing the accuracy of interest rate data.

2.4 MIR Quality Assurance

Quality control measures were introduced to monitor interest rate behavior and renegotiated loan volumes.
A quality assurance survey was conducted in 2014 to evaluate the effectiveness of MIR reporting processes.
Recommendations focused on expanding quality controls and improving data dissemination.

2.5 Money Market Statistical Reporting

The ECB started collecting transaction-level money market data daily from 1 July 2016 based on Regulation ECB/2014/48.
Automated quality checks validate around 45,000 transactional records per day.
Aggregated data will be published in 2017.

2.6 Enhanced Data Collections on Insurance Corporations and Pension Funds

Enhanced reporting requirements for insurance corporations were introduced in 2016, based on the IC Regulation.
These include balance sheet information, revaluation, and reclassification adjustments.
Pension fund reporting was also aligned with ESA 2010 in the MFS Guideline of 4 April 2014.

2.7 Enhanced Payment Statistics

The implementation of the Single Euro Payments Area (SEPA) and other market developments influenced payment statistics methodologies.
Enhanced annual payment statistics were introduced from the reference year 2014.
New legal obligations were set out in Regulation ECB/2013/43 and Guideline ECB/2014/15.

2.8 Updates in Methodological Frameworks

Methodological frameworks for MFS have been updated to align with new regulatory requirements.
Manuals on MFI interest rate statistics, investment funds, and AnaCredit have been revised or are in the process of revision.

High Output Quality

3.1 Quality Measures Based on Revisions

Revisions to monetary aggregates (M3, M2, M1) and MIR indicators have a minimal impact on growth rates.
Up to October 2016, 61% of revisions had an impact of ≤5 basis points on growth rates.
Revisions since the end of 2014 had an even smaller impact, at 75% of revisions ≤5 b.p.
The average impact of revisions after one year was ±0.91 b.p. since 2005 and ±0.88 b.p. since 2014.

3.2 Quality Measures Under Preparation

The ECB continues to work on refining the quality of MFS through ongoing revisions and improvements.
The introduction of new reporting requirements has not significantly impacted the reliability of the statistics.
The number of exceptional and ad-hoc revisions is low, indicating continuous improvement in the data collection and reporting processes.

Key Information

Statistical quality remains high, with minimal revision impacts on key indicators.
AnaCredit is a major initiative to enhance credit data granularity, with its first stage set to launch in 2018.
RIAD is central to maintaining consistency and transparency in financial data across the euro area.
Insurance and pension fund reporting has moved towards a more stable and harmonised approach, reducing volatility and improving data reliability.
Methodological improvements and regulatory updates have been implemented to ensure the statistical output supports the ECB's monetary policy and financial stability objectives.