2018年-ECB欧洲央行_Euro_area_and_national_quarterly_financial_accounts_-_2017_Quality_report_52页_1mb

Summary of Euro Area and National Quarterly Financial Accounts Quality Report 2017

Core Content

This report evaluates the quality of quarterly financial accounts for the euro area and national levels, focusing on methodological soundness, timeliness, data availability, accuracy, internal and external consistency. It is mandated by the ECB Executive Board and supports the Macroeconomic Imbalance Procedure (MIP) data quality assurance.

Main Principles and Objectives

• The report follows the ECB statistics quality framework (SQF) and quality assurance procedures.
• It assesses the data and metadata across five key dimensions: methodological soundness, timeliness, data and metadata availability, accuracy and reliability, and internal and external consistency.
• It includes a box at the end of the report with MIP-specific quality indicators for all EU countries, covering data availability, revisions, and sources and methods relevant to MIP.

Main Findings and Issues

1. Statistical Developments Between 2016 and 2017

• The provision of national data and metadata improved in 2017.
• All euro area countries submitted the mandatory data by the deadlines.
• The early release of integrated euro area accounts was improved, with publication timing reduced from t+102 to t+94 from July 2017 onwards.
• Additional national financial accounts backdata were published starting from 1999Q1 (or the first quarter of the year of EU accession) for all euro area countries, following the revised transmission programme.

2. Methodological Soundness and Statistical Procedures

• National financial accounts are generally aligned with ESA 2010 requirements but are derived statistics that rely on diverse and sometimes incomplete data sources.
• Estimations and residual calculations are used to supplement data when necessary.

Key Issues Identified:

• Securities holdings:

  • Holdings with non-resident custodians are not fully covered.
  • Data on custodians outside the euro area are limited and not consistently used across countries.
  • Recommendation: Integrate third-party holdings and develop data sources for non-euro area custodians.

• Coverage of Other Financial Institutions (OFIs):

  • Coverage of OFIs is incomplete, especially for newly established special-purpose entities (SPEs).
  • Recommendation: Improve coverage of OFIs, particularly SPEs, and estimate backdata for newly identified entities.

• Financial Derivatives:

  • Coverage for private and OFI sectors is limited due to lack of custodian statistics.
  • Recommendation: Enhance data sources and procedures for financial derivatives across all sectors.

• Unlisted Shares and Other Equity:

  • Incomplete data sources for unlisted shares and equity.
  • Valuation is challenging without comparable listed corporations.
  • Recommendation: Conduct a stocktaking exercise to evaluate comparability and valuation practices.

• Intra-NFC Loans:

  • Most countries lack comprehensive and timely data sources for intra-NFC loans.
  • Revisions are significant, and directional reliability of first estimates is low.
  • Recommendation: Review compilation practices and improve data integration.

• Sector Classification:

  • ESA 2010 introduced changes to sector classification for head offices, holding companies, and SPEs.
  • Recommendation: Assess implementation and identify if further guidance is needed.

3. Timeliness and Punctuality

• All euro area countries met the ECB Guideline deadlines for transmitting supplementary and full national financial accounts data.
• The early release of integrated euro area accounts improved from t+102 to t+94 from July 2017 onwards.
• Table 2 provides detailed transmission and release dates for 2017.

4. Data and Metadata Availability

• Completeness:

  • National data and metadata were generally complete, with minor exceptions.
  • The separate publication of households and non-profit institutions serving households (NPISH) is planned for 2018.
  • All countries provided additional backdata starting from 1999Q1 or the first quarter of EU accession.

• Accessibility:

  • Most data are publicly available.
  • Ireland and Cyprus have partial restrictions on data availability due to confidentiality concerns.
  • Table 3 shows the percentage of data marked as "free for publication" for each dataset.

5. Accuracy and Reliability

• Revisions to financial account data are still an issue, particularly for financial corporations (FCs) liabilities.
• Recommendation: Investigate directional stability of first estimates for FC liabilities.

6. Internal Consistency

• Aggregation consistency across sectors and instruments is a concern.
• Negative stock values for loans are an issue in Germany.
• Recommendation: Ensure non-negative values for all who-to-whom details.

7. External Consistency

• Vertical consistency (with non-financial sector accounts) is a key concern, especially in Ireland, Greece, Germany, and Slovenia.
• Horizontal consistency with balance of payments (B.o.p.) and international investment position (I.I.P.) data is important.
• Comparison with other financial statistics (such as MFI and securities issues statistics) is generally aligned, though some issues remain.

MIP-Specific Issues

• The compilation of financial accounts data underlying the MIP indicators is affected by limited data sources, especially for OFIs and SPEs.
• Countries such as Germany, Cyprus, Malta, the Netherlands, and Sweden face challenges in ensuring full coverage of the OFI sector.
• Luxembourg has made improvements in the timely coverage of newly identified SPEs.
• The MIP box highlights the importance of data for the last ten complete years, with the Czech Republic, Denmark, and Croatia needing to expand their time series.

Recommendations and Next Steps

• Continue improving data coverage and quality for OFIs and SPEs.
• Enhance data sources and procedures for financial derivatives and unlisted shares.
• Develop comprehensive and timely data sources for intra-NFC loans.
• Review and improve sector classification practices.
• Ensure full publication of data, especially for backdata prior to 2002Q1 and for certain sub-sectors.
• Strengthen metadata reporting and ensure compliance with the Guideline, particularly for smaller countries and for major events.

Conclusion

The report underscores the importance of improving data quality and consistency across all statistical domains, especially for the MIP process. While progress has been made, there are still significant gaps in data coverage, particularly for OFIs and SPEs, and the need for enhanced methodologies and guidance remains.