Outline

June 2014

Insight of the current ECB ICPF statistics

Towards a regulation for ICPF statistics

Overview of the results of the merits & costs procedure

2Marc-Alain Bahuchet Head of Monetary and Financial Statistics

DirectorateDGS-Banque de France

European Conference on

Quality in Official Statistics 2014

OUTLINE

− Statistics based on existing data sources− Need for enhanced ICPF data

− Features of the merits & costs procedure− Merits & costs procedure: a quality assurance procedure

− New requirements for insurance corporations− Implementation in France

Insight of the current ECB ICPF statistics (1/3)



European Conference on Quality in Official Statistics 2014

ICPF statistics were not considered as

essential forECB’s monetary

policy

Recommendations of the G20 increased the ECB’s financial stability function

ICPF statistics published since 2003 through the quaterly

financial accounts

Before the 2007 crisis

After the 2007 crisis

Enhanced ICPF statistics collected from existing data

sources

June 2014





In the ECB framework, new requirements for statistics can be grouped into three main categories:

Simple fine-tuning measure

“Short-term approach” Interim data collection based on existing data sources

New regulation and merits and costs procedure: substantially enhanced statistics

Category 1 Category 2 (currently used)

Category 3 (expected regulation)

June 2014


5Marc-Alain Bahuchet Head of Monetary and Financial

DirectorateStatisticsDGS-Banque de France


Need for an enhancement in ICPF statistics due to changes in the European regulation frameworkAdoption of the solvency II directive in

2009, due to come into effect on 1 January 2016

Amendment to the EU framework legislation on ECB statistic (Council Regulation (EC) No 951/2009) now includes euro area ICPF in the ECB’s reference reporting population

Application of the ESA 2010 to statistical data from september 2014

June 2014

Towards a regulation for ICPF statistics (1/3)

6Marc-Alain Bahuchet Directorate of Monetary and Financial

StatisticsDGS-Banque de France


Review of the merits & costs procedureThe merits and costs procedure was introduced in 2000 by the Governing Council of the ECB

The merits and costs procedure ensures the core principles stated in the public commitment on European statistics, especially cost effectiveness and minimization of the reporting burden

June 2014


7Marc-Alain Bahuchet Head of Directorate of Monetary and Financial

StatisticsDGS- Banque de France


Main steps of the merits & costs procedure

June 2014




Cost effectiveness of the ECB statistics is realized through: The balancing of merits and costs for each

new statistical requirement

June 2014

Minimizing the reporting burden: Dropping of features estimated not

necessary to the users’ needs and/or too costly


Merits & costs procedure: a quality assurance procedure

Overview of the results of the merits & costs procedure (1/3)




Results of the merits & costs procedure for ICPF statistics

Assets

Source : ECB

June 2014

The highest merit obtained for: Holdings of equity, o/w listed shares by counterpart area and sectors for euro area counterparts (4.1c) Suppression of the requirement with the lowest merit:Holdings of currency and deposits by original maturity and counterpart area (1.b)




Results of the merits & costs procedure for ICPF statistics

Liabilities

Source : ECB

June 2014

The highest merit obtained for: Improved timeliness t+4 weeks instead of t+5 weeks scheduled by EIOPA (12a)Suppression of the requirement with the lowest merit :Debt securities issued and loans received (7c) loans received, of which deposit guarantees by counterpart area





Implementation of the merits & costs procedure in France

High concentration of French IC sector

Heterogeneity of the reporting population

1/ Fact finding and cost assessment : conducted in close cooperation with reporting agents2/ Multiple meetings with French professional associations (during July 2013)

Feature 1

Feature 2

June 2014

Implementation





Conclusion

The merits and costs procedure, as a part of the public commitment on European statistics, is an efficient way to guarantee that the project is feasible at an acceptable cost.

June 2014




Thank you for your attention

June 2014

Outline

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