Changing Data Sources of Central Bank Statistics:

Experience of CBT

Aycan Özek

Statistics Department

Deputy Director

Committee for the Coordination of Statistical Activities

Twenty-second Session

September 5, 2013

Ankara

Outline

1. Changing Environment

2. CBT’s Experience

3. Future Work

Changing Environment

Importance of Information - Moderate financial crisis

- Better management of financial crisis

New approaches in data compilation

- Flexible to anticipate

- Compatible data sets

- International initiatives in data gaps

Changing perspective of central banking

- Role of central bankers as statisticians

- Compilation of monetary and financial statistics

- Room for improvement in data quality

- Increased data requirements

Changing Environment

Emerging Statistical Needs:

Move from traditional data collection systems to emerging statistical needs (G-20 data gaps initiative):

Strengthening the coverage of balance sheets

Flow of funds data

Data on non-bank financial institutions

More timely and comparable statistics

CBT’s Experience

Central Bank

Accounts

Balance Sheet / Accounting Records

Banking Data

Supervisory Reporting Forms

Money Market Data

Traditional Data Sources:

CBT’s Experience

Monetary Sector (enlarged)

Non-Bank Financial

Institutions

Government Finance Statistics

New Data Sources:

CBT’s Experience

Why is the coverage of monetary sector enlarged?

• Need for better designed monetary aggregates for better financial stability analysis

• Harmonization with IMF’s MFSM, ESA classifications and ECB’s definitions

Old New

Money Market Funds

Participation Banks

Investment and Development Banks

Central Bank + DMBs

Deposit Money Banks

Central Bank

CBT’s Experience

Why is the coverage of monetary sector enlarged?

ESA 95 pr. 2.48‘…. Other monetary financial institutions consists of all financial corporations which are principally engaged in financial intermediation and whose business is to receive deposits and/or close substitutes for deposits…… for their own accounts, to grant loans and/or to make investment in securities.’

- Investment and Development Banks : grant loans and make investment

- Participation Banks: issue profit-loss sharing accounts (within Islamic banking rules) as substitutes for deposits

- Money Market Funds: issue short-term liquid securities as close substitutes for deposits

CBT’s Experience

Enlarged Monetary Sector

COVERAGE OF MONETARY SECTOR     Central Bank 1

Deposit Money Banks 31

Investment and Development Banks 13

Participation Banks 4

Money Market Funds 43

   

TOTAL 92

Source : CBRT  

CBT’s Experience

New Data Sources for Monetary Sector:

• Supervisory Reporting Package (SPR) of Participation Banks - Statistical reporting forms are created and added to SPR

• Capital Market Board data set for Money Market Funds - Financial assets and liabilities are compiled for type-B liquid funds - Total values are calculated based on type of transactions - Transactions are disaggregated into reverse repo, outright purchases and money market transactions - Counterpart sector data is gathered from CBT Money Market transactions

CBT’s Experience

The Need for Non-Bank Financial Institutions’ Data:

• G-20 Data Gaps Initiative

• Harmonization with international standards (SNA, ESA, MFSM)

• Compilation of Financial Accounts

CBT’s Experience

New Data Sources for Non-Bank Financial Institutions:

• Unified Chart of Accounts of Financial Leasing, Factoring and Finance Companies compiled by BRSA

• Capital Market Board data set for Investment Funds

• Financial reports of Insurance Companies and Pension Funds compiled by Treasury

• Data on holder sectors of investment funds compiled by Central Registry Agency

• Unified Financial Reporting System of Capital Market Dealer Companies compiled from Capital Market Dealer’s Association

• Detailed balance sheet items of Savings Deposit Insurance Fund

CBT’s Experience:

COVERAGE OF FINANCIAL INTERMEDIARIES  

   

Financial Leasing Companies 31

Factoring Companies 74

Finance Companies 12

Mutual Funds 685

   

TOTAL 802

Source : BRSA, CMB  

COVERAGE OF FINANCIAL AUXILIARIES  

   

Savings Depoist Insurance Fund 1

Capital Market Dealer Companies 97

   

TOTAL 98

Source : SDIF, CMDC Association  

COVERAGE OF INSURANCE COMPANIES AND PENSION FUNDS  

   

Insurance Companies 41

Reinsurance Companies 1

Pension Funds 17

   

TOTAL 59

Source : Undersecratariat of Treasury  

CBT’s Experience:

Financial Asset Structure of Non-Bank Financial Sector:

Financial Liability Structure of Non-Bank Financial Sector:

Financial Intermediaries Financial Auxiliaries Insurance Companies and Pension Funds

0%10%20%30%40%50%60%70%80%90%

Currency and Deposits Securities Other Than Shares Loans Securities and Other Equity

Insurance Technical Reserves Other Accounts Payable

Financial Intermediaries Financial Auxiliaries Insurance Companies and Pension Funds

0%10%20%30%40%50%60%70%80%90%

100%

Currency and Deposits Securities Other Than Shares LoansSecurities and Other Equity Insurance Technical Reserves Other Accounts Receivable

CBT’s Experience

The Need for General Government Sector Data:

• Compilation of Financial Accounts (ESA 95) - Central government - Local government - Social Security institution

CBT’s Experience

New Data Sources for General Government Sector:

• Detailed financial assets and liabilities of central and local government, and social security institution compiled by Ministry of Finance (MoF)

• Government Finance Statistics by MoF

• Government Securities Database created by CBT

CBT’s Experience

Holders of Government Securities

CBT’s Experience

Financial Asset and Liabilities of Central and Local Government

Asset Structure by Instrument Liability Structure by Instrument

Central Government Local Government-10%

0%

10%

20%

30%

40%

50%

60%

Currency and Deposits LoansShares and Other Eq Other Accounts Receivable

Central Government Local Government0%

10%

20%

30%

40%

50%

60%

70%

80%

Securities LoansOther Accounts Payable

CBT’s Experience

New Periodic Publications at CBT web site (www.tcmb.gov.tr)

• Financial Accounts (since 2012)

• Statistics on Non-Bank Financial Sector (since 2010)

CBT’s Experience

Future Work

• Compilation of Financial Accounts: - Data on Non-financial Corporations - Data on Households

• IMF’s Other Financial Corporations Survey: - Aggregating financial assets and liabilities of non-bank financial corporations at sector level

• SNA and ESA Revisions: - Changes in sector classification: Disaggregation of Money Market Funds from OMFI’s Disaggregation of Non-MMF Investment Funds from OFI’s Disaggregation of Insurance Companies and Pension Funds

PLEASE CONTACT FOR FURTHER INFORMATION:

AYCAN ÖZEKPHONE: +90 312 5076915

E-MAIL: aycan.ozek@tcmb.gov.tr

CENTRAL BANK OF TURKEYSTATISTICS DEPARTMENT

MONETARY AND FINANCIAL STATISTICS DIVISION