Chapter

5. Financial Sector: Data Coverage, Periodicity, and Timeliness

Author(s):
International Monetary Fund
Published Date:
July 2007
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5.1 In discussing SDDS data coverage, periodicity, and timeliness for the financial sector, this chapter covers the depository corporation survey, the central bank survey (CBS), interest rates, and the stock market share price index.

Depository Corporations Survey (Previously, Analytical Accounts of the Banking Sector)

5.2 The SDDS prescribes comprehensive statistical framework for the financial sector, as noted in the 1996 provisional document for the Standard, which was designated as the “analytical accounts of the banking sector.” In the Monetary and Financial Statistics Manual (MFSM 2000), the framework is presented as the “depository corporations survey” (DCS). The DCS covers all depository corporations, which include the central bank and all other depository corporations (ODCs). The ODCs, in turn, cover resident financial corporations and quasi-corporations that mainly engage in financial intermediation and that issue liabilities included in the national definition of money.

5.3 The MFSM provides guidelines for the compilation of data on the financial sector. The SDDS specifies full institutional coverage, as recommended in the MFSM, as the best practice. A subscribing country’s metadata for this data category should describe the coverage of its DCS and related characteristics; narrower institutional coverage and other differences from the methodology of the MFSM should be noted in the metadata. (See also paragraph 2.15 of this Guide on the reporting of flow data and stock data.)

5.4 Data on the DCS are to be compiled on a monthly basis and disseminated within one month after the end of the reference month.

5.5 The SDDS prescribes that components to be disseminated should include:

  • Broad money (which is a high-ordered monetary aggregate such as M3); narrower monetary aggregates (lower-ordered aggregates such as M2 and/or M1), if relevant, are encouraged;

  • Domestic claims disaggregated into (a) net claims on the general government or claims on the nonfinancial public sector (depending on whether general government operations, GGO, or public sector operations, PSO, represent the comprehensive framework for the fiscal sector) and (b) claims on the other resident sectors; and

  • Foreign assets and foreign liabilities of the depository corporations, presented as total foreign assets and total foreign liabilities or as net foreign assets (total foreign assets minus total foreign liabilities).1

5.6 According to the MFSM, the broad money components in the DCS constitute all depository corporations’ liabilities to money-holdings sectors, which usually consist of (a) other financial corporations, (b) state and local governments, (c) public nonfinancial corporations, (d) other nonfinancial corporations, and (e) other resident sectors (households and nonprofit institutions serving households—NPISHs). The prescribed components are shown in the depository corporations survey recommended in the MFSM 2000 as shown in Table 5.1.

Table 5.1.Depository Corporations Survey
Net foreign assets*
Claims on nonresidents*
Less: Liabilities to nonresidents*
Domestic claims*
Net claims on central government**
Claims on central government
Less: Liabilities to central government
Claims on other sectors*
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Broad money liabilities*
Currency outside depository corporations
Transferable deposits
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Less: Central bank float
Other deposits
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Securities other than shares, included in broad Money
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Deposits excluded from broad money
Of which: Other financial corporations
Securities other than shares, excluded from broad money
Of which: Other financial corporations
Loans
Of which: Other financial corporations
Financial derivatives
Of which: Other financial corporations
Trade credit and advances
Of which: Other financial corporations
Shares and other equity
Other items (net)
Other liabilities (includes central bank float)
Less: Other assets
Plus: Consolidation adjustment
Memorandum item: Central bank float

5.7 In countries with extensive branch banking systems, it may be difficult to meet the timeliness requirement for the required components. In such cases, the SDDS can be met by disseminating major indicators such as broad money and total credit within the prescribed timeliness of one month, if all components are disseminated with a lag not to exceed two months. If this is the country’s practice, it should be explained in a note in the metadata for the DSBB. This practice does not constitute the use of a flexibility option under the SDDS.

5.8 A flexibility option may be taken for the DCS with respect to periodicity and/or timeliness.

Central Bank Survey (Previously, Analytical Accounts of the Central Bank)

5.9 The SDDS prescribes the dissemination of monthly data for the CBS (central bank survey, previously designated as the analytical accounts of the central bank), within two weeks after the end of the reference month. The SDDS encourages the dissemination of weekly data with a lag of one week. The weekly data serve as a tracking category to provide more timely indicators of monetary and credit conditions than the data in the monthly DCS.

5.10 The MFSM provides guidelines for the compilation of data for the CBS, see Table 5.2 below. A subscribing country is to specify in the metadata the methods used in compiling the data and note differences between its practice and the international guidelines.

Table 5.2.Central Bank Survey
Net foreign assets*
Claims on nonresidents*
Monetary gold and SDR holdings
Foreign currency
Deposits
Securities other than shares
Loans
Financial derivatives
Other
Less: Liabilities to nonresidents*
Deposits
Securities other than shares
Loans
Financial derivatives
Other
Claims on other depository corporations
Net claims on central government**
Claims on central government
Securities
Other claims
Less: Liabilities to central government
Deposits
Other liabilities
Claims on other sectors*
Other financial corporations
State and local government**
Public nonfinancial corporations**
Other nonfinancial corporations
Other resident sectors
Monetary base*
Currency in circulation
Liabilities to other depository corporations
Reserve deposits
Other liabilities
Deposits included in broad money
Transferable deposits
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Other deposits
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Securities other than shares, included in broad Money
Other financial corporations
State and local government
Public nonfinancial corporations
Other nonfinancial corporations
Other resident sectors
Deposits excluded from broad money
Of which: Other financial corporations
Securities other than shares, excluded from broad Money
Of which: Other financial corporations
Loans
Of which: Other financial corporations
Financial derivatives
Of which: Other financial corporations
Trade credit and advances
Of which: Other financial corporations
Shares and other equity
Funds contributed by owners
Retained earnings
General and special reserves
SDR allocations
Valuation adjustment
Other items(net)
Other liabilities
Less: Other assets

5.11 Prescribed CBS components include:

  • Monetary base (central bank liabilities to ODCs and money-holding sectors, including currency in circulation); if more than one measure of the monetary base exists, the most relevant measure in the national context should be used;

  • Domestic credit disaggregated into (a) net claims on the general government or claims on the nonfinancial public sector (depending on whether GGO or PSO represent the comprehensive framework for the fiscal sector) and (b) claims on all other resident sectors; and

  • Foreign assets and foreign liabilities of the central bank, presented either as total foreign assets and total foreign liabilities or as net foreign assets (total foreign assets minus total foreign liabilities).

5.12 Subscribers may take a flexibility option for the CBS with respect to periodicity and/or timeliness.

Interest Rates

5.13 The SDDS prescribes that data on interest rates should be made available on a daily basis. However, it does not prescribe the timeliness because the SDDS recognizes that interest rate data are widely available from private sources and that the dissemination by official producers may not be time-sensitive. Dissemination by official producers is encouraged, preferably by Internet, telephone recordings, fax messages, or similar means, and dissemination in highest-frequency publications is preferred.

5.14 The SDDS prescribes that interest rates on short-and long-term government securities be disseminated. The most representative rates will vary across countries; a three-or six-month treasury bill rate and a ten-year government bond yield are common examples of representative rates. A country may not have a short-term or long-term government security rate for use as a representative rate; for example, under continuing fiscal surpluses, there may be no issuance of government securities, or under conditions of high inflation, there may be no issuance of long-term government securities. These facts are to be noted in the metadata for the DSBB.

5.15 The SDDS also prescribes the dissemination of a policy-oriented interest rate such as a central bank lending or discount rate. This interest rate should be described in the metadata for posting on the DSBB. (For example, the policy-oriented interest rate is the rate at which the central bank lends to other depository corporations.)

5.16 The SDDS encourages the dissemination of deposit and lending rates. Benchmark deposit and lending rates or an assortment of loan and deposit rates may be disseminated. Where daily periodicity for disseminating these interest rates is not feasible, the most frequent basis that is feasible is to be applied.

5.17 A subscriber may take a flexibility option for interest rate data with respect to periodicity.

Stock Market: Share Price Index

5.18 The SDDS prescribes that stock market data in the form of a share price index should be made available on a daily basis. No specific timeliness, however, is prescribed; this is because the Standard recognizes that share price indices are widely available from private sources, so that the dissemination by official producers is not time-sensitive. Official agencies are encouraged to redisseminate information on share price indices.

5.19 In countries where no substantial stock market exists, this data category will not be relevant.

5.20 If a stock market does exist but the data are not made available in some form on a daily basis, a flexibility option may be taken with respect to periodicity.

The concept of “residency” distinguishes between foreign and domestic assets/liabilities. Where residency of holders of securities cannot be fully identified in the computation of foreign liabilities, net foreign assets can be defined as “total foreign assets minus total foreign liabilities for which a residency allocation is possible.”

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